Monday, April 15, 2024

Why crypto gaming is more than just collectables

There has been some skepticism within the gaming industry regarding the potential of Web3 and crypto games. The benefits they see for those games are just the in-game collectables that have some value in the open market.

However, developers within the crypto gaming community are making compelling cases to convince people to give the games a chance. Here’s why:

Funding is being pumped into blockchain gaming

In 2023, there has been legitimate progress in funding the Web3 gaming projects. It maintained solid value from March to May as they were in the $450 million worth of investments. After a slight dip in value in June, July renewed interest as there were some solid investments into the gaming projects again worth $297 million.

Looking into that $297 million investment, it can be observed that it’s been split into two parts. The game itself received $110 million to help create the gameplay and its integration into the Metaverse while the other $187 million was for infrastructure development.

This substantial support for blockchain gaming is promising. It not only leads to improvements to the existing games, but the infrastructure for games in the future will be robust. As long as people are putting funds into projects and supporting them, you will get good experiences with the games or even going to a crypto casino games site.

Asia is a big fan of crypto gaming

When discussing crypto gaming enthusiasts, countries in Asia have been big supporters of the movement. An example is the hype that once surrounded Axie Infinity in its heyday which was a game that focused on building up a team of monsters to use to battle enemies. It was reminiscent of Pokémon but it had crypto mechanics which people enjoyed.

Axie opened the door for more crypto-based games to come through. While they have not reached the same popularity as Axie, it is evident that people are enjoying them and realising their potential.

Framework Ventures co-founder Vance Spencer has said that gaming is such a big part of the Asian community. He notes that there are more non-fungible tokens (NFTs) and cryptocurrency projects in the Western world but when it comes to Asia, it is where gaming thrives.

The rise of play-to-earn games in the region

Asian crypto gaming enthusiasts’ interest in crypto and P2E games is fascinating to look at. Players in the regions are always seeking games where they can earn solid rewards like money or cryptocurrency while having fun.

Here are some of the games you will usually see Asian gamblers playing:

  • Axie Infinity
  • Gods Unchained
  • Decentraland
  • The Sandbox
  • Gala Games: Town Stars

The popularity of these games and their P2E model resonated with people in Asia. This made the region a huge demographic for the industry because they could create games solely to cater to that audience. They made sure the players loved the gameplay enough to keep having fun and spending money on them.

Crypto can make games more exciting

Developers are actively exploring ways to make crypto and Web3 gaming more appealing to the mainstream audience. An ardent supporter of this is Argus Labs CEO Scott Sunarto who recognises the crypto gaming industry’s growth.

Sunarto said, ‘A lot of game studios are building games from Web2 and slapping an NFT on top of it. I’m really passionate about finding interesting ways to use crypto levers to make Web3 gaming much more appealing beyond just having collectables’.

He made a great point there as Web3 games are getting lumped into games that slap an NFT on the gameplay. That should not happen because there is much more room for creativity in the games than just locking in a cryptocurrency or NFT on the project.

Crypto gambling also has fantastic games for people

Apart from the gaming world, crypto is also connected to online casinos where it is widely used as a payment method. You can explore crypto casino games sites on the internet that feature games like slots, roulette, and blackjack, all with the added incentive of winning cryptocurrency as prizes.

Combining online casinos with the infrastructure of P2E games, developers can create the most fulfilling experience filled with more rewards. The experience goes beyond collectables and promises to provide rich and enjoyable gameplay in the future. You won’t see many NFTs in this space because players will be given proper rewards if they win the games they’re playing which involves placing a wager first.

As both the crypto gambling and gaming scenes continue to evolve, people’s perceptions of these assets are likely to improve. The success of P2E games in Asia serves as a testament to the growing interest in Web3 gaming. Games like Axie will continue to surge in popularity, paving the way for the full realization of Web3’s potential, rather than being dismissed due to their association with collectibles.

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