Comparison always happens between two contrasting time periods! We would never have expected to compare two eras separated by just one year between them. Comparing what gaming was in 2020 and what it is in 2022 might seem like an overkill… But it cannot be denied that a lot has changed when it comes to the world of gaming, especially when it comes to being powered by blockchain technology and NFTs.
With the population of the world hovering in the vicinity of 7.5 billion people, it would not be an exaggeration to say that about a third of the world’s population plays video games. This is an impressive piece of statistics considering the fact that gaming (largely) is considered to be more of entertainment than serious engagement.
Perhaps it is the shift of perspective towards gaming that has contributed to skyrocketing in a lot of vital statistics. The gaming market is expected to inch closer to the $200 billion mark by 2022. While this might not come as a thing of wonder, the last seven years have been significantly different in terms of growth.
It has been observed that 90% of people who play games play for the sheer joy of gaming. About 87% of them enjoy the mental stimulation it provides. Looking at the world after the pandemic, gaming also has contributed to the revenues of gamers. It would be interesting to note that people in Vietnam, Thailand, and the Philippines have started to look at P2E gaming as a major source of their income and livelihood. This is surely a quantum shift from what gaming was in 2020.
Stereotypically speaking, gaming was always considered to be a choice for males. However, when it comes to online gaming, we can observe the shift towards equality. The gaming world has about 45% female gamers.
What caused this paradigm shift?
A lot of you would remember the episode where Steve Harvey ignorantly interviews gamer Ninja. The gamer was making millions of dollars just by playing video games and participating in tournaments across North America.
It is to be understood that the earnings of the game were not inherent to the game itself. It was an additional layer introduced by promoters to encourage people who involve their hearts and soul in gaming. It is a very subtle way of promoting the game itself.
However, thanks to the introduction of two revolutionary aspects (one powered by another) in the world of gaming, things have drastically changed in the past two years.
Introducing NFTs
NFTs (nonfungible tokens) have established a synonymy with collectible art. They, however, also have an inevitable and inseparable relationship with the gaming world.
To digress a bit, nonfungible tokens are, in essence, smart contract representations that exist on the blockchain. However, unlike crypto coins, nonfungible tokens, as the name implies, are unique and irreplaceable.
This uniqueness has made it an ideal candidate for representing digital art and music in the blockchain space without any compromises on the attribution of ownership.
How is it relevant in the gaming world?
For a long time, the game was at the mercy of the game creator. This would mean that anytime a game creator decides to pull the plug on the game, all the investments (not only the time and effort but also the money spent in buying in-game assets) go to waste.
Blockchain technology and NFTs have come together to create a gaming ecosystem where the asset can still continue to live on the blockchain even if the game is rendered obsolete.
This opens up a completely new realm for people who invest in gaming. Buying in-game assets is no longer considered to be wasteful spending. In fact, there are possibilities that the rarity of a digital asset can contribute to its value.
The entry of P2E:
P2E is probably the greatest revolution that the combination of blockchain, NFTs, and gaming has introduced. It was always possible to earn money playing games. It was either through tournament participation or video game testing. It was never inherent to the game itself.
With the introduction of P2E games (enabled by the blockchain and NFTs), it becomes possible for people to earn by just playing the game itself. The introduction of highly empathized and understandable games like P2E cricket is only expected to increase the appeal and the adoption of P2E games.
Blockchain-based games have also gone on to be extremely decentralized. Instead of being governed by a company or assertive executives who decide what the game should be, the power now is in the hands of the community of gamers and NFT collectors.
In retrospect, it is easily observable that the world of gaming has changed massively in the past two years. There could be multiple reasons that have contributed to this paradigm shift. On one side, we can blame the global pandemic for pushing a lot of people to look at alternate sources of income. On the other hand, we can also blame or rather credit the blockchain technology for becoming additionally revolutionary with every passing day… With a garnish of empathy.
What does the future hold?
As you might have inferred from what’s happening around the gaming world, blockchain gaming is not just a step up but an evolution in the world of gaming. This can be considered the equivalent of how computers changed the world of gaming forever.
It will not be surprising if the blockchain element is an inherent part of every game. This will give rise to a lot of self-sustaining gaming ecosystems but a lot of interoperability. How cool would it be for you to drive a car in a racing game with a windshield smashed by a football that you had played a game of!?
This is precisely what the gaming world has headed for… More universal, democratic, decentralized, interoperable, and above everything, lucrative! If the extrapolation from 2020 to 2022 has shown something, it is only that the world of gaming is going through one of its most dramatic phases of evolution and revolution right now!