With the advancement of technological applications in recent years, a number of sectors are being revolutionized. Recently, none more than the gaming and online gambing sectors have been impacted more by these technological innovations. The blockchain revolution is impacting the future of crypto gaming in several concrete ways that will bring about massive benefits to users and players of these platforms. The industry’s path towards a decentralized ecosystem built on blockchain presents a number of advantages that will undoubtedly popularize the sector as a whole. In this article we will discuss:

  • Why the gaming sector is turning towards blockchain applications, and the opportunities that this presents.
  • What is the outlook of crypto gaming beyond 2024, and what highs could it reach in the short-term.
  • The major advantages that blockchain technology is presenting to online gaming and gambling platforms.

How Blockchain Unlocks Opportunities in Gaming

By combining gaming with blockchain applications, the entire industry has taken massive steps forward in a number of ways. This is in turn attracting mass investment and therefore garnering a lot of attention on social media and other platforms. The main obstacle against the incorporation of blockchain applications in gaming was the educational aspect. Now that Web3 applications are becoming increasingly mainstream, users are free to unlock the gaming opportunities that blockchain offers.

  • New Revenue Streams: Blockchain has opened up new economic possibilities in crypto gaming. For example, new play-to-earn models are allowing users to earn crypto or other digital assets like NFTs (both of which have real value outside the virtual world of games), simply by playing.
  • Native Tokens and Other Rewards: In addition, blockchain gives players the option to acquire a project/game’s native token. This can be done through a reward system, such as our very own CoinGames’s Loyalty Points. It also means that players can stake these tokens to earn even more rewards. This will be possible at CoinGames upon the launch of our $CGT Token as well.
  • NFTs and In-Game Assets: Blockchain integrations give players the possibility to truly own their in-game assets. In centralized gaming models, the assets that you would win or achieve were never truly owned by the player. For one, they had no real value. in addition, they could also not be transferred from the game anywhere else. With the addition, for example, of NFTs in these environments, players can transfer their digital assets to their wallets (or other games) and trade or sell them for money. In some instances, they are also able to stake their assets to generate even more rewards.

The Future is Bright

While the technology that is revolutionizing gaming has been around for a number of years, it is recent investment in the sector that is driving it forward. And while tech has indeed advanced as time goes by, without investments, the future of the sector would undoubtedly not look as bright as it does today.

  • Gaming Investment and Projections: According to DappRadar, a well-know platform for everything Web3, the blockchain gaming sector raised more than $1.4 billion between May and November 2023 alone. Bigger and more mainstream gaming bodies are undoubtedly taking notice thanks to this positive attention. In 2023, the market size of the crypto gaming sector amounted to over $3 billion. However, by 2023, it is projected to jump up to somewhere between $65 and $90 billion according to crypto.com.
  • Embracing Growth and the Unknown: With all the aforementioned opportunities that blockchain is offering, its unsurprising that traditional players are willing to jump into the unknown. With more and more gaming companies embracing the blockchain revolution, its plausible to assume that their fans and players will get on board too. Gaming is also helping drive growth in the crypto industry as a whole. In 2022, the sector accounted for almost half of the total on-chain activity, and is projected to increase even more.

Benefits of Blockchain Applications

In both traditional gaming and gambling sectors, blockchain applications have brought forth a number of advantages that benefit the player. As with every other crypto application in other industries, they particualrly affect the entire system’s privacy levels. But that’s not all. Let’s see how else the introduction of decentralization has affected gaming and betting platforms.

  • Increased Security and Privacy: Identity and data theft are near impossible due to the fact that wallet addresses require no personal information unlike a bank account or credit card would when playing on a centralized platform. In addition, on-chain transactions are pseudonymous. This increases the level of privacy for gamers that are asked to connect their wallet and make a transaction.
  • Seamless Transactions: When using crypto on a decentralized platform, no entity can interfere with your transactions or “freeze your account”. This is because there is no central regulatory authority within the game system to take such an action. At CoinGames, for example, the user never loses control of their funds because no third party is ever involved in the management or erogation of their funds. Deposits and withdrawals are automated and managed exclusively by a smart contract.
  • Speed and Fairness: Speed is perhaps the most underrated benefit that blockchain has brought about in the crypto gaming sector. Bitcoin and crypto payments in general are almost always incredibly fast, especially when compared to fiat currency payments. Most transactions, including deposit and withdrawals, usually take just seconds or minutes. Players are also able to verify the fairness of game outcomes, as well as the veracity of all transactions thanks to a distributed ledger system intrinsic in blockchain applications.

To learn more about the impact that blockchain has had on gaming systems, join CoinGames for a taste of decentralized victory, and head over to our NFT page to see how our decentralized assets can help you claim even more rewards!