The Cryptotainment Arena Levels Up As Cryptocurrencies, NFTs, And Blockchain-Based P2E Games Enter The Scene
The online gaming industry is among the fastest-growing sectors of the last decade, and it is also one of those industries that have embraced technology with open arms. Accordingly, the introduction of blockchain-based games, digital currencies, and non-fungible tokens within the gaming industry shouldn’t come as a surprise.
Over the last few years, the gaming economy has grown its footprint substantially, adding several new sectors within itself. Fuelled by the expansion of social media, video sharing, and live streaming platforms, there has been a meteoric rise in the number of influencers, gaming content creators, and eSports tournaments, all of which have further accelerated the growth and expansion of the gaming ecosystem.
If you take a look at some of the highest-grossing games in the last few years, all of them have successfully enabled fully functioning in-game virtual economies, allowing game developers to monetize their content. Still, gamers didn’t receive much from investing in these games, except for streamers and gaming content creators like Pewdiepie, Pokimane, Dr. Disrespect, KittyPlays, and many others.
However, once game developers started tokenizing in-game assets, gamers gained several mechanisms to generate returns from their investments of time and energy. Likewise, blockchain and cryptocurrencies have also enabled gamers and gaming content creators to test and implement promising revenue generation opportunities through new economic models.
With that in mind, let’s take a deeper look at how blockchain games and platforms are bringing a positive revolution in the ever-evolving world of gaming.
Projects Shaping The Future Of NFT Gaming
With the growing dominance of NFT games, the gaming scene is infested with bots and scalpers trying every means possible to get their hands on every new NFT drop before anyone else. This isn’t just an extremely problematic scenario but a practice that raises questions surrounding blockchain’s claims of giving everyone an equal opportunity.
Luckily, a solution to this problem is just around the corner. Splinterlands, one of the most successful blockchain-based trading card games that has shattered every record in recent months, has announced the rollout of its scalper and bot protection mechanism for the highly anticipated upcoming Chaos Legion update. This massive update will introduce 15 million packs of new NFT trading cards, with each pack consisting of 5 random cards and priced at $4 per pack.
Splinterlands plans to introduce a unique voucher-based distribution system to safeguard users from bots and scalpers, assuring fair distribution and equal access for all. If successful, this initiative can provide a mechanism for NFT drops that can be adopted by other NFT gaming projects going forward.
PARSIQ is another project that aims to bring a variety of add-on features to the blockchain gaming scene. Through its revolutionary IQ Protocol, PARSIQ has launched the world’s first DeFi protocol to tokenize SaaS subscriptions with a circular economy without collateral.
Leveraging the IQ Protocol, NFT and play-to-earn (P2E) game developers can offer subscription-based incentives for players, which will enable more players to participate. For instance, game developers can generate Lifetime Value tokens that enable players to access special perks and in-game options for a specific period instead of recurring monthly passes or top-ups. Instead of forcing players to outright buy an in-game asset like a new skin or a legendary gun, game developers can empower players to ‘rent’ these items for fixed periods.
The IQ Protocol is also equipped to facilitate the growing P2E blockchain gaming model. Through the comprehensive set of trustless smart protocols, players can seamlessly trade their in-game assets in secondary marketplaces. Additionally, the IQ Protocol can also be used to facilitate risk-free renting pools within NFT gaming communities. Game developers can employ this protocol to help players rent any in-game NFT and try it out for a fair price for a fixed period rather than buying it at full price.
The next project reshaping the industry is geared towards the gaming content creator community. Set to launch in the coming weeks, Creaton, the Web 3.0 platform for subscription-based content sharing, offers creators complete ownership and control over their content. Hosted on the Polygon blockchain network, Creaton delivers affordable gas fees and fast transactions while bridging to other prominent blockchain networks.
Unlike Web 2.0 content sharing platforms, Creaton ensures artists retain full ownership of their work and the accompanying remuneration. Any artist using this platform can accept paid memberships from their followers and subscribers via Superfluif’s payment mechanism. All paid subscriptions are immediately converted into bitcoin (BTC) by Creaton.
To protect each creator’s content, Creaton encrypts and stores all of the data in the decentralized storage on Arweave via the Lit Protocol. By integrating smart contracts and various blockchain technologies, Cretaon enables artists to restrict access to their works to a limited and exclusive audience, thus preventing censorship, payment delays, and other similar problems that they usually face with Web 2.0 content sharing platforms.
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