Can Blockchain Games Win Over Traditional Players?
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Web 2.0 games or traditional games have long been the only form of entertainment in the gaming space. With the development of computers in the 1980s and the Internet at the turn of the century, the popular traditional video games, available on PC, console, mobile phone and other places, have gathered billions of users worldwide.
Fast forward to the 2010s, Bitcoin and cryptocurrencies started making waves in the financial world, and soon after, blockchain technology found its way into the gaming industry. Games embedded with blockchain technology have quickly gained the attention of a large audience outside the gaming community due to their ability to improve their financial position through the Play and Earn (P&E) ecosystem. However, the feedback from the traditional gaming community is contradictory.
A look at the numbers
The proof is in the numbers. The US gaming sector is currently worth $95.4 billion, while blockchain games are predicted to generate more than $260 billion in revenue by 2025.
But what separates blockchain games from traditional games? First, blockchain games have in-game resources that have monetary value and real-world use cases, unlike traditional in-game resources that are trapped inside the game. Second, the funds are owned by the players, unlike the game company, which gives users a sense of ownership. Users can freely and seamlessly buy, exchange and stake their assets. The combination of all these things is perhaps what separates blockchain games from traditional mainstream games.
Pitfalls of Blockchain Gaming
Blockchain gaming has been met with some skepticism in the past, and not without good reason. Many P2E games suffer from players constantly withdrawing money and removing value from the game without affecting the ecosystem. Others criticized the high barrier to entry of some P2E games, which require hundreds of dollars in investment just to play the game. That’s why Wemade, South Korea’s pioneering blockchain game developer, advocates incorporating a holistic gaming experience into both functionality and fun.
Well-made games that offer both a high-quality gaming experience and the ability to connect the in-game economy to the real economy can break the stigma associated with blockchain games and attract traditional players who previously defended Play & Earn economic models.
The most profitable blockchain game
MIR4 Global is known to be one of the most successful blockchain games with millions of users playing every month. Although it was released only a year ago, it has recorded more than 20 million cumulative users and $160 million in in-game revenue in a short period of time.
This Play & Earn MMORPG uses blockchain technology to offer players more benefits, such as the ability to earn in-game tokens and use them in other games on the Wemix platform, create and exchange NFTs, wagering programs and more! The game offers an open world that takes advantage of the long fandom of the Legend of Mir series over 20 years, impeccable graphics and combat models.
The game offers users a similar experience to traditional gaming, but is still innovative with the blockchain features it offers. According to several experts, it is one of the most effective fusions of traditional video games with the blockchain world.
Blockchain gaming has disrupted both traditional gaming and the cryptocurrency space. It has changed the role of gaming from a pastime to a legitimate source of income and returning control of in-game funds to users. As industry players address issues of real-life usage and overall game quality, the industry is very likely to experience healthy growth in the near future.