Earning from Blockchain Gaming
The Punters Pick #3 - Online gaming has been growing with greater opportunities to earn income also arising
The online gaming industry has received a lot of attention in recent years. It is one of the few industries that largely benefitted from the COVID-19 pandemic. Forced isolation naturally acted to increase the global time spent gaming. Those providing such gaming environments scrambled to innovate provide unique and unprecedented ways to interact and compete in virtual environments. In some cases, these virtual worlds even meshed into the real world. For instance, Travis Scott released a new track within the Fortnite world with over 12 million gamers logging in for the event.
In the third release of The Punter’s Pick, we highlight some of the recent innovations that have enhanced the world of online gaming. We also analyze how these innovations provide profitable opportunities for shrewd participants of the gaming world.
Global Gaming Population Nears 1 Billion
In 2020, online gaming and gambling generated over $21 billion in revenue. This translates to a growth of 21.9% from 2019. App installs for mobile gaming also surged 45% within the same period. The circumstances surrounding this impressive growth are not difficult to understand with the Covid-19 pandemic being the major catalyst for such growth.
With schools shut down and businesses closed, virtual gaming became a more habitual activity for a lot of people. Online gaming has become one of the most available means of finding entertainment and recreation of the mind. The estimated number of online gamers in 2020 was around 877 million people. This figure is expected to exceed 1 billion by 2024. According to reports, 55% of gamers across the globe are located in the Asia-Pacific region.
Blockchain is Redefining Online Gaming
Revenue-making opportunities are also springing up in the gaming world, leading to a greater influx of users into the online gaming industry. Numerous blockchain gaming platforms offer gamers the opportunity to generate significant revenue. Huntercoin, Splinterland, Storm, and Axie Infinity are some of the top blockchain gaming platforms where gamers play to earn various cryptocurrencies.
Beyond just earning revenue, a platform like Axie Infinity was designed to decentralize ownership among token holders. Users don’t only play to earn revenue, but are also partial owners and operators of the gaming platform.
Traditional gaming platforms have typically struggled to audit gaming processes and in-game economies. For instance, MMORPG RuneScape was overwhelmed with users finding methods to use their real-world money to purchase in-game gold, a practice that breached RuneScape’s terms. This caused RuneScape to change the free trade possibilities of the game which ultimately led to a significant decline in active users.
The emergence of blockchain technology has changed such dynamics. The decentralized technology facilitates swift micropayments between players that can be easily audited. Blockchain also allows users to take control of their assets. In the traditional gaming environment, the ownership and trade of assets depends on centralized parties. Blockchains allow gamers to access benefits that are unavailable in the traditional gaming world.
Embracing the New Order
The Covid-19 pandemic has redefined the way of life for humankind across the globe. While the situation caused a lot of setbacks in various industries, the gaming industry has boomed and has created revenue-generating possibilities for countless netizens.
This has been particularly important for citizens of developing countries, providing them opportunities to earn in the virtual environment and transition funds to the real world. A recent documentary in the poverty-stricken Philippines showcases local players earning income from Axie Infinity and transitioning into the domestic currency.
As the world of gaming and blockchain-based gaming continues to grow, there will be a corresponding growth in the ability to earn revenue from such platforms. CryptoPunt is one of the blockchain-based gaming platforms providing such opportunities.
CryptoPunt is a next-generation gaming and gambling Dapp. Underpinned by the Ethereum blockchain, CryptoPunt is positioning itself to be the leading blockchain-based gaming application. Users can start gaming in less than one minute with no KYC or registration process. CryptoPunt will offer a broad suite of games, including an option that has a virtual world and in-game economy.