Navigating Blockchain Cryptogaming

The newly emerging world of blockchain took a hit during the “crypto winter” between 2021 and 2022. The crash of FTX and more stood out as a lesson that everyone in the industry could learn, causing projects within the sector to catch their breath.

Despite the challenge, game developers have found new ways to build innovative games that offer players unique benefits such as ownership of in-game assets, the ability to trade those assets on open markets, and more. Since the GameFi world is relatively new, there is still room to learn. The potential for games to monetize to facilitate mass adoption is high.

“Play-to-earn” is a game model where players can earn cryptocurrency or other digital assets by playing games. This model has the potential to redefine the gaming industry in several ways.

The main advantages of games for making money are that they allow players to earn real value for their time and effort. In traditional games, players often invest a lot of time and energy in the game, but they cannot earn money from achievements or assets in the game. But with games for money, players can earn cryptocurrency or other digital assets that have real value and can be traded on open markets. This can make gaming a more attractive and rewarding activity for many.

Another potential benefit of games for monetization is that they help create more sustainable business models for game developers. In stereotypical games, developers often rely on a small percentage of players who spend a lot of money on in-game items or microtransactions to generate revenue. With monetization games, developers have the potential to generate revenue from a more significant percentage of players, as all players have the ability to earn cryptocurrency or other digital assets.

With a more immersive and engaging gaming experience, gaming for money can provide a stronger sense of ownership and investment in the gaming world by allowing players to earn real value for their in-game achievements. This leads to more dedicated and engaged player communities.

In a nutshell, games to earn games can revolutionize the gaming industry by creating new opportunities for players and developers. Although still in its infancy, the potential for monetized games to reshape the way we think about and play games is remarkable.

When it comes to the downsides of blockchain gaming, several challenges have hampered the industry, many of which are related to the broader cryptocurrency industry. Some of them are as follows,

Volatility: Cryptocurrency prices are highly volatile, making it formidable for players and developers to plan for the future. This can be particularly difficult for developers who rely on cryptocurrency-based revenue streams, as the value of their revenue can fluctuate significantly over time.

Complexity: The blockchain and cryptocurrency industry can be complex and intimidating for many, making it a barrier to entry for players. For casual or non-technical players aiming to become more familiar with concepts such as blockchain, smart contracts and cryptocurrency wallets, this seems quite difficult

Regulation: Since the cryptocurrency and blockchain industries are still largely unregulated, they risk creating uncertainty and risk for players and developers. This can make it difficult for companies to operate and for actors to feel confident that their assets are safe.

The best way to address these challenges is to focus on education and outreach to help more people understand and become comfortable with blockchain and cryptocurrency technologies. This may involve creating more user-friendly tools and resources, such as user-friendly cryptocurrency wallets and simple guides to blockchain games.

It may also include working with regulators and decision makers to develop more precise and consistent rules for the industry. Finally, it may involve building strong and transparent relationships with actors and local communities to create trust and confidence in the industry.

Conclusion

The future of the cryptocurrency gaming market is super optimistic. Cryptos have the potential to revolutionize the traditional behavior and could potentially be the next big thing, or it has already become the next big thing. However, the future may be very volatile, making it difficult for mass adoption at the moment. Let time tell the real story!

Opinion piece by Harishkarthik Gunalan, CEO and Co-Founder, CoinFantasy