The Role Of Blockchain Technology In Reshaping The Gaming Industry
Gaming has become an integral part of our daily lives worldwide. The gaming industry brings in billions of dollars year after year, which is testament to its profitability and widespread adoption. According to statistic, more than 3.24 billion gamers worldwide were actively or passively involved in gaming last year. Despite the sheer size of the gaming industry, gamers have expressed concerns about the traditional gaming model, the pay-to-win model. Traditional gaming requires players to acquire in-game assets in order to move up the ranks and achieve certain goals, which can put a strain on active gamers’ finances. In this article, we will look at the role of blockchain technology in improving the game industry with the play-to-earn model.
Current state of traditional gaming
Traditional gaming has come a long way to provide thrills and entertainment worldwide. However, despite the tremendous growth in recent years, the gaming industry still has a number of issues that need to be addressed. For starters, current game models lack transparency because players cannot track their in-game transactions, and the value of the game economy is determined by game developers, resulting in a highly centralized and opaque game industry.
In addition, in-game items purchased in pay-to-win game models are not owned as players are not entitled to any gaming items purchased outside of the game environment. Another point to consider is the constant changes of traditional game developers in game environments, forcing gamers to buy new in-game items.
The GameFi concept
Before GameFi, there were games with in-app purchases, where users paid real money or special items acquired through gameplay to access unique features or items.
GameFi is an abbreviation for ‘Game Finance’. It refers to anything in the game industry that is backed by blockchain technology. GameFi is based on the play-to-earn mechanism. Play-to-earn (P2E) is a relatively new game concept made possible by the introduction of NFTs and blockchain technology. GameFi introduces the play-to-earn model, where players can earn money by simply playing the game or acquire digital assets in the game and trade them for real money with other players. This model paves the way for gamers to turn their passion for gaming into a passive income stream.
GameFi is an intriguing new addition to the digital world. It only features games that use blockchain technology, gaining traction in 2021 as more and more gamers began to embrace the concept of the “play-to-earn” model, with the current market cap of Axie Infinity, the largest GameFi project. , sitting at $3 billion, according to Coinmarketcap. The “play-to-earn” game industry is expected to grow globally and boost the game industry $314.40 billion by 2026.
Innovative GameFi Project That Provides Benefit
attack is an example of such a project. Attack Wagon is a blockchain game development studio specializing in free to play and earn games. Attack Wagon provides users with an immersive gaming experience by using blockchain technology, DeFi and NFTs. Scrap Guilds, a Sci-fi RPG with direct in-game use of Attack Wagon’s native token $ATK, was recently released by Attack Wagon and can be purchased at gate.io and quick coupler†
Attack Wagon plans to provide users with real-time value by allowing them to passively earn the same cryptocurrency in different games, increasing their chances of making significantly more money. $ATK, is an ERC-20 polygon chain token. $ATK can be used for in-game purchases such as NFTs and PVP entry fees within the Attack Wagon ecosystem. Scrap Guild, the first game of Attack Wagon, has a rich storyline and exciting features like multiplayer mode, quests, PvP and so on. The game is slated to launch in the third quarter of this year. Their new website will be launched this Friday and will contain details on the upcoming land sales, their free NFTs and more. in their Announcement they mention that they will be giving away more than 150k ATK in prizes by holding multiple contests starting at the time of the site launch.
Gaming in the future
Blockchain technology will undoubtedly play an important role in transforming the gaming industry and pushing it to new heights. The play-to-earn model is the future of gaming and is becoming more feasible with the introduction of blockchain and NFT technology. To address the problems faced by gamers in the current game industry, more blockchain technology based game projects such as Attack Wagon should be adopted mainstream to appeal to users and provide gamers with immersive and exciting gameplay.