The gaming industry, which has always been synonymous with entertainment, has grown exponentially in recent times, and now that games are coming into play, big money is being mentioned. The industry has experienced tremendous growth since the advent of Web 3.0. At the end of 2019, the global gaming market was $ 152 billion. This growth means that since Web 3.0 has arrived, games in Web 3.0 have grown steadily and more widely. A lot of money is made, which in turn has attracted many new developers into space.
Related topics: Is a new decentralized Internet or Web 3.0 possible?
In the past, games have always been a one-sided affair: game developers or game owners only received cash prizes, while players were allowed to enjoy and continue to use. Now a new economic model has been introduced, but before that players spent a lot on games. In 2020, in the mobile app industry, total customer spending was $ 143 billion. Of that amount, $ 100 billion went to gaming applications. This means that for every dollar spent on the Google Play Store (for Android devices) and the App Store (for Apple devices), the gaming apps account for 70%. Even with the introduction of the new gaming paradigm in 2021, it is expected that more than $ 120 billion will still be spent on mobile gaming. This is 20% more than in 2020.
The new toy model I mentioned twice is the toy model you can play with. There is nothing wrong with the global COVID-19 pandemic that is raising interest in gambling. The same can be said about the virtual worlds or “metauniverses” that host these games.
Related topics: Profit-oriented games are the catalyst for this bullish period in the markets.
What is the metaverse?
The “meta-universe” is a combination of the prefix “meta”, which means “beyond” and “universe”. So, Metaverse is a world outside the universe. Another everyday place, so to speak. In Metaverse you can buy and sell virtual lands, avatars and even buildings. This is often done using cryptocurrencies. In these virtual environments, people are free to wander around with their friends, attend events and buy goods and services – essentially doing the same as in the real world.
The blackouts that were the result of the global pandemic have made people explore the potential of the online world more, and found that they can still do business and have fun using their devices from anywhere in the world at the same time. Many of the meta-universes that exist today are based on blockchain technology, and a user needs cryptocurrency or non-perishable tokens (NFT) to trade in these virtual worlds. Many of the “games for profit” games that exist today have their own equivalents with their own cryptocurrencies, which are used for in-game transactions, to obtain assets and rewards.
About the subject: New industry, new rules: Building the metaverse without prejudice
What games do you play to make money?
It uses a game-based game model to conquer the idea of an open economy and financially rewards every user who adds value by playing and spending time in the gaming environment. In the past, games were just a way to have fun. This perception is now changing with the emergence of a new category of games. These games are not only fun but also attractive investment opportunities. Speaking of investments, large venture capital firms have been investing a lot of money in the industry lately. In the 18 months to 2019, $ 9.6 billion was invested in the global gaming industry, and in the first half of 2021 alone, 24 blockchain-based gaming companies invested $ 476 million.
Recently, commercial games such as Axie Infinity and The Sandbox have become popular, and they are united by their financial system. Take for example the traditional games in The Sims, where the player can buy assets in the game with currency in the game, but this currency and the assets have no real value in the world. This is due to a lack of liquidity infrastructure in the game. Another traditional game, World of Warcraft, has a marketplace where players can buy assets in the game and exchange characters, but this is not very regulated. Blockchain technology, along with a win-win game model, solved all of these problems.
Related topics: Stories from 2050: An NFT view of the world
How does it work to earn games?
To explain how commercial games work, I use Axie Infinity as an example. Axie Infinity is a Pokémon-style blockchain game created by Vietnamese developer Sky Mavis. It currently has over a million active users daily, and what attracted many were the cute creatures in the game called Axies.