Why Crypto-Based Games Are Trending Right Now
The rise of cryptocurrency has created a thriving market for games that use cryptocurrencies as currency. In recent months, FTX exchange has announced the release of a gaming platform to help developers integrate cryptocurrencies and non-fiat currencies into games. This emerging industry is rapidly growing and is expected to reach $100 billion in value by 2023. Venture capital companies are getting on board.
Earn money from crypto-based games
If you like crypto-based games, you can turn your hobby into a profitable business. There are various online games that let you earn money. Some of them are free, while others are a paid subscription. The games also feature tournaments and special events. These games allow you to compete with other players and earn cash.
The World of Ether is one example of a cryptocurrency-based game that lets players earn money from their creations. Players can create collectible designs and sell them for royalties. This allows the players to earn 10% of the price on every subsequent sale. Other games allow players to sell their weapons, such as CryptoBlades. Others, such as Ember Sword, let players submit designs for collectible items. The winning designs will be added to the game and will earn royalties in perpetuity.
Crypto-based games are not a magic pill. It takes time and effort to make a significant amount of money. Some games are free, while others require you to purchase NFTs to play. In addition to earning NFTs, you can also sell your virtual items in exchange for other cryptocurrencies.
The uniqueness of crypto-based games is the fact that they are decentralized and allow players to buy and sell unique assets in-game. These digital assets can then be converted into real world money. While the benefits of crypto gaming are many, it also comes with some limitations. One of the major difficulties of playing crypto games is the initial setup. In order to start playing, players must create a user account and a crypto wallet. Then, they must buy a certain amount of cryptocurrency.
Many games are based on the blockchain, and some use non-fungible tokens to purchase and sell game content. In some games, these tokens can also be used to buy in-game items. As the technology behind crypto games continues to develop, the future of the gaming industry is very promising. Several crypto-powered games are currently in the works, and they promise to create an entirely new gaming experience.
As crypto games continue to evolve, blockchain technology will play an increasingly important role. Blockchain technology will help create the games themselves and create an in-game currency. Every time a game is interacted with, a block is created on the blockchain. As players use crypto-based tokens to pay for games, they will also gain access to digital assets.
Crypto-based games use open standards to allow players to move their virtual inventories between games. Using a crypto wallet ID, players can easily exchange their virtual items with other games. This facilitates the transfer of virtual currency and simplifies the infrastructure. Additionally, games can offer in-game markets, so players can buy and sell their assets in-game.
Blockchain-based games are relatively new, and only recently have they gained traction in the video game industry. While some AAA publishers have expressed interest in developing these games, there have been mixed reactions. Some game developers have been critical of the technology, while others are optimistic. One such developer is the Ukrainian game studio GSC, which recently canceled NFT-related elements from an upcoming game.
The money-making aspect of blockchain games has made them popular with gamers. However, many people dislike this element. Therefore, it is essential for game developers to make the game experience the main focus. Otherwise, they will not be able to convert traditional gamers and won’t engage audiences outside of the crypto world.
Venture capital companies getting on board
There’s been a significant influx of investment in blockchain-based games, with several VC firms jumping on the bandwagon. Some have made investments in Mythical Games, a trading economy blockchain-based social world game, and Yield Guild Games, a scholarship blockchain-based trading role-playing game. Other notable investors include Pantera Capital, which opened a $200 million fund in April.
While many investors lump gaming in with other types of media, it’s important to remember that this is a content-driven industry. A single, successful title can drive incredible value for a company. Riot Games, for example, has been able to drive tremendous growth with just one title.
Another notable example of a Venture Capital firm getting on board is Konvoy Ventures, which is known for investing in blockchain and cryptocurrency-based games. The Denver-based firm has raised more than $60 million in three funds that invest in the gaming industry. The funds will allocate up to 30% of their funds to blockchain-based games.