The gaming world has been in constant growth for more than half a century, fueling technological advancements like no other industry. That might be hard to believe, as we’re constantly being told that innovation is mainly driven by our need to be more productive. While this is true to a point, most modern inventions used for scientific and industrial purposes have their origin in the human need for entertainment.
Electricity, telephones, radio, television, the internet, you name it. All these inventions were marketed as revolutionary ways to keep us entertained. It is true that they were immediately seized by advertisers, organizations, and researchers, giving way to even more innovation, but the main driving force was people who wanted to communicate with others, watch the news, listen to a new album, or just be able to do all of those while working.
The recent paradigm shift we are experiencing seems to be also driven by the entertainment industry, specifically blockchain-based gaming.
For decades, gamers have invested heavily in the way they play their games. Trading card games were maybe the first attempt at monetizing the player’s interest in taking more control of their game and also increasing the value of their investment. Of course, they would pay more in order to increase their chances of getting better, but also as a way to store value in select rare cards that could be sold for real money or traded freely.
Video game enthusiasts had no way of doing this. For instance, earning in-game currency in titles like The Legend of Zelda or The Sims usually meant nothing after you stopped playing the game. Moreover, even in MMOs like World Of Warcraft, earning something does not mean you have actual ownership, as developers could nerf, ban, or just delete your gear or character at will.
This means people who spent fiat money to buy in-game assets never really owned them. However, the interest is there, and the gaming industry has taken notice. There is an ever-growing trend of people who subjectively project economic value on intangible assets and would love to capitalize on them. But for that, they need complete ownership.
Blockchain-based gaming offers players the possibility to retain control of digital assets, even outside the games they get them from. In addition, blockchain technology allows gamers to freely trade their digital assets with other players or exchange them for real currencies.
The implementation of the Metaverse also opens the possibility for gamers to use their assets across a diverse range of platforms. Many blockchain-based gaming platforms today reward players with their own unique non-fungible tokens or NFTs based on merits earned inside their games.
In 2020, the NTF market was worth some $13 million. However, last year, the global NTF market hit the $2.5 billion mark making it one of the fastest-growing industries in recent history. The surprising aspect of this growth is that blockchain based gaming is the most profitable blockchain application, powered chiefly by Bitcoin and Ethereum.
Giant corporations took notice, and, last year, they started a frantic race to build worldwide blockchain based gaming businesses. Last year, Facebook was renamed Meta, repurposing its mission to begin building the Metaverse. Right now, Meta and Apple are engaged in a deep economic and philosophical battle about the future of the Metaverse, which will definitely impact how blockchain will be used in the future.
However, investing in nascent platforms comes with its risks. So it is always better to have high-quality data and expert analysts by your side before jumping into the fray.
ISA Group is one of the leading marketing research organizations when it comes to blockchain gaming, cryptocurrencies, and NFTs. If you are starting your own project or are a gaming company looking for reliable market research, ISA Group is the team you want to contact before you get started in this exciting new field.
