With the larger cryptocurrency markets in the doldrums, at least one sector of the digital asset business seems to have remained relatively unscathed and even expanded: blockchain-based gaming. Although token prices for popular blockchain nft gaming guild like as Axie Infinity have lately decreased, user metrics have increased.
According to data tracker DappRadar, there are currently 398 active blockchain nft gaming guild, defined as those that have had at least one active wallet during the last 24 hours. This is a 92 percent gain over a year earlier. The overall number of blockchain nft gaming guild, including dormant ones, has increased by 71% in the last year to 1,179.
Modesta Massoit, financial director at DappRadar, said that the rise was significant in light of the fact that “it takes time to produce amazing nft gaming guild, and it takes two to four years to build a terrific game in conventional industries.”
The user data demonstrate the fast acceptance of blockchain gaming. According to Massoit, the number of daily unique wallets engaging with game-related smart contracts increased 46-fold to 1.3 million last year, up from 28,000 at the end of 2020.
Meanwhile, according to Massoit, venture capital companies have committed $4 billion to the development and implementation of blockchain-based NFT games and their underlying infrastructure.
Additionally, the rapid growth shows little prospects of abating: “2022 is likely to be a watershed year for cryptocurrency and gaming, “Gerald Votta, head of Quantum Economics’ GameFi research, agrees. “Over the next five years, the number of nft gaming guild in this sector is expected to more than double.”
The popularity of “play-to-earn” gaming — gaming fueled by bitcoin prizes – increased in 2021, led by the Pokémon-inspired Axie Infinity (and its AXS tokens racking up impressive gains). The play-to-earn game is the second-largest blockchain-based game by user base on DappRadar, having been a popular with lower-income communities in the Philippines and Venezuela. It eclipsed the sales records of NBA Top Shot and CryptoPunks in September, according to a study by the Blockchain Gaming Alliance.
DeFi Kingdoms, a play-to-earn metaverse-based blockchain game, ranks #1 in terms of transaction volume. According to DappRadar statistics, the game’s user base has roughly doubled in the last two months.
Recent market changes have had little effect on GameFi uptake.
In 2022, bitcoin and the wider cryptocurrency markets have had one of their worst starts to a year on record and remain far below their all-time highs. Bitcoin is down 13% year to date, while ether (ETH), Ethereum’s native cryptocurrency, is down 15%.
According to a research by DappRadar, non-fungible tokens (NFTs) and NFT games seem to be less impacted by macroeconomic events and trade more independently. The company attributed the sector’s recent growth in acceptance and appeal to themes such as play-to-earn or the metaverse. (Do you recall Facebook’s rebranding?)
The trend has accelerated as more established gaming firms like as Ubisoft and EA Originals have joined the ranks of play-to-earn and non-financial-transaction gaming, according to Votta of Quantum Economics.
According to Jeff Holmberg, head of investments at Yield Guild NFT games, a play-to-earn gaming guild, the ability of players to have digital ownership of in-game assets has aided in the adoption of blockchain NFT games.
“This is a significant departure from the traditional centralized Web 2 approaches that have dominated the market to far,” Holmberg told CoinDesk. The most popular nft gaming guild have a vibrant community, solid play-to-earn mechanisms, and guild features, since these aspects increase the likelihood of recruiting players, he said.
Sebastien Borget, co-founder and chief operating officer of The Sandbox and president of the Blockchain Game Alliance, said that the variety of NFT games using blockchain, NFTs, and play-to-earn methods is rising.
“This is an excellent sign of the industry’s general growth in interest,” Borget added.
Traditional gamers continue to be suspicious.
One impediment to broader acceptance is the cryptocurrency’s reputation among many conventional video game players.
Traditional gamers have criticized the blockchain gaming sector, and many believe that gameplay for these projects has a long way to go.
Lennard Neo, head of research at Stack Funds, admitted that blockchain gaming was a major trend last year and would continue to be so until 2022, but he cautioned that the next phase of development may occur only when current nft gaming guild are released and the infrastructure matures further.
Numerous play-to-earn NFT games‘ tokens have seen significant price decreases this year as the larger cryptocurrency markets have trended lower. (Perhaps they do not trade entirely separately.)
AXS, the Ethereum-based token that runs Axie Infinity, has lost 40% of its value over the last three months, while Yield Guild NFT games’ YGG token has also lost 40%. The Sandbox (SAND) is down 16% in the last week, but is still up 400% in the last three months.
Conclusion – Is Investing in Gaming Tokens And Coins A Good Investment?
According to the latest data from Coin Market Cap, as of January 8, 2022, there are billions of coins and tokens in circulation. Although their market capitalizations decreased last week due to the general cryptocurrency ecosystem’s fall, the tokens and coins described here have a value ranging from US$ 0.34 to US$ 74.28.
Even without taking into account cryptocurrency, gaming coins and tokens are dangerous investment vehicles. While the numbers above demonstrate that these gaming currencies and tokens had a fantastic year in 2021, skeptics sometimes assert that this is not a widespread trend but a one-off.
However, the continued growth of the blockchain gaming business and the creation of metaverses indicate the opposite. Gaming currencies and tokens are a growing feature and so need empirical evidence. Therefore, it is critical to do comprehensive study and fully grasp the fundamentals of each game currency and token before investing.
How to Create an NFT Game: Preparation Stage for the Technical Part
Steps in building an NFT game
Now it’s time to get into the technical aspects of developing the NFT game. This step is critical since it has an effect on the final output of your work.
Configuring a Server
To begin, it is important to construct a dedicated environment for storing the NFTs on the blockchain. They need a substantial quantity of data. That is why developers often advocate for cloud storage servers such as IPFS over blockchains.
How to Create a Smart Contract
The next phase is to develop smart contracts – mathematically defined conditions and outcomes included in the code of the nft gaming guild. When the first one is completed, the second one is also completed. This manner, it is impossible to edit the smart contract or any of its code.
At this point, it’s time to begin bringing your NFT game’s pre-designed design idea to life!