Why Video Games Will Drive Mass Adoption of Blockchain and Crypto
New study: 72% of game designers would consider NFTs and blockchain elements for new games.
- The global video gaming industry is expected to grow 50% to $268.8 billion by 2025.
- New research finds that more than 70% of gaming developers would consider weaving blockchain tech, cryptos, and non-fungible token (NFT) rewards into future games. And nearly half of all developers surveyed say they're already doing it.
- Last month, more than 1 million digital wallets connected to decentralized gaming apps every day, representing 55% of the blockchain industry’s overall activity.
Blockchains and cryptocurrencies have unique attributes -- such as secure and irreversible transactions, inflation protection, high yields, cheap global funds transfers, and more -- but those benefits won't drive mass adoption.
It will be video games.
Specifically it will be multiplayer, online games such as Axie Infinity, Splinterlands, Roblox, Fortnite, Minecraft, Animal Crossing, and other similar kinds of gaming platforms that are in the works.
Online gaming is a major blockchain use case
According to a report on NFT tracking site DappRadar, October saw more than 1 million digital wallets connected to decentralized gaming apps every day, representing 55% of the blockchain industry's overall activity. Clearly, online gaming is a blockchain behemoth.
Non-blockchain based gaming is continuing to explode
When you consider blockchain gaming use within the broader context of a global gaming growth estimate of 50% from $178.4 billion in 2021 to $268.8 billion in 2025, why wouldn't gaming developers embrace blockchain, crypto, and NFTs within their games? Turns out they are.
New study shows game developers see a blockchain-based future
According to new research released this week by Stratis, a leading blockchain platform, more than half (58%) of 197 video game developers surveyed in the U.S. and U.K. are now beginning to use blockchain technology. While nearly half (47%) of respondents claim to have already begun incorporating NFTs in their games.
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"We commissioned this research to solidify what we already assumed -- that blockchain and NFTs are the future of video games," stated Chris Trew, CEO, Stratis, in the company's press release. "From our own experience supporting AA game developers, we know first-hand how these technologies are already beginning to improve the player experience by rewarding players with the ability to earn real-world value."
Benefits of combining online gaming and blockchain technology
Looking at why blockchain technology in video games is valuable for the industry, 61% of respondents said it allows for innovative and more interesting gameplay, while 55% believe it secures value for players by keeping money in the game. Rewarding players with real-word value (54%) and network effects that incentivize the adoption of games (45%) followed close behind as use cases for blockchain in games.
Demonstrating an appetite for blockchain and NFTs, 72% of respondents said they would consider using these technologies for new games with 56% planning to do so in the next 12 months. Meanwhile, 64% believe that blockchain technology will become prevalent in video gaming within the next two years, while 53% agree that NFTs would be more common by then too.
While you might not know where to go to jump into the blockchain "game" of cryptocurrencies and NFTs, if you're a gamer -- they're already on their way to you.
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