We are all aware of the power of blockchain technology. In recent weeks, #Binance listed $TON and now $DOGS , the #memecoin🚀🚀🚀 of the Telegram community, will be listed. But don't you think #web3gaming are evolving in a different direction? Is this really “the beginning of a new era in GameFi?”
Thanks to the tasks published on TCHub, one of @DAO Labs ' #SocialMining platforms, we've learned a lot about GameFi and, in particular, we've had the opportunity to look at many of the game projects that are set to shine in 2024. But now it's time to delve deeper into the topic.
GameFi offers a new approach that brings games and finance together using blockchain technology.
Traditional games have a serious fan base and the number of players is increasing day by day. However, there is still a rapid transition to blockchain-based games. And why is this? Traditional games have provided years of fun and stress relief, but the long hours spent playing them have limited or eliminated the ability to earn profits and control in-game assets. Blockchain games offer a new experience that allows players to earn while having fun.
Why is the Gaming Industry Turning to Blockchain-Based Games?
Security and transparency are among the reasons why the gaming industry is turning to blockchain technology. In traditional online games, users often encounter problems such as hacking, cheating and fraud. Although partial or temporary solutions to such problems have been produced, they are still not fully resolved. This is where blockchain technology comes into play.
With its decentralised and unchangeable structure, blockchain offers an effective solution to close the security gap of the gaming industry. In blockchain-based games, every transaction is recorded publicly. This transparency makes it almost impossible to change data without detection, significantly reduces the risk of cheating and provides a fair gaming environment for all players.
Other reasons behind the shift towards blockchain-based games include a large user base, high interaction rate, new earning models, financial opportunities, and rapid adaptation to emerging technology.
Understanding Industry Growth: Key Statistics
In order to better understand the reasons for the transition to blockchain-based games, it is useful to take a look at some important statistics showing the growth in the sector. The charts below clearly show how large the market share in the sector is.
The Latest State of Blockchain Gaming
To understand the current state of blockchain games, let's look at the report published by DappRadar:
This data reveals that both investors and players continue to show interest in the blockchain gaming sector.
Unique Advantages of Blockchain-Based Games
These positive developments further highlight the unique advantages that blockchain-based games offer over traditional games. In particular, there is a noticeable difference in the ownership of in-game assets.
Unlike traditional games, players are the true owners of in-game items and characters in blockchain-based games. Thanks to NFT technology, players have full control of the digital assets they earn and purchase in-game. They can sell and convert these assets into cash in marketplaces as they wish.
Gameplay and Registration Process of Blockchain-Based Games
So, are there any significant differences when playing blockchain-based games or registering on gaming sites? Actually, you will not encounter too many differences in the playing phase of the games. However, in order to play Web3 games, it is necessary to log in with a crypto wallet. This point is a part where many players have difficulty or are uneasy.
Although there are user guides for creating wallets, it is very important to have information about wallet security. Because the revenues you earn from the sale of assets in the game will be deposited into this wallet, and if necessary, you will transfer to the stock exchanges through this wallet. In other words, this wallet is almost your digital money vault.
Suggestions for Experiencing Web3 Games
If you are not familiar with Web3, and especially if you are interested in mobile games, then you should definitely take a look at the game apps in the #ton_blockchain ecosystem. Marking the year 2024, TON is a blockchain network that has made great contributions to the development of web3. Moreover, your work is much easier thanks to the wallet application with Telegram integration.
You can even watch this video if you want. (https://www.youtube.com/watch?v=CzMFrJzTN-M) This video discusses how the TON (The Open Network) ecosystem is bringing innovation to the gaming industry. Topics such as blockchain-based games, NFT integration and decentralized finance are also touched upon.
Even though the developments in the industry are super exciting, I have to say there are still some concerns lingering. For instance, many people, including myself, agree that token sales for unreleased games just don’t spark the same excitement as they used to. We’ve seen interest in many game projects drop because their development processes get dragged out way longer than needed. So, why are these projects so persistent in this? This brings up a key question for us: What’s the primary goal here – attracting investors or attracting players? Of course, the answer is likely both. But if that's the case, then more effort needs to be put into finding the right balance between the two.
Building a sustainable ecosystem that captures users’ interest isn’t just about offering earning opportunities. It’s also about making in-game interactions more fun and satisfying. I really hope we’ll start seeing better games in the future that focus on giving players a sense of belonging and making fun the priority.
Sources:
https://cointelegraph.com/explained/how-blockchain-is-revolutionizing-the-gaming-industry
https://newzoo.com/resources/trend-reports/newzoos-global-games-market-report-2024-free-version
https://dappradar.com/blog/state-of-blockchain-gaming-in-q2-2024
