What’s Wrong with Blockchain-Based Gaming?
The Punters Pick #1 — Incumbent gaming solutions are decaying. CryptoPunt is building the next-generation of blockchain-based gaming.
We are launching a weekly series which is dedicated to providing the CryptoPunt community with the latest information and insights on decentralized gaming and gambling. CryptoPunt is an Ethereum-based Dapp that is working towards becoming the leading blockchain-based gaming platform.
The inaugural release of The Punters Pick will analyze the market opportunity that CryptoPunt is addressing. The release will further detail the progress CryptoPunt has made and how it is differentiating itself from incumbent gaming platforms.
Moving forward, The Punters Pick aims to be the leading source for developments in the world of blockchain-based gaming and gambling. This niche has been largely ignored in recent years with the majority of attention deviating to decentralized finance (DeFi).
The Punters Pick will bring attention back to blockchain-based gaming by providing readers with actionable insights in this long-standing market niche. Subscribers will receive coverage of the most important developments along with analysis of the metrics underpinning blockchain-based games.
Blockchain-based gaming and gambling
Until 2020, gaming and gambling was the most successful application of blockchain technology. It was the only decentralized application niche that catered to over 1 million users and over 50% of these users were active on a daily basis.
Conditions changed in 2020 as DeFi rapidly grew and became the most popular application of decentralized computing blockchains like Ethereum. The rise in DeFi should not be detrimental to decentralized gaming and gambling. It’s surge brought vastly more capital, users, and attention into blockchain networks. The rise in the total-value locked (TVL) in DeFi protocols demonstrates the increase in capital within the Ethereum ecosystem. TVL increased from under $1 billion at the start of 2020 to an all-time high of roughly $85 billion in May 2021.
However, the incumbent blockchain-based games have failed to capitalize on these improved conditions. Their usage and volume figures have remained static and declined in some situations. The below DappRadar data highlights usage and trading volume for decentralized gambling applications plummeting compared to six months ago.
The reason for such poor performance is the lack of innovation by incumbent solutions. As the blockchain ecosystem advances and improves, users demand more sophisticated applications. The current gaming offerings fail to meet this demand. They have clunky designs and complicated user experiences, a state of affairs which could only be successful in the past.
CryptoPunt aims to radically improve on the current generation of blockchain-based gaming and gambling applications. CryptoPunt has carefully put in place measures that incumbent applications have failed to account for.
First and foremost, the CryptoPunt application will be grounded in an extremely user friendly UI/UX. Users will be able to easily navigate to their desired location within the application. They can also quickly start gaming. Users simply connect their preferred Ethereum wallet and can start gaming in less than one minute. No KYC. No registration. Just gaming. The below video showcases the layout of the CryptoPunt application.
CryptoPunt is committed to building the application with cutting-edge technology, providing users an unmatched gaming experience. With that goal in mind, CryptoPunt has partnered with layer-2 scaling solution Polygon to ensure a fast and efficient gaming environment. The implementation of Polygon also allows CryptoPunt users to significantly reduce the fees for gaming.
CryptoPunt will be the first openly auditable gaming Dapp. The algorithm powering each game will be shared publicly, allowing users to verify its fairness. CryptoPunt will initially launch with three popular gambling games. As the application evolves, more innovative games will be implemented. One of these games will allow users to immerse themselves in a virtual world where items can be traded within an in-game economy.
The gaming market is only going to get bigger. Blockchain-based games play an important role in the gaming market, providing users with a decentralized environment that eradicates the commercial interests of centralized gaming organizations. However, decentralized gaming Dapps have failed to innovate in recent years. CryptoPunt is positioning itself to be a leader in the market by innovating and offering a radically improved environment to the incumbent Dapps.
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.