Video games have long been thought of as a stooge for new technologies. The pleasure of gaming, whether on home computers, smartphones, or virtual reality, is usually one of the most effective ways of engaging the public in new technology, and the same is true when it comes to blockchain and cryptoassets.
Along with NFTs, which are currently the most popular in terms of trading volume, games are the most popular segment of the blockchain industry in terms of usage.
Similarly to Q4, over 50% of unique active wallets interacted with gaming dapps [decentralised applications] [last] month, indicating that this category remained stable despite the crypto crash.
Play-to-earn has been and will likely continue to be a major driver of gaming's growing popularity.
The fact that the top five games — Alien Worlds, Splinterlands, Farmers World, Axie Infinity, and Upland — are all retaining their users suggests that this trend will continue in the coming months.
After witnessing the popularity of blockchain adoption across multiple industries, major game developers are beginning to see the potential of blockchain and crypto for gaming. You play a game, usually with an NFT character you've purchased, and earn tokens for your victories and achievements, which you can then exchange for cash.
Axis infinity is a good example of this type of game. The cryptocurrency gaming community is growing, and I expect significant gains as a result. There are projects in place to combat the crypto gaming phenomenon, where people can buy and trade crypto gaming NFts and tokens all in one place.
The Xchange Monster is one such exchange that will bring gamers, creators, and promoters together in one location, eliminating the need to travel elsewhere.
I believe this is a significant problem that has been solved, but let's see how it holds up when scaled globally. There will undoubtedly be some difficulties, but who knows?
All of this suggests that, despite the market's ups and downs, blockchain-based gaming has a bright future ahead of it. Even if it faces a bear market in 2022.