Crypto Gaming Investments
Given the impressive growth of the booming crypto gaming trend, which has now attracted massive investments from major companies, there is no doubt that it will become a powerful blockchain extension of the Video Gaming Industry in the near future.
Thanks to the rapid technological advancements and popularity of the Blockchain industry, Crypto Gaming is gaining a lot of attention from video gaming industry leaders.
Crypto Gaming is making a huge impact in disrupting the traditional video games industry, and allowing players to rewrite the rules with Play To Earn games.
In traditional games players can’t take advantage of in-game resources they gained and these assets don’t have real value outside of the game ecosystem.
Purchasing a license or buying a game at retail, the old-fashioned way, is the only way to access a premium game. The user may either buy licensed software online or purchase a physical copy from an online or local retailer. When it comes from a reputable developer, a premium game can cost quite a bit.
Free To Play
The Free To Play business model originated in the 1990s and early 2000s, but it has grown significantly in recent years. By definition, free-to-play business model lets gamers play a game absolutely free of charge. Despite being free to download and play, such games have limited access to additional in-game resources thanks to the integrated paywall system.
Just like any other business, free to play game developers look for ways to entice their customers to spend money on premium content and game skins.
Though Free To Play games are unquestionably free, users need to pay if they want to take advantage of all the game has to offer. This has led to Free To Play games generating billions of dollars each year.
Play To Earn
On the other hand, P2E (play-to-earn) games give users the option of adding value to their in-game purchases. Moreover, Play-To-Earn games differ from traditional video games because they reward players for the time and effort they put into them.
The Play-To-Earn business model works on the premise of an open market that rewards players, game developers, and investors.
When playing games with Play To Earn functionality, users can generate value by engaging in in-game activities.
With the game progressing, participants are able to accumulate more in-game assets, which increases the worth of their possessions. At any time, digital assets can be converted to real world value and sold for cryptocurrencies or fiat.
A player can earn rewards like NFTs and cryptocurrency by completing tasks, participating in contests, or doing other activities, depending on the particular game they are playing.
The earning structures for blockchain games vary, and different types of digital assets can be used as rewards, spanning from cryptocurrencies to in-game goods such as NFTs – a blockchain-based, encrypted, verifiable, and unique Non-Fungible Tokens.
PUBG & Solana Crypto Gaming
In an attempt to get ahead of the latest trend, quite a few well-known gaming studios are now jumping on the crypto gaming phenomenon.
One of them is Krafton, the South Korean gaming giant founded by billionaire Chang Byung-gyu, is expanding it crypto empire by partnering with blockchain startup Solana Labs to develop play-to-earn crypto games.
The company behind the popular PlayerUnknown’s Battlegrounds (PUBG) video game announced on Wednesday that it had signed a business agreement with Solana Labs to make blockchain games that allow players to earn NFTs (non-fungible tokens). NFTs are unique digital assets stored on a blockchain that certifies ownership of a particular item such as in-game assets, photos or artworks.
Solana Labs is the company that developed the Solana blockchain, which has recently risen to challenge the dominance of Ethereum as more and more developers are adopting it for decentralized finance projects. Its prominent backers include Sam Bankman-Fried, the billionaire founder of crypto exchange FTX.
Crypto Hottest Trend
Blockchain games, which reward players with cryptocurrencies and NFTs for winning battles or completing in-game tasks, have become one of the hottest trends in the industry over the past year. They accounted for nearly 50% of all usage in the blockchain industry last year, and attracted $4 billion in investments during the same period, according to analytics platform DappRadar.
Krafton, which raised $3.8 billion in Korea’s second-largest initial public offering in August, has been increasing its bets on crypto and blockchain technologies.
Last month, the firm said it would team up with Naver Z, the subsidiary of billionaire Lee Hae-jin’s tech behemoth Naver, to develop a metaverse platform that allows users to interact virtually via avatars.
Krafton’s latest collaboration with Solana Labs comes as many of its competitors jostle for a slice of the lucrative blockchain gaming market.
Netmarble, the online gaming company founded by billionaire Bang Jun-hyuk, in January revealed plans to roll out about a dozen of play-to-earn blockchain games.
Meanwhile, Wemade also developed a blockchain battle game called MIR4, which has become a hit and catapulted its founder Park Kwan-ho to become a billionaire.Disclaimer: The information provided on this page does not constitute investment advice, financial advice, trading advice, or any other sort of advice and it should not be treated as such. This content is the opinion of a third party, and this site does not recommend that any specific cryptocurrency should be bought, sold, or held, or that any crypto investment should be made. The Crypto market is high-risk, with high-risk and unproven projects. Readers should do their own research and consult a professional financial advisor before making any investment decisions.
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