The concept of getting paid to play video games is still fairly new to the market. Through the integration of blockchain technology, this idea has seen a recent boost in activity. Notably, these two sectors have seen considerable melding over the last few years. As such, you are only a few years away from an entirely new gaming economy.
This sector will be fueled by gamers in new and exciting ways. The video game industry has seen a boost recently. Reports have estimated the global gaming sector to be worth $159.3 Billion in 2020. This value was predated by a steady trend of increased revenue. For example, the sector grew by 10.7% growth between 2016 and 2017 and then 10.9% between 2017 and 2018.
This growth can be attributed to many reasons. For one, the expansion of high-speed internet to more locations globally has helped to drive more players to the market. Additionally, the global lockdown due to the COVID-19 pandemic has also left gamers with plenty of time to better their skills.
A Better Model
In the current business model, the players are at the bottom of the totem pole. They are the ones spending and fueling this growth. The integration of blockchain technology into the industry provides a new dynamic. Now, players can get a slice of the profits thanks to some innovative developers.
Blockchain in Video Games
The integration of blockchain technology into the video game industry has put a spotlight on what it means to play games. When players could potentially win tens of thousands of dollars during gameplay, is it still just a game, or is it something more?
What if you could sell your avatars after you were done playing your favorite titles? Imagine taking all of that time, effort, and funding you put into developing your beloved avatar and then being able to unlock the earning potential of your character. The same goes for weapons, vehicles, real estate, and more. Anything in the gaming ecosystem can potentially become more valuable as the game’s player base expands.
Different Types of Crypto in Gaming
There are already a variety of types of cryptocurrencies making their way into the market. You have some titles that integrate traditional cryptocurrencies such as Bitcoin and Ethereum. These titles usually leverage a second layer protocol like the Lightning Network to enable Bitcoin transactions in-game. These titles include all types of game styles including FPS like Litenite and racing games like Bitcoin rally.
Non-Fungible Tokens in Gaming
Another style of cryptocurrency that has found a home in the gaming industry is NFTs. These tokens are different from regular cryptos in that they are not interchangeable. Each token represents a completely different asset. NFTs have been used to represent everything from real estate to digital art. Now they are used to provide gamers with some serious advantages.
Types of Gaming NFTs
There are two main types of in-game NFTs available today, game relevant and gameplay driven. Game-relevant NFTs are items in the game that hold value due to their in-game use, location, or specific power. Think of a certain weapon or vehicle. The main characteristic of game-relevant NFTs is that the users are unable to affect the price of the asset with their actions.
Gameplay-driven NFTs are completely different in that they are powered by the user’s actions. Think of an avatar that you have built up or a vehicle you have fully equipped. These items increase in value based on what you have done with them, and to them.
Custom Blockchain Studios
Perhaps one of the most exciting developments in crypto gaming integration is the introduction of blockchain gaming studios. Recently, the firm Quantum Works successfully secured $1 million in funding to further the development of their AAA gaming studio.
AAA Games are the top games in the world. Other AAA studios include EASports and Ubisoft. These titles cost millions to make and take huge teams years to perfect. The introduction of a blockchain-based gaming firm into this sector is a major development that could create a ripple effect throughout the industry. Notably, unlike most crypto gaming developers, Quantum Works is a fully registered and KYC compliant firm.
Project Quantum
According to Quantum Work’s official documentation, its first release will be Project Quantum. This title will leverage the most advanced graphics available in the market. Specifically, it will use the Unreal Engine 5. This gaming engine promises to provide photo-realistic graphics and smoother gameplay.
Project Quantum Details
Project Quantum will feature a vast immersive map that players traverse in search of games and prizes. These prizes come in the form of special NFTs and the platform’s native cryptocurrency, QBIT. What is really impressive about this approach is the sheer size of these prizes. According to developers, the main in-game treasures will be between $10,000 – $50,000 each.
Project Quantum will feature some high-quality digital art. The team recently announced a strategic partnership with One Pixel Brush. One Pixel Brush is a well-known digital art studio with years of experience in the gaming sector. They are best known for their work on Call of Duty, Uncharted, and its sequel.
QBIT
Another cool aspect of Quantum Works is its plan to integrate QBIT across multiple gaming titles. This strategy will make the token one of the first multi-game digital assets to enter the market. Users will be able to use their QBIT to pay for in-game items, services, and more. Additionally, users can transfer CBIT between each other to purchase goods and services.
Quantum Works Opens Doors to a New Gaming Reality
Quantum Works has already begun the development and testing stages of Project Quantum. The team is now figuring out what is the best way to incorporate these prizes into the digital landscape. You can expect to hear a lot more from this team as Project Quantum gets closer to a release date.
