According to the experts, blockchain gaming will be the first genuine use case for blockchain, revolutionizing the sector and making games more immersive. Game platforms have integrated blockchain technology, allowing gamers to collect and trade digital assets that generate a reliable income for game developers while also offering value to players. Blockchain gaming usage and investments grew in the first quarter of 2022, accounting for 52% of all blockchain activity. We’ve already put them up for you if you’re interested in blockchain use cases in 2022.
Table of Contents
What is blockchain gaming?
A blockchain game (also known as an NFT game or a crypto game) is a video game that includes features that utilize cryptography-based blockchain technologies. Blockchain features are most often utilized in these games to provide cryptocurrency or non-fungible tokens (NFTs) that players may buy, sell, and trade, earning the game maker a cut from each transaction as a form of revenue. In some instances, blockchain games have also been known as play-to-earn games, where players have earned enough money to cover their living expenses. People who want to get into cryptocurrency investing or have considered it, but don’t know where to start, may benefit from reading the best blockchain books in 2022.
Is blockchain useful to the gaming industry?
In the game sector, blockchain has several advantages. Blockchain might protect data in existing procedures, such as recording winners and losers or the names of those who bet on games. It may also be used to construct decentralized gaming systems where no single entity can manage the gaming system. The gaming industry’s dependency on centralized third-party servers may be cracked by blockchain technology. Read our article if you wonder how blockchain is solving some of the gaming industry’s trickiest problems.
First blockchain-based game: CryptoKitties
The first blockchain-based game was CryptoKitties, released by Axiom Zen in November 2017 for personal computers. Players buy NFTs with Ethereum cryptocurrency and collect virtual pets that they can breed to produce new NFTs with combined characteristics. When one virtual pet sold for more than $100,000 in December 2017, the game created headlines.
CryptoKitties also highlighted Ethereum’s scalability issues when it created a major jam on the network shortly after its debut. Around 30% of all Ethereum transactions were for the game and delays in players’ transactions. Axiom Zen was concerned that, following their release of the game for mobile, particularly given China’s influx of users, Ethereum would have further problems.
How did blockchain gaming become popular?
Blockchain games have been around since 2017, yet they’ve only gained the attention of the video game industry in 2021 when several AAA publishers expressed interest in exploring their potential, and gamers, developers, and companies from the gaming sector criticized them.
According to the recent DappRadar x BGA Games study, blockchain-based game playing increased 2,000 percent from Q1 of 2021, accounting for 52% of all blockchain activity. These are some key takeaways from the report:
- In March, blockchain games attracted 1.22 million unique active wallets (UAW), with 22,000 belonging to Axie Infinity despite the $615 million Ronin Bridge hack.
- The growth of Ethereum sidechains has aided the increase in popularity of play-to-earn non-fungible token (NFT) games, with sites like Crazy Defense Heroes, Pegaxy, Arc8, and Aavegotchi driving a 219 percent rise in Polygon’s gaming activity since the start of 2022.
- Users have flocked to smaller, more stable coins like BSC and Ronin while avoiding risks on the likes of EOS and Tron. Since the end of last year, activity on BSC and Ronin has decreased as users seek to mitigate risk on more volatile chains.
- Q1 of 2022 was another good quarter for investors, with $2.5 billion invested across the sector, up 150% from last year’s Q1. Animoca Brands attained significant new funding as it became one of the leading Web 3 brands at a valuation of $5 billion.
- With an average of over 650,000 daily UAW in March, Blockchain gaming activity is driven by Splinterlands, Alien Worlds, and Crazy Defense Heroes.
What is Blockchain Gaming Alliance (BGA)?
The Blockchain Game Alliance is a nonprofit organization dedicated to raising awareness of blockchain in the gaming industry.
Their primary objective is to raise awareness about blockchain technologies and urge their adoption by pointing out how they may help establish new ways of developing, publishing, playing, and building strong communities around games.
The BGA also offers a public place for individuals and businesses to share information, collaborate, develop common standards, establish best practices, and network.
