Blockchain gaming, a burgeoning sector within the gaming industry, is experiencing unprecedented growth. According to a report by Grand View Research, this sector is projected to grow at an impressive rate of 68.3% from 2023 to 2030. This is significantly higher than the overall online gaming industry’s expected growth rate of 13.4% over the same period. The rapid ascent of blockchain games is reshaping the landscape of digital entertainment and attracting considerable attention from both gamers and investors.
The concept of GameFi, which merges gaming with decentralized finance (DeFi), began in 2017 with the launch of blockchain-based games on Ethereum. Early pioneers like “CryptoKitties” showcased the potential for blockchain technology in gaming, focusing primarily on digital collectibles. These early ventures proved there was a market for digital assets that could be owned, traded, and sold, akin to physical items. This laid the groundwork for the integration of non-fungible tokens (NFTs) into gaming, revolutionizing the concept of digital ownership.
NFTs quickly became a cornerstone of GameFi, allowing players to own, trade, and sell their digital assets within games. This was a significant shift from traditional gaming models, where in-game assets remained the property of game developers. The emergence of the Play-to-Earn (P2E) model further transformed the industry. Unlike the pay-to-play or free-to-play models, P2E allows players to earn real-world financial rewards through in-game activities, attracting a broader player base and adding a new incentive structure to gaming.
The increasing popularity of GameFi has led to a surge in development and investment in the sector since 2020. Games like “Axie Infinity” have become household names, drawing attention from both gamers and investors. The sector’s growth is set to accelerate, driven by an influx of capital and interest. Recent data from the DappRadar Games Report revealed that the decentralized application industry reached a milestone with 10.6 million daily unique active wallets engaging with blockchain applications, with gaming dApps accounting for 28% of this activity.
In an exclusive interview with The Shib, Vaas, a seasoned gamer and CTO of Metaverse Solutions, shared his journey into blockchain gaming and his insights on the evolving landscape of the industry. Vaas offers a unique vantage point as both a gamer and a developer in the space, providing valuable insights into how blockchain games differentiate from traditional games, the challenges they face, and what the future holds.
When asked how blockchain games differ from traditional games, he emphasized the complexity of onboarding new players. “The similarity kind of ends till the gameplay part…other than that, you know, it’s very different,” he explained. Traditional games generally have streamlined onboarding processes, while blockchain games often require players to understand and navigate the intricacies of NFTs and tokens, which can be daunting. This complexity creates a barrier for many gamers who are already wary due to negative experiences with microtransactions and loot boxes in traditional games.
He highlighted that while regions like Europe and the USA exhibit skepticism towards blockchain gaming due to these factors, regions like India, Latin America, and Southeast Asia show a more open and enthusiastic reception. “They are more willing to pass through the hoops to get into Web3 gaming,” he noted. This disparity in acceptance between regions underscores the importance of tailored approaches in marketing and onboarding processes for different demographics.
As for the current state and future of blockchain gaming, he is optimistic. He pointed out that the gaming loops in emerging blockchain games are compelling and that high-stakes gameplay involving real money adds a layer of excitement and engagement. He mentioned several promising games he is looking forward to, including BR1, Shrapnel, and Ronin Realms. “These games do have some attraction… the stakes in Web3 are high because it’s real money,” he stated, underscoring the potential for these games to captivate players.
For those looking to dive into the world of blockchain gaming, Vaas offers practical advice: “Start getting involved with different communities. There’s a lot of earning potential if you want to be a builder or an assistant builder.” He encourages new players to explore the various roles within these communities, from Discord moderators to community managers, highlighting the lucrative opportunities available even in these ancillary positions.
The rise of blockchain games represents a transformative shift in the gaming industry, blending entertainment with financial opportunities. While challenges persist, particularly in onboarding and user perception, the potential for growth and innovation is immense. As Vaas aptly put it, “The world is your oyster and you live in it,” reflecting the boundless possibilities that await in this evolving landscape.
Adding to this perspective, Angel, the Shiba Inu Games Lead, shared her insights with The Shib into blockchain gaming and the potential of Shiba Eternity as it integrates with Shibarium in the foreseeable future: “In recent months, we see more traditional gaming studios adopting blockchain technology. Typically, they seek blockchain providers that offer high performance, robust security, and low transaction costs to ensure seamless and secure gameplay. With the Web3 version of Shiba Eternity, we aim to showcase the value that Shibarium can provide to players and developers. Shiba Eternity, at its core, is a cerebral yet enjoyable game; the gameplay alone keeps our loyal following. Once we integrate Shibarium technology, we open up new experiences for our players such as true ownership of their cards, having a player-driven economy, and a form of governance over the game. Shibarium is designed to ensure seamless gameplay by offering high scalability at a low cost. We’re on track to release the closed beta of Shiba Eternity in Q3 this year.”
She further elaborated on what the future holds for Shiba Inu Games, stating, “Apart from Shiba Eternity, everyone can look forward to more games, as well as a gaming ecosystem that connects gamers, developers, and creators – all powered by Shibarium.”
As blockchain gaming continues to evolve, the focus is shifting towards integrating advanced technologies such as AI and digital twins to create more immersive and interactive experiences. The sector’s ability to provide real-world financial rewards and verifiable digital ownership is redefining the gaming experience and positioning blockchain games at the forefront of the industry’s future.
