Digital Gaming Sector Set to Soar Thanks to Blockchain Technology
Digital Gaming Experience Live.
A Statista report predicts the global gaming market will reach about USD 270 billion in value by 2025, pegged at about USD 178 billion in 2021. According to Newswagg, the crypto gaming industry is reported to have had market revenue of US$321 million in 2020 with around 41.9 million gamers owning crypto. Blockchain Games, eSports, Play-to-Earn, GameFi, NFTs, Augmented Reality (AR), Virtual Reality (VR) & the Metaverse are all key drivers of growth in the gaming industry.
A whitepaper titled Engaging Today’s Fans in Crypto and Commerce, published by payments giant Visa highlighted that an estimated $18B of global sports revenue has been lost during the pandemic. As a consequence, there’s been a drive towards diversification of revenue streams and a focus on technology to reposition businesses for growth opportunities and to capture the attention of fans. Furthermore, the paper points out that NFTs have become a convenient way for individuals and businesses to capitalise on unique assets, engage fans, and generate revenue.
Web 2.0 gaming is gradually evolving to leverage the power of distributed ledger based innovations and blockchain-powered technologies such as non-fungible tokens (NFTs). New incentivised gaming models that empower players and not only gaming companies are springing up and replacing old pay-to-play or play-to-win business models with play-to-earn games that are gaining widespread popularity as seen with the likes of Axie Infinity.
The transition to Web 3.0 platforms is predicted to usher in transformation as far as organisational structures, platform formats, and payments infrastructure. With Web 2.0 platforms, gamers are used to the idea of in-platform virtual currencies, as is the case with Robux and Roblox for example. With Web 3.0 however, cryptocurrencies and tokens are the new vehicles for value transfer in the in-game metaverse worlds.
Gaming content revenue models are also being disrupted for the better. The traditional models of revenue sharing are changing and doing so at a fast pace. Typically, it’s not unusual to see a scenario where platforms or app stores would get approximately 30% of every game purchased with 70% going to the developers. With Web 3.0 different models can be envisaged. For example, peer-to-peer models that make it possible for developers (content creators) to directly earn revenue from sales can be introduced. All this being made possible by blockchain technology. In addition, users or gamers can also earn through play or participation in platform governance. Gamers can even earn royalties on secondary trades of NFTs.
These play-to-earn games can be a source of much needed and even life-changing income for some. This is already being witnessed in countries that have been quick to adopt these new models such as the Philippines, known for its huge blockchain gaming community. It is reported that some play-to-earn gamers can earn up to $400 a month – more than what other citizens with full-time jobs earn in these developing countries. The same opportunities are hoped to land on the African continent. A continent that is bustling with youth eager to explore income earning opportunities that are not always afforded them.
Growth Boosted by NFTs, Play-to-Earn & the Metaverse
The metaverse is described as a seamless convergence of our physical and digital lives, creating a unified, virtual community where we can work, play, relax, transact and socialise. Big corporations are exploring the metaverse in a major way. Projects such as The Sandbox have partnered with numerous companies including giants like Warner Music Group, which they have teamed up with to launch a music-themed virtual world. According to the Opportunities in the Metaverse report by JP Morgan, companies such as Walmart, Nike, Gap, Verizon, Hulu, PWC, Adidas, Atari and others are also entering the metaverse in a variety of different ways.
Digital Gaming Experience Cape Town Event to Shed Light on Developments Live
An event geared towards exploring the future of gaming is being held in Cape Town. The FREE event will focus on educating attendees about some of the new developments in the gaming industry and highlighting the opportunities for businesses and gamers alike. The interactive learning event is supported by:
- Playbetr – licensed crypto focused online gaming community.
- Decentralised News – blockchain technology & digital assets media outlet.
- Crypto University – renowned crypto education community.
- Proudly Associated – peer-to-peer market development company.
- Mamba Gaming Guild – active NFT gaming & play-to-earn guild offering scholarships.
- Animal Exchange (Studex Group) – an organisation for tech in wildlife conservation.
- Satoshi Centre – blockchain startup accelerator & innovation hub.
- Cyber Rhino Squad – virtual safari NFT project.
People from all walks of life are invited and welcome to attend this educational event which is set to enlighten audiences and promote the adoption of blockchain-powered gaming business models. By exploring not only the opportunities, but also some of the challenges with a view to map out future trends in the world of gaming, it is a worthwhile affair for gaming enthusiasts and anyone looking to learn about the practical applications of some of these new innovations.
DATE: 26 March 2022
VENUE/PLACE: Protea Hotel Fire & Ice! by Marriott Cape Town
ADDRESS: 64 New Church Street, Tamboerskloof, Cape Town Central, ZA 8018
TIME: 9am – 3pm
ADMISSION: Free – Get your tickets here.
ENQUIRIES/PARTNERSHIPS: Email: admin@proudlyassociated.com cc: admin@cryptouniversity.network
