Gaming: The Next Phase Of Cryptocurrency

in LeoFinance2 months ago

We see cryptocurrency go through many different phases. It is all part of the evolutionary process. As we grow, we see the industry expand as focus is paid in particular areas.

Over the last 5 years we can see how this unfolded. Thus far we had three major phases we went through.

  • ICOs

  • Decentralized Finance (DeFi)

  • Non-Fungible Tokens (NFTs)

Naturally, these are still evolving and expanding. The ICO phase is over yet funding is not done. Presently we are seeing the successor to that, IDO, emerging.

The same holds for DeFi and NFTs. People are experimenting with them, developing different platforms and protocols.

image.png
Source

We are now starting to see expansion into the next phase: Blockchain Gaming.

Play2Earn

This is garnering a lot of attention of late and for the right reasons. It is all part of the evolution towards a new internet.

Gaming is a huge industry. There are more than 2.5 billion people around the world who enjoy online games. This is a market that is bigger than most continents, let alone countries. When it comes to cryptocurrency adoption, here is where the honeypot is.

Of late, we see the success of games such as Axie Infinity and @splinterlands. This is just the tip of the iceberg. They are starting to tap into what many of us saw as the future of gaming.

Across the technology world, the idea of the Metaverse is starting to get a lot more attention. Each week, there are more articles published discussing this concept and how we are heading towards it.

Nothing is more aligned with the present ideas of what that will be than gaming. Along with this, the Play2Earn is a core component that epitomizes the vision of the Metaverse.

Hence, we can conclude this is moving parallel to something much bigger. It is not just a phase that we are going through but, rather, a transformation.

Blockchain Gaming 1.0

We are only at the beginning of this. Presently gaming is operating based upon known reference points.

What this means is that first generation technology often is simply a new iteration of what is known. For example, the first personal computers were viewed as "advanced typewriters". This was what people could understand. There was no way for them to conceptualize a mobile device that is networked to billions of other devices around the world through "air". Yet this is where we are today.

Cryptocurrency is something that is hard for people to understand. Thus, the adoption rate is rather slow. It also suffers from the fact that, for the most part, much of the world is excluded since it takes present resources to get involved.

Gaming completely changes this. The idea of tokens and assets are very familiar to this group of people. Thus, the transition from a traditional, online game to a blockchain based one, from the user's perspective, is not great. In fact, there is no difference except one:

In-game currency and assets have a monetary value outside the game.

This is something that is radically altering the future path. Suddenly the Play2Earn concept holds a lot of validity. It is opening up the door for tens of millions of people to alter their financial situation simply by playing blockchain games.

The key here is this is still Blockchain Gaming 1.0. We still are dealing with the reference points to gaming that we understand: in game tokens and assets. This is akin to the early days of the personal computer.

What happens when Blockchain Gaming is at the "mobile device connected to billions of other devices" phase. Obviously that is some time down the road since there are many iterations that will precede this. The point is we now have an on-ramp to billions of people who understand the concept.

The main change, which is a major benefit, is their actions result in financial value gains for themselves, not some mega-corporation.

Pathway To Mass Adoption

We finally are seeing the vehicle that will appeal to the masses. Since they have a thorough understanding of gaming, the shift to blockchain is rather simple. In fact, from the user perspective it is the same.

Here is where the learning curve is reduced. Yes there is some education required about exchanges and how to maneuver around them. Yet even their many of these people are aware of the concept since they are accustomed to swapping in-game assets.

Nevertheless, joining a new game is nothing different for most people. A few breakthrough games that attract the attention of hundreds of thousands of users will quickly escalate the number of people involved in cryptocurrency.

A recent estimate is there are 225 million people now involved in cryptocurrency. This is quite a growth rate considering it was projected to be around 100 million at the start of the year. While these numbers are impressive consider this point:

Minecraft™ has an estimate 600 million people using it on a monthly basis.

