Why crypto games are high in demand

Highlights 

• Crypto games are the video games that run on a cryptocurrency network, which permits customers to add value to their purchase.
• In 2020, the global gaming market was valued at US $173.70 billion, and it is predicted that it could reach to US $314.40 billion by 2026.
• Traditional online games market is now disrupted by the new crypto games, which allow players to earn while playing.

Crypto gaming is one of the current trends in the present crypto market. These are the video games that run on a cryptocurrency network, permits customers to add value to their purchase and include a completely or partially ledger architecture.

Companies across the world are rushing to include this revolutionary technology into their products and services and developers are working on new methods to leverage digital currencies to purchase in-game products, unlock characters and much more.

The Crypto Games operates on a “pay-to-win” model and enable players to buy upgrades to gain advantage over other players. However, GameFi introduced a “play-to-earn” model, which offers players with financial incentives to play and advance through games. In some cases, the player also earns a full-time income.

The gaming sector has been in boom since 2020 as most of the countries were battling the Covid-19 pandemic and people were stuck at home. In 2020, the global gaming market was valued at US $173.70 billion, and it is predicted that it could reach to US $314.40 billion by 2026, at a CAGR of 9.64% between 2021 and 2026.

Also read: How Metaverse is changing workplace tools, gaming ecosystems

How Crypto Gaming Works

Players are aware about the in-game coins, which are used to purchase in-game tools and these coins have value beyond the game.

This is where crypto gaming stands out as it enables players to add value to their purchase. All the in-game tools are expressed as NFTs, which are the digital tokens used to prove ownership of in-game intangible items. These tokens are stored on a distributed ledger, also known as Blockchain, above a crypto network in crypto games.  It allows the in-game items to be traded for cryptocurrency to transform in real money. So, in crypto gaming, in-game purchases are done when users buy items using cryptocurrencies or sometimes purchasing a crypto itself.

Besides, in traditional online games all ownership in the game belongs only to the game operator not the player. In crypto games, the ownership of the virtual assets to its decentralized operation are with the players and these assets are globally distributed as they are not only for gaming purpose.

Some crypto games also include decentralized finance (DeFi) elements like staking, which allow players to lock away their tokens and earn interest and other rewards that can be further used to buy more in-game items. The cryptocurrency earned while playing games can be easily transacted without any intermediary settlement, clearing or custody. 

Also read: Is ELF going to be the next big thing within the crypto domain?

Developments in Crypto gaming

Undoubtedly, traditional online games market is now disrupted by the new crypto games, which allow players to earn while playing and rewarding them for their time and efforts. 

According to a report published by the Worldwide Asset Exchange, more than 75% of players are supporting crypto games as it allows exchange of their virtual assets for a currency that can be further used in various platforms across the world.  It is proven to be an easily and secure way for gaming industry to earn money.

Here are top five play-to-earn Crypto Games for Android and iOS:

1. Axie Infinity-

Axie Infinity is one of the most popular crypto games in Philippines and many people are now playing to earn money in the form of Smooth Love Potions (SLP) and Axie Infinity Shards (AXS). Its focus lies in collecting, raising and fighting with monsters, in PvE or PvP mode and the in-game assets and the monsters can be sold in Axie Infinity universe. Before the player participates in batter they should have least three Axies and the new player can go for the scholarship in Axie infinity.

2. Reward Hunters

Reward Hunters features an open world, battle royale mode, multiple avatars and medieval setting and it allow players to participate in 1v1 battles or pay an eight-member game in which the winner is the last player in the game. Payers get the RHT token to play as it makes them eligible for cryptocurrency such as Binance coin.

3. Farmers World

The Farmers World is built on the WAX blockchain and allows player to using various resources, tools and lands to build farms and harvest them. The players need to own a specific NFT to participate in the game and they can earn rewards by competing with other farmers.  

4. Monsta Infinite

Monsta Infinite is another monster-based game and has a future potential to become one of the popular pay-to-earn game. In this, a player needs to get three Montas to play and every Monsta has six card skills, two defense cards and two attack cards in the game.

5. Binemon

Binemon brings together multiple elements such as gacha, adventure, collectibles and RPG, into one universe. In this, players can build their army of pets to fight in the PvP or PvE environment and can earn Ambrosia, which is one of the three coins in the game. But it can be acquired by using DRK, one of the native currencies, through the marketplace.

Also read: Are Crypto Locksmiths a safe solution to wallet password recovery?