A survey by software company Stratis revealed that 58% of American video game developers have incorporated blockchain technology in their projects. 47% of these developers have used non-fungible tokens to integrate into their games.
Blockchain is the Future of Video Games
The survey surveyed 197 game developers from the UK and USA. The rest of the participants, aside from those who use NFT and blockchain technologies, are optimistic as 72% stated they would consider using them in the development of new games. 56% plan to do this in the next 12 months.
64% of participants responded “yes” when asked if they think blockchain technology will be a major part of video gaming in the next 24 months.
Blockchain allows developers to create more innovative and interesting gameplay, according to 61%. 55% of developers believe it provides value to players through keeping money in the game and rewarding gamers with real-word rewards (54%).
Notable is the fact that 46% developers are interested in blockchain because of its Play-to-Earn business model. Jean-Philippe Vergne Associate Professor at UCL School of Management commented on this:
“Blockchain is quickly becoming a key building block of online games. Blockchain is an incredible technology that allows players to earn cryptocurrency and trade digital goods within and between games.
Chris Trew, Chief Executive Officer of Stratis, also predicted that the majority of play-to-earn growth will be in emerging economies. He said this because they can earn a few dollars a daily through gaming and send them to the middle classes. This wealth transfer could eventually transform the global economy.
What is Play-to-Earn and How Does It Work?
Play-to-Earn allows users to both play and earn in-game assets.
This model gives gamers ownership of the assets and allows them to increase their value through active gaming. In crypto, the most common way to determine ownership is through the use non-fungible tokens, or NFTs.
Play-to-Earn’s main purpose is to reward players who put their effort and time into the game. Participating in a particular game creates value for the ecosystem as well as the developers. They may also receive an in-game reward, such as the possibility of gaining in-game assets that can increase in value. This could be a specific type of cryptocurrency.
Axie Infinity and Decentraland are some of the most well-known examples of such games.
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