The applications of blockchain technology are many. The Ethereum blockchain is the most popular blockchain platform in the world. The community gave the world the first use cases of Non-fungible tokens or NFTs. Likewise, decentralized finance (DeFi), metaverse applications, and other decentralized applications. Today, we have a suite of the infrastructure powering the decentralized economy stack. This stack built on the blockchain represents the future of the internet as we know it. So how does crypto gaming come into the picture?
The aim of today’s post is to reason why crypto gaming is the first mainstream adoption of NFTs and blockchain. Games have always been ahead of the technology curve. In fact, today’s GPU’s and microprocessors rival ones for applications like space launches. This is because games are heavy on both hardware and software. Hence, games become the first playground for future mainstream uses of new technologies. Likewise, it’s the same with NFTs, blockchain, and cryptocurrencies.
Let’s begin. Why should you get into crypto gaming?
NFTs as the base layer of Crypto Gaming
Non-fungible tokens or NFTs are digital files that live on the blockchain. Hence, using blockchain, we can keep track of ownership details that is open and accessible to all. Likewise, each game is a composition of in-game assets, functions, and social features. Hence, crypto games mean assets, rewards, and mechanisms, on a virtual economy model. In this mini-economy, a gamer owns goods, objects, and items that are tradable. They can, on in-game marketplaces or other platforms. Hence, NFT ownership provides a great use case in crypto gaming.
NFTs and Crypto Gaming to Play-to-earn
Blockchain technology helps to build mechanisms for value transfer into the internet itself. Hence, this means to say that it is time for the software to manage the supply and demand of tokens and currencies. For instance, programmable tokens tradable on secondary marketplaces, find value among online communities. This is the best way to create complex digital economies. There are analogies that dictate the spread of the ‘great online game’. A sense that our digital and online lives enable us to live, work, earn, invest and learn on a daily basis.
Play-to-earn gaming is the future of gaming. This is because assets can be open and accessible across many metaverses. Global 24/7 money markets are possible due to the blockchain’s all-pervasive layer. Crypto gaming represents socio-economic networks. These networks allow anyone to find and monetize their passions, interests, and skills. This is with the help of massive online communities that exist to help us live better.
Crypto Gaming as a Port of Entry to Web3
In the beginning, crypto and blockchain were for the nerds, geeks, and technical folks. Yet, as the technology progressed, many enterprises, brands, are migrating to web3. During this, crypto games are becoming the port of entry for a new crypto and NFT users. For instance, games are conducive to becoming like software. They can become a collaboration tool for communities to create value together. That’s a decentralized autonomous organization (DAO).
Crypto gaming is also unique in the sense that they enable real-world tokenization, as NFTs. This gets used in a mini-economy of real users who can monetize their skills and creativity. For instance, real estate sales, are conducted with ownership titles tokenized as NFTs. And tradable on the blockchain for anyone in the world. Hence, crypto gaming, in a nutshell, enables price discovery to come to the surface.
Crypto Games as Investments
You heard it right. Start your investment journey in cryptocurrencies and NFTs with crypto games. It does not matter if you’re not in the whole gaming scene. Web3 games are more like social economies. They have amazing integrations in both the real world and have fantasy elements as well. To begin, think of crypto game projects as NFT projects with advanced utility! In fact, there is a case, that crypto games are better NFT projects since they already have a utility: a game. Often, NFT projects do not have a utility beyond the artwork of the project itself. Hence, when it comes to crypto games, it’s about gameplay and artwork.
Crypto Games as the Best Long-term projects
Make no mistake. Even among crypto games, there are possibilities of shoddy quality and scams. But, it is more difficult for a crypto game project to deliver on its promise. This is because good games need intense engineering efforts and in-game socio-economic mechanisms. Hence, it is easier to trust crypto games as blockchain projects for the long term. They include team quality, investments from venture partners and quality of the community.
Everyone wants to be a part of an early community of a break-out crypto game project. The best way is to track the high-quality crypto game projects based on your own research. Once done, start following their progress and announcements by joining the community.
Research about the project like how you do it for any purchase. Check its team, vision, and project roadmap. What is the game for? How is the team preparing for the launch? What can you learn about it from its whitepaper? Simple questions are the best. You do not need to complicate things. At the end of the day, it is about the basics.
Crypto games represent the perfect combination of gaming, DeFi, NFTs and blockchain technology. This is the main reason why they’re exploding in popularity. And going beyond mass user adoption, as the first call of entry into web3. Gaming and metaverse projects had their moment in the sun when Facebook rebranded itself to Meta. This was a validation for the entire gaming and metaverse community. Games are on their way to becoming the base of the metaverse. The gaming universe has all the storm going for it.
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