Blockchain games are an important part of the crypto market. The amount of gaming transactions in the crypto market is highest as compared to all other types of transactions.
Since the beginning of 2023, the crypto market has seen very little growth. The industry has been facing losses due to a reduced user base. But despite this, blockchain and crypto gaming have experienced growth at a very fast pace in the past few years.
As per DaapRadar report, Blockchain gaming is fiercely defying the bear market with 1.15 M daily unique active wallets interacting with blockchain games like Splinterlands, Illuvium, GRIT, and more. There could be numerous reasons behind this. In this blog, we will discuss how blockchain and crypto gaming has remained untouched by the bear crypto market.
Well, it is quite surprising that amid the bear crypto market, blockchain gaming continues to showcase higher growth. Given below are some emerging blockchain gaming trends which have made this possible.
#1. Play-to-Earn Gaming
The play-to-earn gamines are very popular blockchain-based games. In these games, the users can earn cryptocurrency by playing the game. These games fulfill the entertainment motive and also provide learning opportunities. Crypto earning can be earned by completing the gaming tasks and winning matches held in the game. These games can act as a revenue stream for gamers and provide an excellent gaming experience. These games are very popular amongst people of various age groups.The P2E games are available in various segments,such as action games, adventure games, racing games, and much more.
The P2E games have helped blockchain gaming in surviving the downfall in the crypto market very efficiently. Due to the increased popularity of play-to-earn games these days, most of the gaming businesses are investing in P2E games. According to Yahoo Finance, The global play-to-earn market has an excellent valuation of USD 3,292.73 million in 2022. The report also predicted that the P2E games market is expected to reach USD 8,856.95 million by 2028.
#2. Cross-Platform Gaming
Cross-platform gaming is another most popular blockchain gaming trend. These games can be played across multiple platforms, including PC, consoles, and mobile devices. These games offer gamers with a seamless and enhanced gaming experience. In these games, the players can easily switch between multiple platforms as per their convenience. The blockchain-based games can be easily played on multiple platforms. Due to their capacity to run on multiple platforms, the cross-platform games have a wider user base and can contribute towards the growth of blockchain gaming.
#3. Metaverse Games
Another popular and trending blockchain games are metaverse games. Metaverse games are the type of game in which there is a virtual world similar to the real world where users can perform various gaming tasks, such as play matches, undertake gaming battles, make new friends, buy and sell their gaming assets, etc. In order to participate in the metaverse games, the gamers will create a digital avatar that matches their personality. These games have gained a huge amount of popularity in the past few years. Due to this, many new gaming companies are entering this field.
#4. NFT Adoption
The use of NFTs in the blockchain games is in trend these days. In blockchain-based games, the players can list their gaming assets as NFTs and can earn by selling them. Through NFTs, gamers can have digital ownership of the gaming assets they have purchased during the game The NFT trading is undertaken at a specified NFT marketplace. This enhances the gaming experience of the gamers and increases the transparency level. The gamers will have better control over their possessions and can undertake trading activities without the involvement of any third party.
The word GameFi is a combination of two word games and decentralized finance. The GameFi refers to the financialization of gaming on a blockchain network. These games allow gamers to earn profits by playing the game. The gamers make their earnings in the form of cryptocurrency. These games provide users with tangible incentives for the time and effort they have spent in the game. This motivates the gamers to play more and unlock new levels in the game. These games have played a major contribution in keeping the blockchain gaming industry untouched from the crypto bear market.
#6. Blockchain-Based Gaming Communities
Due to the integration of blockchain technology in the gaming industry, the industry has become more decentralized. Blockchain games allow gamers to build a gaming community where gamers from different parts of the world interact with each other and enjoy gaming together, undertaking NFT trading and other activities. This will enhance the gaming experience and help gamers socialize with new people. Being built on a blockchain network, there are no geographical barriers in these communities. Virtual gaming events, matches, and tournaments can be launched in these communities. This will help the gaming companies to widen their gamer base.
Despite the bear crypto market, blockchain gaming has experienced growth. The major reason for this is the emerging blockchain gaming trends that have resulted in increasing the customer base of every blockchain development company involved in the development of blockchain & crypto games.
The blockchain gaming industry will have a bright future. The scope of these games will increase in the years to come. According to Grandviewresearch The global blockchain in gaming market size was valued at USD 4.83 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 68.3% from 2023 to 2030.
The blockchain gaming market has a very bright future. The industry will experience new and emerging trends. Given below are some reasons due to which the blockchain & crypto gaming industry will expand in the future:
a) Shift From Traditional Gaming To Blockchain-Based Gaming
Gamers are now moving towards blockchain-based gaming rather than traditional gaming. The blockchain games are decentralized in nature and provide the gamers the facility to trade their gaming assets. This is the major reason why blockchain games have become the first choice of the gamers.
b) Entry Of New Players In The Blockchain Gaming Industry
The blockchain gaming industry has become highly competitive in the past few years. Many new blockchain development companies are entering this industry. This has led to an increase in investment in the blockchain industry. This will make the industry experience an unmatched growth level.
c) Focus On Offering Personalized Gaming Experience
The blockchain games designed these days are completely personalized in nature. These games focus on offering personalized gaming experiences to gamers. The gamers can choose the gaming assets, modes, and weapons to use as per their preference. This will make the gamers engaged in the game for a longer time duration.
The crypto market is not seeing an adequate amount of growth since the beginning of 2023. Surprisingly the impact of this downfall could not be seen on the blockchain and crypto gaming market. The popularity and user base of blockchain games continues to rise. The major reason for this is the emergence of innovative and feature-rich games that not only fulfill the entertainment motive but also provide gamers with an opportunity to earn crypto rewards. Also, the entry of a new enterprise blockchain development company has made the industry very competitive.