That is almost a 3x of the number of people involved in cryptocurrency. When we consider this is only one game, the opportunity for mass expansion of cryptocurrency adoption becomes clear.

The next phase of cryptocurrency is going to be, by far, the biggest. It will outpace all that went before it. Of course, there is a bridging into the others such as NFTs. Those are going to be integral aspects of gaming.

It is the path of least resistance to massive adoption rates. There is already a built in, global community of gamers who understand the concepts and are technically inclined.

Gaming and cryptocurrency are starting to come together. Over the next couple years, we will likely see an explosion in this sector. Hundreds of games are going to be rolling out, a few that are going to be extremely successful.

As this occurs, the people exposed to cryptocurrency is going to grow exponentially. Gaming is the next phase of cryptocurrency.


If you found this article informative, please give an upvote and rehive.

gif by @doze

screen_vision2025_1.png

logo by @st8z

Posted Using LeoFinance Beta

Sort:  

Blockchain gaming is already taking off, and I think HIVE is in a great spot for it. I look at games being built on the Etherium network and wonder "Why?" because it will be very hard to earn enough to pay for the gas fees to collect. But with HIVE and free transactions even little earners can still get paid to play.


Posted via proofofbrain.io

You nailed it. I am not sure how any game expects to survive on Ethereum. Actually, even smaller transaction fees, who is going to pay them in a game?

Posted Using LeoFinance Beta

I stopped playing Ethereum-based God Unchained ... I wanted to start playing Axie Infinity, but I had to pay a lot to start ... with SPLINTERLANDS it went well from the start. I am currently not aware of a better game out there than Splinterlands

I dont know enough about the space to be objective. But from the feedback I can see, it appears you are in consensus there.

@splinterlands is really kicking ass. It is inclusive with a low fee to enter and does offer a wide range of possibilities.

Posted Using LeoFinance Beta

Personally I would love to see more games having NFT's so we can buy and sell skins to one another or a cool item.

I am sure there will be a lot of things added. It is going to be amazing to see what ends up coming out from all the different developers.

Posted Using LeoFinance Beta

This is truly where the explosion will take place. It is really amazing that Splinterlands is at the forefront of this movement. With continued development, there is every reason to believe it could one day be the "Minecraft" of blockchain gaming. This is just the tip of the iceberg. And now with the "subscription" ability on HIVE, there are many, many more concepts that can be fleshed out using the HIVE blockchain as the core. Exciting, exciting times!!!

Posted Using LeoFinance Beta

It is amazing to see unfold before our eyes. We are watching the creation of a new industry.

This is going to take things to an entirely new level going and it will only take a couple years.

Posted Using LeoFinance Beta

Thus, the adoption rate is rather slow. It also suffers from the fact that, for the most part, much of the world is excluded since it takes present resources to get involved.

A working smartphone and some kind of internet connection. This is what it takes to "get involved". This is really not that hard as some people think.

Holding, minting, transacting and trading assets from your Metamask wallet may feel natural to you but try explaining those concepts to someone who has no idea that in-game items will be tradable in the future.

Over the years we all grew accustomed to these things but I realized how far we are ahead when I tried getting a friend into yield farming... The very concept of blockchain bends their mind for a few weeks before it sinks in.

Posted Using LeoFinance Beta

Yield farming requires money to farm. That is where much of the planet is excluded.

Posted Using LeoFinance Beta

Most of cryptocurrency requires people to have money to buy it. Outside of Hive, Steem, and a few faucets, it mostly takes money to start.

Posted Using LeoFinance Beta

That will be the future. We here on Hive see it with Splinterlands. I personally cann attest to it being addictive as hell :o) And in my opinion, it is smart to roll out updates like land sales, when the game is established and not with a presale, like most MMORPGs now in the development or alpha phase. That smells a little bit fishy.

Continued develop and adding layers to the game is vital. There is no way to keep gaining players if the game is stagnant.

