When you think about the largest industries in the world, certain sectors come to mind. Finance, Tech, and Fashion, just to name a few, are usually what we think of. But what if I told you that Gaming was poised to be even larger?
By the year 2027, it’s expected that there will be 3.1 billion users in the videogame market. It’s expected to be worth more than $321 billion by 2026. In fact, the gaming industry earns more revenue than Film, Video Streaming, Music, and the NFL combined. That’s a staggering number already, with plenty of room to grow.
One of the most interesting intersections to watch right now is between Blockchain and Gaming. With all the growth and success of Gaming over the years, there are longstanding issues that hold it back from being more potent, transferable, and monetizable. Blockchain opens up the possibility to solve these problems and will likely be the single most important use-case for Blockchain technology in three distinct areas: Competition, Ownership, and Community.
In competition, gaming really takes the spotlight with tournaments and global inclusion but lacks the ability to properly allow gamers to earn an income from their efforts and monetize their reputation. A blockchain project called Pika Crypto is developing a web2/web3 Trading Card Game called “Elders of Ki” that allows players to battle each other tournament style, build a reputation, and compete in Blockchain ranked matches.
Blockchain makes this possible through ownership of digital NFT cards that can be traded, sold and bought. It will also allow you to earn Crypto based on your experience, participation, and ranking. Giving more perks to active and skilled players. Examples like this will serve as a template for future games to take the same approach and better compensate the gamers that are the backbone of their respective platforms. Imagine if Magic the Gathering, Yu-Gi-Oh, or Pokémon had access to blockchain when they first came out.
When it comes to ownership, this is a frustrating topic. Many gamers spend hundreds or thousands of dollars on characters, items, and maps that are non-transferable or that don’t have any monetary resale value. It’s invested money that becomes locked to a specific game, destined to become outdated. But a new blockchain game called Star Atlas has solved this issue, where you will be able to explore an open metaverse and own NFTs that represent your inventory.
Imagine being able to collect spaceships, weapons, and key items in-game that have real world value, and all you have to do is sell the corresponding NFT to make a profit. This concept makes the idea of virtual economies realistic and gives a whole new purpose to dedicated gamers looking to make extra income. Even well-known titles like GTA and Call of Duty have explored the possibility of using blockchain to create in-game economies and transferable assets of value.
Finally, one of the most important aspects to improve upon is community. A great example of this being done with blockchain is Wasder. Think of it as Facebook groups for Gamers. Being able to share gaming content, tips and tricks, host events, in-game chat groups, and more. You can even cut down on online bullying, which has been a plague in public gaming spaces since its inception.
Inject blockchain into a platform like Wasder and you get token compensation for hosting tournaments, content creator support, token rewards for climbing the leaderboard, and the ability to sell your own digital items on an NFT marketplace where you keep the majority of the profits.
Blockchain offers the Gaming industry the opportunity to evolve many aspects, such as competition, ownership and community. Knowing how large Gaming will grow in the coming decade, this will also further highlight how effective blockchain technology will be and how it can translate to other important industries.