5 reasons why blockchain-based gaming economy is the future. Anyone who has never lived under a rock before probably knows that the gaming industry is on the verge of absolute growth. This is one of the industries that is benefiting from the COVID-19 pandemic.
However, the following growth metrics may not be known to the average investor:
What is happening here and where does this growth come from?
We can for the most part simply attribute this to the advancement of technology and the exponential growth rate. Technology continues to transform the way we communicate, how we collect and use information, how we deliver value, and how we form online communities.
Howard Shultz, the former CEO of Starbucks, popularized the idea of a “third physical room” with his coffee shop concept. He believes that people need a “third room” to meet outside of the office and at home. Starbucks is the answer.
Today we see that this concept is coming to fruition with younger generations. Except that the new shared space is digital and called a metaverse. More and more children go out here these days. They go there to meet with their friends. Listen to music or play video games. We can think of this as the next iteration of digital communities: AOL chat rooms, then Myspace. Facebook and finally the Metaverse.
We now have concerts in the Metaverse. Burning Man has been digitized. And we’re just getting started.
The first video games came out in the late 1950s – a simple tennis game similar to pong. Then Atari was invented in 1977. Nintendo started releasing popular games with Mario Bros, The Legend of Zelda, Donkey Kong, etc. in the early 80’s.
It’s important to note that the business model has changed dramatically over the years. We used to pay $ 60 for a game like GameStop, and there we were. It’s a one-time fee with unlimited games. The game was released in much the same way that Hollywood movies were advertised and released. 90% of sales will be in the first two weeks.
This model is out now. There is a freemium model. Users can play for free and are encouraged to make in-game purchases to upgrade skills, buy avatar skins, buy weapons, upgrade animations, etc. We are seeing this today on Roblox, Fortnite, and other popular games.
This is a more profitable model for game makers as it keeps their users busy and constantly updated to compete with their friends. We’re moving into a world where social cues occurs among the younger generations in the metaverse through the avatars in the game, the weapons they use, and the skins they own. Welcome in the future.
Annual turnover per token terminal transferred $ 2.7 billion for this permissionless and open pay-to-play blockchain game. Important note: Blockchain technology is the medium through which users can own their in-game assets. This is not possible with the technology used today.
Game economies are the future and they will take place on blockchains.
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