Posted Using LeoFinance Beta

I might have to try Splinterlands myself, as I have been left behind with this one, but I sure feel like an early adopter in the crypto industry.

Posted Using LeoFinance Beta

I wasnt big in @Splinterlands either.

But I had some SPT so I at least get a few SPS in the airdrop. Not much of a card portfolio though.

Posted Using LeoFinance Beta

Can’t wait to see the idle virtual worlds take off. The concepts are all there..devs just have to learn to monetize in game currency/assets. I’ve been currently renting out my Splinterlands cards and I love what I see. This is what blockchain is really about.

Posted Using LeoFinance Beta

We are still probably 5 years until Virtual Reality becomes mainstream. When that happens, watch out.

It is going to be a very interesting decade as we are already starting to see.

Posted Using LeoFinance Beta

Of those 2.5 billion, more and more are being added to the crypto games every day, so we are on the right track.

Posted Using LeoFinance Beta

Yes I think there are more being added. It will be some time before the numbers rival the non-crypto games. Yet when you think about it, if we get 5% of that total, we will be doing outstanding.

Posted Using LeoFinance Beta

Love the comparison to minecraft, when you think about it like that we really are just at the start of things. Just gotta stick with it and be patient with the adoption.


Posted via proofofbrain.io

Just keep pushing ahead and trying to get more people involved. It is still a person-by-person movement but it is happening.

With each success story, we have another advocate.

Posted Using LeoFinance Beta

That’s cool as I love games! !PIZZA

Posted using Dapplr

Connect

Trade


@taskmaster4450! I sent you a slice of $PIZZA on behalf of @stickupboys.

Learn more about $PIZZA Token at hive.pizza (7/20)

The gamers have definitely scored big time from crypto as many got into mining from the very beginning and now this is happening as well. Sometimes it does pay to be a kid at heart and many will be wealthy from this.

Posted Using LeoFinance Beta

Very good point. They had the technical ability to get in on that early.

They will be well served by the end of this decade. A lot of cool stuff is going to emerge out of all this.

Posted Using LeoFinance Beta

I really wonder the game Splinterlands.

Gaming is familiar with people, adopting of crypto through gaming isn't just systematic but really wise. Surely I believe adoption will be aided by more creative ways in the future, but today, it just feels like gaming is doing an amazing job

Posted Using LeoFinance Beta

The familiarity people have with gaming means that many of them understand tokens. That is a big step to understanding cryptocurrency.

Posted Using LeoFinance Beta

There is a lot of potential in gaming and I think it's already attracting a lot of people to crypto. I'm on a few blockchain game servers and it's amazing how they are the very first contact with crypto and blockchain for so many people.

The learning curve on crypto is still a bit of an issue, but I believe that gap will be bridged with time. Another issue is that a lot of people are drawn to it by the promise of quick, astronomical gains, and sometimes they get frustrated when they don't get that immediately, but I believe that is also going to be fixed with time.

Posted Using LeoFinance Beta

I think the learning curve for gamers is a lot less than for the average person. They tend to be a bit more technologically advanced. Also, the fact they dealt with tokens also tells a story.

Posted Using LeoFinance Beta

Started playing Splinterlands just a few months ago. Have now realized that the trading aspect of it is as addictive (or more addictive) than the "game itself" (battles). Is the real game the battles or the trade going on around it and in it? It blurs the line between serious business (trading crypto) and fun. I can see this bringing in millions of new users, who start out as just gamers but eventually get deep into crypto.

It blurs the line between serious business (trading crypto) and fun.

That is true. We are going to see a new industry form as more people jump on board. There is no doubt the future is going to be "fun-based".

Posted Using LeoFinance Beta

Things are changing.

Before, you had to work hard to earn money and pay the bills. Now, when you are done with your work, you can play a game, and earn some tokens.

They may not be valued a lot if you haven't invested a lot of money but if small addition compounded over a year or so, it can be a remarkable amount.
So, you don't have to invest a lot of money either.

