The blockchain and cryptocurrency industry has recorded a tremendous journey since the first digital currency, bitcoin. Despite the evident growth that the industry has witnessed over the last decade, mass adoption still remains among its major pain points today. That’s despite various prominent applications emerging regularly, but none has driven the universal application of the technology yet.
Considering bitcoin’s origin as a peer-to-peer cash system, you’d assume that bitcoin or any value-centric DLT might excel as a globally accepted payment solution. However, the industry is yet to achieve that, although many experts suggest that bitcoin gambling is the way to go to achieve that.
In 2017 and 2018, the ICO craze showcased many potential decentralized sub-economies, business models, and applications. However, most of the projects are far from hitting the mass market and driving value in their current state. That’s mostly because of the technical challenges, especially with scaling, marketing, and UX. Additionally, these potential applications have shown that the mass market isn’t concerned with ideologies; rather, it cares about getting better products.
With that in mind, it’s evident that true decentralization won’t convince the public to adopt the crypto market, although it’s a great thing to have. That calls for significant educational efforts, but the world might not be there yet. As such, people are likely to embrace cryptocurrency and blockchain only in applications that deliver tangible advantages. For example, bitcoin’s adoption rate is much higher in evolving countries like Iran, Venezuela, or Zimbabwe, where there are issues like hyperinflation and lack of exchange mediums.
Despite the present challenges, all hope isn’t lost. In fact, industry experts believe that the gaming industry presents the tipping point to achieve the mass adoption of cryptocurrency. That’s because the gaming industry controls a significant portion of the global market, with over 2 billion active gamers globally and huge financial backing.
Why Gaming Is Perfect For Cryptos Mass Adoption
While gaming might be miles away from the lofty ideals of taking down the current banking system, the market is gearing up to become a major force in the cryptocurrency market. Addictive fun games will catch the attention of a new base of crypto users in the economy, paving the way towards mass adoption.
Gamers are an excellent target market for cryptos, as most of them are more tech-savvy than your average internet user. They also tend to have an open mind towards new technological ideas, and most of them already understand how cryptos work. Additionally, blockchain-based applications are slowly becoming common in the online gaming world, as game developers are using them to create traceable in-game assets that can be sold to other players online.
Imagine overcoming a challenge to pick a rare item, then selling it on the internet for bitcoin or Ether. That creates a new value network that’s fast, liquid, and global. More importantly, it leverages a player’s existing behavior – playing games. However, for this promising future to come true, the games must be fun for the players.
Up until now, crypto games have offered a retro look common in the 1980s games, including very simple graphics with limited playability. Although it doesn’t offer anything significant towards adopting the crypto economy, that’s great for nostalgia. However, the new class of games hitting the market is changing the scenario for the better and is set to catapult crypto games to the next level.
NFTs are Paving the Way
Before considering any examples, it’s essential to note that the bright future evident in the crypto economy is thanks to non-fungible tokens (NFTs). These tokens allow the proliferation of in-app digital assets on games run through public blockchains. As such, gaming might one day become among the biggest contributors in the cryptocurrency economy, with developers creating new token standards to benefit the whole ecosystem.
Successful examples of these NFTs include Gods Unchained, which brings you the excitement and wonder of a collectible board game such as Magic: The Gathering to Ethereum. This graphically enticing title has an excellent in-game flow of animations that keep you engaged all through, attracting thousands of players to tournaments. The players own their playing cards, and they can store their unique NFTs in their Ethereum wallets. These assets’ rarity is provable on the chain, and it swaps to the secondary market seamlessly.
Enjiverswe is another great example, offering a growing multi-game experience that allows the players to use in-game items between a dozen games. The game uses the Enjin network, a powerful cryptocurrency in the gaming scene.
According to industry experts and researchers, the gaming market will be worth over $180 by the end of the first quarter of 2021. That presents a massive opportunity for the blockchain industry through crypto gaming while paving the way towards mass adoption of different digital currencies. For players, that translates to better experiences as the developers will have more tools to hook the gamers.