The big thing on everyone's mind is when will cryptocurrency reach mass adoption? We know this is an industry that provides many benefits and the present global situation only reaffirms that. It would seem like an opportune time for a shift towards digital assets of this nature since many are getting hurt in the present system.
Unfortunately, that is not likely to happen at a quick pace. Most do not stray to far from their comfort zone and what they now. Things are going to have to get really bad, for an extended period of time, for the masses to wake up.
That said, there is an area that is enormous and ripe for disruption. It requires very little change in what users are doing and they tend, on average, to be aware of the system we are constructing.
It is a market that has, according to reports, 2.4 billion people. Total revenues are $152 billion per year globally and growing at a 5.9% year over year rate. This is certainly something to tap into.
Ultimately, if we are looking for the large fish to adopt blockchain and cryptocurrency, this is the area to focus upon.
It is for this reason that we can see blockchain gaming being one of the key pieces to mass adoption. Just look at the growth over recent years.
Blockchain gaming should be a major breakthrough. There is a lot of money already in the market yet there are a number of advantages that enter the picture. The biggest is that these people are already accustomed to purchasing digital assets. In game purchases is enormous with billions being spent.
In fact, the average mobile users spends an average of $87 on in-game acquisitions.
Here is a look at some of the top game in terms of average purchases.
The reason mobile is mentioned is due to the fact that is where the sweet spot is.
Slice Intelligence just revealed that people who bought products in mobile video games last year spent an average of $87 dollars on their “free-to-play” games. This redefines how we view hardcore gamers: people who purchase games for traditional consoles and PCs spend only $5 dollars more on average on their gaming entertainment.
The drawback to this is, other than entertainment value, all that money spent is lost to the player. It goes to the owners of the game (Wall Street in many instances). Players have nothing that they can call their own since they are resident in the game itself.
Blockchain changes all that. People are able to keep their assets in a blockchain game since they are resident in a wallet. All transactions are recorded so a path of ownership can be established. This is enormous. Thus, all the money that one spends to improve his or her in-game assets is not wasted.
Suddenly, people have something that have value along with a marketplace to interact with. Of course, some of the bigger games already have this but the majority do not. With blockchain games, this can be set up from the start.
Ultimately, gaming can be utilized as a means of improving one's financial situation. People are spending the hours playing already, it is a matter of providing them with something that has value outside the game itself.
Here again, the key is not to change what people are doing, simply where they are doing it. It is a technologically advanced crowd that is conditioned to buy digital assets. Where the value comes from does not have to be explained to these individuals.
Another factor is the dedication that already exists. Using blockchain will increase those who are serious about this genre. When people get paid for doing something, they become professionals. This is usually the top in any field. Few are professionals, most are hobbyists or enthusiasts.
Gaming is no different. However, with blockchain, we could see some of the categories shifting around.
As we can see, only 7% considering themselves to be aspiring gaming professionals. Yet, beyond that group, 35% identify themselves as gaming experts.
It only stands to reason that a vast percentage of this group would like to be professional, or at least semi-professional. Blockchain gaming offers that opportunity to the masses.
Get paid for gaming.
A simple yet effective marketing slogan. It also is a bridge to from a game to the real world. The marketplace makes the in-game assets have a value; value that can be easily converted into the commonly used currencies.
What is ultimately happening is simply the pie is being distributed in a different way. Instead of people giving their money over to a company, they are actually investing in themselves. Those who are successful at a particular game and grow their asset base will soon realize they have something of value outside the game itself. This is a situation that is missing at the moment.
Of course, all of this is a prelude to something bigger. As we saw in the film, Ready Player One, the fact that virtual reality is just around the corner means that everything is going to move to another level. The line between the "real" and virtual world will blur. Hence, what is now thought of as a game is apt to be considered a business in the future.
The gaming market is already present and ready. Benefits being offered by blockchain are quickly evident to those people. Eventually, this will serve as a feeder system into other aspects of the crypto-sphere. After all, when one sells some of the in-game assets for a cryptocurrency such as HIVE, that opens a path to other crypto investments. As the infrastructure matures, that same token could be used to buy stock, commodities, or assets that people normally invest in.
Here is a list of the top games with 10 million or more users (as of 2019).
https://en.wikipedia.org/wiki/List_of_most-played_video_games_by_player_count
From this list, we can see how large the genre really is. We also can envision a time when a couple hundred million people are putting up $50-$100, on average, into blockchain based digital assets.
That will make any cryptocurrency tied to these games worth a great deal more than they are today.
Here is the utility that most are looking for, right before our eyes.
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Splinterlands anytime tournaments roll out in less than a week.
(You don't need to play live, you submit all of your teams then come back later to see how they did)
Sets the stage for Guild v Guild battles, and PvE.
Then land plots and crafting of transferable spells and items.
This thing is a juggernaut, and it's not too late to do really well.
Blockchain gaming is huge, but I believe it will rise on the next cycle. Now is the DeFi time.
I am not sure if games are the best path but they will definitely play a big role.
I've been reading his posts for a long time, and I think he's an analyst
I am waiting for steemmonsters going mobile!
I thought that was already released.
I guess I misread one of the posts.
I hope they release it soon. It could be huge.
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Nope you didn't misread, the app of splinterlands has been released. The game is already playable on mobile.
Ah excellent @palasatenea.
I hope it is bringing a lot of new people into the game. It is exciting to watch the progress from when it started as Steemmonsters.
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👍
just saw that they do indeed already have a mobile web app. But it's not on google play yet which I think is going to be the next step. This will help it get popularity I am sure
the gaming industry is exploding, and certainly will only get bigger.
From professionals, tournament with prizes, twitch folllowers etc.
the crypto world is a perfect fit, & could really boost profits.
As for myself, I would much quicker spend crytpo in the gaming arena than any of the household money.
And younger folks, only familiar with e-currency, it would all be the same.
Does sound like a programming nightmare, so happy that is not my department
Gaming is certainly growing at a great rate. We will see how it all unfolds but I think there will be many games that incorporate digital assets including crypto.
It is all being built right now.
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Got a nice write up here. I appreciate you took a lot of time to think about it.
I totally think that games are the best path the mass adoption too.
Great! I believe that another thing that put games in the push for mass adoption would be the non-fungible itens on blockchain. Thanks and good luck again!
I remember reading about theta tokens for gaming a couple of years ago and although that wasn't a concept i could get behind, it did convince me that gaming would be a good "foot in the door". Couldn't agree with your article more!
You can own assets on centralized gaming platforms. Such platforms have existed for years. Some even have internal markets for in-game assets and internal currencies used in trading such assets. Hive is essentially a such platform with the only and major difference being that Hive is decentralized and there is no central entity in total control of the assets that can arbitrarily change the rules at any time. A gamer whose assets are in his or her Hive wallet can be sure that even if the corporation that developed the game goes bust, another one can easily take over and pick up from where the other left off because the assets are actually controlled by the players. Everything is open source and no single party has dictatorial control over anything. It will be much easier to build open gaming ecosystems than in the siloed centralized world of gaming where everything proprietary and nothing tends to be interoperable.
Gaming is definitely the path of least resistance to mass adoption. More and more our society is hooked on playing online games. As long as they are easy to access and easy to jump in and play it will be like the field of dreams....if you build it they will come.