Blockchain Gaming Is the Next Big Thing. But Who Are the Major Players

Highlights

• Blockchain gaming means players can own the products in the game.
• Axie Infinity is a game where players breed, battle and collect little digital creatures called “Axies”
• Within the Decentraland universe – dubbed “The Metaverse” – users are encouraged to create a free market economy in a virtual space using blockchain technology

The continuing emergence of digital assets as a viable investment option was driven by a number of factors in the past 18 months but perhaps none more so than the merging of cryptocurrency with gaming.

With Covid-19 forcing a large portion of the world into lockdown, people looking to be entertained and people looking to earn money have been drawn to online games that involve collecting or purchasing NFTs.

The king of these games, Axie Infinity, has attracted hundreds of thousands of daily users, particularly in developing nations where gainful employment has been hard to come by.

While gaming is still in its infancy, the junction between gaming and blockchain technology is one of the fastest growing sectors in the crypto space. Many companies are scrambling to become the “it” company in this relatively new industry.

CEO of popular gaming studio EA Sports, Andrew Wilson, called NFT games as the future of the industry.

Think of this. What if you could invest in EA Sports before it became the blockbuster gaming company in the world? This is where we are in this niche sector of gaming entertainment.

But, before we hop in to know the major players, you might be asking What is blockchain gaming?

What Is Blockchain Gaming??

Blockchain gaming, as the name would suggest, combines blockchain technology with gaming. The incorruptible nature of the blockchain allows a secure and traceable ownership of items within an online game.

What this means is that players actually own the products in the game. This is what’s the heart of what blockchain gaming.

For example, think of any traditional big online game. Perhaps in that game the player is required to collect golden swords. Now, when they collect those swords, those swords only have value within that game. Essentially, the player doesn’t own the swords, the game does.

However, in the blockchain gaming world, these swords have a monetary value that exists both inside and outside the game. So that golden sword can be traded or exchanged for cryptocurrency. That’s blockchain gaming.

So, who are the major players in the blockchain-gaming space?

Sky Mavis

At present, this gaming company is behind the most popular NFT game on the planet – Axie Infinity.

Axie Infinity is a game where players breed, battle and collect little digital creatures called “Axies”.

Dedicated players can potentially earn thousands of dollars per month by either selling their Axies or selling plots of land, which players can also purchase in the game.

Sky Mavis, which was founded in 2018, is the Vietnam-based company behind Axie Infinity and is now valued at US$3 billion.

Image source © Jarretera | Megapixl.com

Decentraland

Founded in 2017, Decentraland’s synonymous game provides players with a virtual world which they own and control.

Within the Decentraland universe – dubbed “The Metaverse” – users are encouraged to create a free market economy in a virtual space using blockchain technology.

The currency used in this world is called MANA, whose value has seen impressive gains in 2021, thanks to its burgeoning popularity.

Mythical Games

Based in Los Angeles, CA, Mythical Games’ most prominent release thus far is Blankos Block Party, released in 2020.

However, developers and founders, John Linden and Rudy Koch, are trying to create a whole ecosystem of NFT-driven gameplay and development.

Mythical Games has furthered strengthened its position of creating an online NFT marketplace by partnering with big known brands such as Burberry as well as EDM powerhouse Deadmau5.

Last month the company received US$75 million from investors, bringing their funding total to US$120 million.

To Summarise

To an outside observer with no gaming experience, this all seems crazy. It’s understandable. But remember, for crypto lovers, blockchain gaming is only the beginning and can catapult digital currency into the next realm.