Best blockchain games to make money in 2022
Blockchain games are typically made with non-fungible tokens and some gameplay elements. The majority of the characters, cards, creatures, or items used in blockchain games are NFTs because they are unique on the blockchain, belong to a single individual at a time, and can be transferred both within and outside the game. Land and assets created on parcels are NFTs in games with land or other finite-supply dynamics.
Best blockchain games list
- Axie Infinity
- Bomb Crypto
- DeFi Kingdom
- Gods Unchained
- Nine Chronicles
- The Sandbox
Top crypto games (Android)
- Yulgang Global
- Ragnarok Labyrinth NFT
- Chromatic Souls: AFK Raid
- Golden Bros
Promising new blockchain games
- Desert Farm Game
- Karmaverse Zombie
Blockchain games are frequently referred to as crypto games or play-to-earn games owing to their link with cryptocurrency. A crypto wallet is required for all blockchain games. Most video games have a straight play-to-earn element, allowing gamers to convert in-game effort, activity, or items directly into cryptocurrencies.
Best blockchain gaming coins to buy
The blockchain gaming industry has recently exploded. It’s red hot in 2022, with the number of blockchain games increasing by over 60% last year. Blockchain gaming businesses have raised more than $476 million throughout the first half of 2021, during which interest in play-to-earn cryptocurrency games was intense. Do you want to join the bull run? Here are some of the best blockchain gaming coins according to Coinmarketcap:
- ApeCoin (APE)
- Decentraland (MANA)
- The Sandbox (SAND)
- Axie Infinity (AXS)
- STEPN (GMT)
Are gaming crypto coins a good investment?
There are numerous reasons to invest in crypto gaming coins for investors who aren’t sure if they should buy them.
Here are some of the benefits of investing in crypto gaming as a worthwhile venture:
Growth of the Metaverse
In the metaverse, cryptocurrencies have a significant impact. Take Decentraland (MANA), for example. Investors may profit while the metaverse is still in its infancy. The potential of blockchain-based gaming platforms to power virtual reality has never been higher than it is now. Experts believe DEFI, crypto, and blockchain will transform with the metaverse.
Due to the growing popularity of blockchain technology in the gaming industry, crypto gaming platforms are attracting a lot of institutional money. Portion, an NFT auction house and marketplace, JP Morgan, Samsung, and PriceWaterhouseCooper (PWC) are some prominent firms that have invested in Decentraland real estate.
Institutional investors are diving headfirst into the growing decentralized economy, thanks to the hype around NFTs and gaming cryptos.
Players may use the platform’s native cryptocurrencies to purchase in-game items. The blockchain network is powered by each network token, which can be used for transactions and other associated activities.
On a gaming platform, crypto gaming coins are used for various things. For example, the AXS token, which powers the Axie Infinity network, is utilized to vote on network policies. Holders of AXS can also vote on how treasury dollars should be spent.
The community is more involved and democratic as a result of this. Aside from receiving money while playing, token holders have a voice in the project’s future direction, an important advantage.
Biggest blockchain gaming companies
Blockchain games are at all-time highs and gaining in popularity as the year of NFTs draws to a close. So, who is behind them? Here are some of the best blockchain gaming companies:
- Forte Labs
- Dapper Labs
- The Sandbox
- Axie Infinity
Why should you try blockchain games?
There is nothing unusual about gamers wanting to monetize their gaming skills and time spent in front of a screen. Blockchain gaming gives developers a lot of possibilities. You may also profit in transparent and fair virtual economies, have real ownership of game assets, and be a stakeholder by contributing to a community-driven ecosystem (DAO) and having your voice heard on game-related choices.
The popularity of decentralized gaming is skyrocketing as more cryptocurrencies join the market, the greater incentive for more players to participate in fairer and more transparent virtual experiences. This was previously impossible in traditional centralized gaming.
What are your thoughts on blockchain games? Is blockchain gaming a hype or the future of gaming? Please leave a comment below.