The new era of Gamers: Crypto Gaming

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The gaming industry has been around us for decades. As new technology arrives, the gaming industry got also evolved. Today gamers use high graphics and the best technology to play and compete with others. One of the new trends in gaming is Crypto Gaming. This leverage the blockchain and web3 technology. This has the potential to how we play and interact with other gamers.

The recent rise of web3 and blockchain show us the possibilities of what blockchain can do in the gaming industry. How it could help potential gamers and the gaming industry. In this article, we will know more about crypto gamers and what challenges and risks are they facing.

What is Crypto gaming & Gamers?

Crypto gaming is an advanced version of gaming in which we leverage blockchain and crypto technology for a better experience for gamers. The blockchain is used for a wide variety of features like maintaining an immutable database, complete ownership and transparency of the transactions, and a lot of others.

Crypto gamers are gamers who are actively playing games that are built using blockchain technology. A lot of new players are entering this recently.

The Blockchain Game Industry

Market Size & Growth

The year 2022 was a tough year for the crypto and the blockchain market. Several crashes and hacks started the bear market. It also questioned the faith of users in the crypto market. Despite all of this blockchain game industry reported a huge increase in users and their daily activity.

As per the blockchain game report from DappRadar, the number of unique active wallets (UAWs) in the blockchain gaming sector has increased by 60% last year i.e. 2022, reaching 1.15 million wallets on average. The size of gaming market also represents 49% of all daily blockchain activity.

Additionally, the on-chain game transactions reached 7.4 billion, growing 37% from the previous year and a staggering 3,260% since 2020. On average, 1 Unique Active Wallet did 25 gaming on-chain transactions this year.

New game blockchains & investments

New blockchains for game verticle have also gaining popularities to provide secure, transparent, and decentralized gaming experiences. Out of all other blockchains, WAX become the most popular gaming blockchain. Other blockchains like BNB and Polygon are also gaining good traction in the market.

Not only Users, but VCs are also actively investing in this market. The reports indicate that $3.7 billion will be invested in blockchain gaming by venture capitalists and angel investors in 2022. This is one of the huge bullish sign for the crypto gaming economy in the upcoming years.

Factors influencing Gamer’s behavior

To understand this trend, we need to deeply understand the factors which affect a crypto game users’ behavior. Traditional gaming was in the market for decades but still, Gamers faced a lot of problems which was tough for them to play games. Crypto gaming has opened up the possibility of different ways to help gamers play games more seamlessly. Some of the major advantages of crypto gaming are:

Complete Authority - Here all the assets you own are completely yours. You have complete authority over your assets and you don’t need to rely on any third-party intermediaries.

Transparency & Immutability - Since all the data and the transaction are stored on the blockchain, so all the data is completely transparent.

Immutability - These data are cryptographically secured, so there is no way that anyone can manipulate data in any way.

More earning opportunities - In traditional gaming, there was an entry barrier for gamers to earn while playing. But crypto gamers earn from starting by winning the game via crypto game token, and irrespective of their experience.

These are the main factors that are attracting a lot of existing gamers to enter into this crypto gaming. However, with every pro comes to a con, and this industry is no exception. Next, we will see the risks and challenges faced by crypto gamers.

Risks and challenges

Every coin has two sides and this industry also comes up with some risks and challenges for gamers. Although this technology is in its early stage, a lot of innovations are yet to come but here are some changes that gamers are facing currently in the market.

Lack of awareness: It is a new technology, therefore a lot of people aren’t completely aware of the technology and how this functions.

Security and Privacy Concerns: Since a lot of people aren’t aware of the technology, hackers use this as an advantage and exploit gamers and crypto game projects who don’t know how to securely use this technology. They unknowingly share the information which led to questioning the security of gamers.

Market Volatility: It is one of the most volatile markets. Since money is attached to these games, losing a good chunk of money affects gamers. It also makes them hesitate to invest in this technology.

Regulatory issue: A lot of governments are making new regulations for the use of crypto and digital assets. This affects gamers and makes a tough choice for them to accept.

Future of this new generation of gamers?

It is clear, this is a newer technology. Any new technology that launches faces a lot of ups and downs. It isn’t completely regulated in all countries and a lot of hacks and crashes also happened last year.

But the amount of freedom, transparency, and money-making opportunities that gamers are seeing in this is huge. No one can predict the future but the amount of energy and resources that are being invested in this market will definitely lead to something positive in the near future. It will be interesting to see how far this industry can progress over the next few years.