There’s Now Almost 400 Blockchain Games

January 19, 2022 3:19 pm

Blockchain-based gaming has been a pretty niche industry up until recently as reports now show that there are almost 400 blockchain games now as of today.

As a blockchain game, many of them will have at least one wallet that is considered active.

If we count the games that have wallets that are considered inactive, then the total number of games actually increases to almost 1200.

Experts within the gaming industry have stated that this rate of growth is pretty impressive given the amount of time and development effort that is typically needed to create a game.

At the same time, funding for this industry has shown to increased rapidly as well as venture capital firms have pledged almost $4 billion to support the development and creation of these games.

Based on the existing data, it is likely that the trend will continue in 2022 where crypto and gaming will continue to gather more and more interest.

One of the things that make blockchain games attractive to play is due to the gaming model which involves a concept called “play to earn”.

Coindesk reports:

The popularity of “play-to-earn” – gaming powered by cryptocurrency rewards – picked up in 2021 with the Pokémon-inspired Axie Infinity leading the way (and its AXS tokens racking up impressive gains).

The play-to-earn game is ranked the second-largest game using blockchain technology on DappRadar by user base, becoming a hit among lower-income populations in the Philippines and Venezuela.

It reached a record-high of $2.5 billion in trading volume in September and surpassed sales records of NBA Top Shot and CryptoPunks, according to a report by the Blockchain Gaming Alliance.

Ranking first on transaction volume is DeFi Kingdoms, a play-to-earn, metaverse-based blockchain game.

DappRadar data shows that the number of users on the game has nearly quadrupled just in the past two months.

That being said, the road to being mainstream is not without obstacles.

Many traditional game players are still skeptical about the blockchain gaming industry and that many of the available games so far have a long way before they are able to catch up to traditional games.

As a result, many experts are saying that in order for blockchain based games to grow to the next level, the necessary infrastructure and variety of gameplay that is available needs to continue to develop before it starts to gain any real traction with the rest of the gaming community.

A lot of the tokens that are currently used in the blockchain games are also susceptible to the large price swings of the tokens that they are based on.

For example, AXS, an Ethereum-based token that powers Axie Infinity, has decreased by 40% in the past few months which make discourage players who have low risk tolerance.

Despite the obstacles, many of the traditional gaming companies like Ubisoft and EA Originals are getting involved in the industry with  play to earn and NFT gaming.

The key benefit of the industry that stands out and sets it apart from the traditional gaming industry is that the players themselves have true ownership of in-game digital assets which is not true for traditional games.

As the number of large gaming companies continue to embrace and explore this new area, perspective on blockchain gaming may change and fuel further development of more in-depth games that appeal to all gamers.

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