And those who can invest, can enjoy to play, and strategize to make the most of their investments.

I have been reinvesting anything I earn from Dcity. Played splinterlands a few times. The only thing that stopped me was I had to be active daily to complete the quests, which I often failed.

Another game I have entered is Dcrops. And I am always searching some on other networks too. Like polkacity etc.

True, some of them will fail. But even if one of them succeeds in the next 2-3 years, my investments will pay off handsomely🙂

There are so many options. You are right it is a numbers game. Many will fail but if we keep at it some of what we are involved in will take off.

Posted Using LeoFinance Beta

Definitely!

Most of my favorite video games all have their own in-game currency. I play on a PS5 and have a large library of games to choose from. Currently I’m able to earn the currency to purchase items to use in the game. Eventually I hope to be able to earn currency by playing and then purchase things that upgrade my gaming experience.

Items such as as:
Controllers, headsets, new monitors, or even games/gift cards.

I think of the book/film Ready Player One, how the gamers were able to purchase new armor for their characters... in turn, they’d also get a shipment in the mail with an upgraded haptic vest in real life.

We already see pre-teens becoming professional e-sports players. I look forward to the day where gamers around the world can earn an income from gaming without having to rely on sponsors.

I know I’ve been honing my gaming skills for 20+ years. By the time crypto gaming has fully blossomed, I think my skills will be mastered and hopefully that’ll pay off.

It truly is an amazing thing to watch. We are looking at the establishment of an entirely new industry. This is going to give those younger people a lot more options going forward.

I will not be surprised if a large percentage, say 30%, make a living from gaming.

Posted Using LeoFinance Beta

Seeing it how I'm seeing it ;)

Gaming is one of the least friction ways to getting people into crypto and for some they wont even realize they are getting crypto of NFTs.

Owning assets in gaming is going to be a huge thing. Real digital assets have always been a part of gaming. Before it was collection boxes with physical items and products. Then it went to all digital but there always seemed to be something missing. That missing was actually owning something for preordering or getting in early. NFTs now allow that and much more.

A large scale game could even launch their own blockchain making everything print and be a NFT for resources, crafting etc. It would prevent all cheating in that type of game I would think.

Posted Using LeoFinance Beta

I just hope we see another few explosions on Hive like @splinterlands. It is great to see the growth and success of that game.

We are seeing the potential of this blockchain if just a couple applications are successful.

Posted Using LeoFinance Beta

pixresteemer_incognito_angel_mini.png
Bang, I did it again... I just rehived your post!
Week 68 of my contest just started...you can now check the winners of the previous week!
12



The rewards earned on this comment will go directly to the person sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.

I am not a gamer personally and it is why I missed out on the SPS airdrop as I did not play any game in all Splinterstands existence, but might learn soon hehe.

Here is where the learning curve is reduced. Yes there is some education required about exchanges and how to maneuver around them. Yet even their many of these people are aware of the concept since they are accustomed to swapping in-game assets.

I introduced a friend who is a gamer to Splinterstands yesterday and he went through it and he seemed to understand how battles and all the like work!

He said that Splinterstands is similar to some game he has played before, he told me the name of the game, but me not being a gamer, I have forgotten the name!

So it is true gaming will increase the adoption to crypto as the gaming community is really big in the world and Hive will hopefully take a big share of those new users as is already happening.

Posted Using LeoFinance Beta

Congratulations @taskmaster4450! Your post has been a top performer on the Hive blockchain and you have been rewarded with the following badge:

Post with the most upvotes of the day.

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Check out the last post from @hivebuzz:

Feedback from the August 1st Hive Power Up Day

these blockhain games are a real hit

Posted Using LeoFinance Beta

I can't wait to see this come to reality, it's gonna be fun..

We have a lot of game addicts, I am included and with this coming to stay it will initiate more people into the crypto world through gaming and cryptocurrency would extremely grow..


Posted via proofofbrain.io