The gaming industry is one of the fastest-evolving sectors in the world. Its incredible transformation from physical to digital has ushered in numerous innovations that leave players with inclusive, immersive, and diverse experiences. Some of the major innovations propelling the online gaming transformation include VR and AR, AI and procedural content generation, cloud gaming and streaming, eSports and competitive gaming, digital assets, and many more.
Digital assets stand out in this list because they have opened wide profitable opportunities for game providers and players. Based on this progressive relationship, we will be looking at the trends and predictions that make the two parties promise a better tomorrow. Let’s delve in.
Digital Assets and Online Gaming
Digital assets have always been a blessing to the online gaming industry. They are designed to impact the system and provide unique outcomes. Some of the ways these assets are impacting online gaming include:
- Blockchain and NFT
Blockchain technology is characterized by decentralization. This implies that users are offered more control over their assets. Online game players are offered NFTs (Non-Fungible Tokens) to give them a sense of ownership. This ownership is recorded on blockchain ledgers.
- In-game assets
Lovers of fun crypto games have a wonderful gaming experience using in-game assets to purchase digital goods. While playing games such as Genshin or Fortnite, you may be required to purchase in-game currencies to access some customization options that are valuable in the real world.
- Interoperable profiles
Crypto-powered online gaming enhances the player experience by allowing them to transfer their unique profiles, unlocked achievements, and friend lists from one game to another or from one platform to another.
- Business models
Introducing digital assets into online gaming has led to the emergence of new business models. There are free-to-play games with paid cosmetic assets, which are now a box of treasure for game developers. With purchased digital goods, players can fund their favorite games directly. As this is lucrative for developers, it is also beneficial to enthusiastic players.
- Metaverse exploration
Modern game players are finding online gaming more exciting. The metaverse ambitions have been a major trend, reshaping how gaming has always been seen. How does it sound when tech gurus speak of making the idea of creating interconnected virtual worlds a reality? Web3 metaverse components appear to be a great idea after testing them using gaming.
The created virtual worlds need economic continuity, which has led to the introduction of persistent digital assets, including real estate purchases, items, currencies, and profiles. This makes online gaming incredibly immersive, promising a great future for the industry and players.
Trends and Predictions: Digital Assets and Online Gaming
In 2017, global gaming revenue was $116 billion, with a digital revenue share of 25 percent. In 2021, global gaming revenue was $178 billion, with a digital revenue share of 72 percent. If these previous years can be as great as these, what will make the future an exception?
To be more explicit, there is already a projection that in 2025, global gaming revenue will be $268 billion, with a digital revenue share of more than 85 percent. All these show the rapid growth of online gaming with the touch of digital assets, which are gaining traction within the global gaming market. The trending prime digital assets that promise a fantastic future for online gaming include blockchain and NFTs.
- Blockchain technology (BT)
With blockchain technology, digital asset users are guaranteed secure digital ownership. Introducing this into the gaming space will significantly transform the landscape.
BT is designed to enhance the transparency of data sharing via interlinked blocks. It’s a mechanism reshaping security and fairness in online gaming by offering encryption transaction systems that deal effectively with the risks of hacking and fraud.
- Non-Fungible Tokens (NFTs)
Non-fungible token (NFT) games find their way out through the emergence of BT. The games rely on blockchain for the tracking and protection of player ownership. Due to the involvement of BT, NFT games assure more inclusiveness and transparency, which provides players with wonderful experiences within the online gaming world.
Blockchain-enabled NFT and blockchain games are the current trends transforming the online gaming ecosystem. They are evidence that more should be expected from the online gaming industry. The games are potential indicators, showing that the concept of trading and ownership in the online gaming world will be revolutionized, releasing numerous economic opportunities for participants.
To cap it all, you should know that by 2027, the projected revenue of the blockchain gaming market will be $65.7 billion, which shows that investment in blockchain games will increase tremendously.
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