Blockchain-based gaming has seen meteoric growth over the past year, and the uptrend continues. Often associated with Play-To-Earn (P2E) and GameFi, blockchain-based games have gained popularity owing to their ability to let users monetise their time and effort spent on these platforms.
What began as a way to earn income in developing countries during the Covid-19 pandemic continued to attract mass adoption in 2021. According to Blockchain Game Report Q3 2021, the blockchain industry registered 1.54 million daily Unique Active Wallets (UAW) on average, with 49% of those interacting with blockchain-based games. During the same period, in-game NFT collectables generated $2.32 billion in sales, representing 22% of the total NFT trading volume industry-wide.
P2E games are a crucial enabler of this boom. Blockchain games have paved the path for a decentralised gaming economy by facilitating in-game asset ownership via NFTs and native tokens tradeable in digital asset marketplaces.
Blockchain provides the backbone of the metaverse with interoperable NFT assets that can migrate in different metaverses.
Learn more: Why does the metaverse strengthen the case for a decentralised internet?
What sets the blockchain games apart from the existing ones is the ability to own your in-game assets truly. These assets don’t remain on the game market’s centralised servers, and the player is free to resell them on third-party marketplaces or carry them into other compatible games.
An example of this would be ‘The Island,’ the metaverse created by our partner, Cornucopias. The platform allows creators and players to produce and trade their own NFTs in-game or on third-party marketplaces, allowing free movement of game assets outside of a single game.
Immersive metaverses and games
Immersive metaverse experiences will define the future of blockchain gaming. The metaverse’s quest to be immersive relies heavily on the VR (Virtual Reality) and Augmented Reality (AR) infrastructure to make the users experience the 3D world.
For instance, futuristic, augmented reality eSport platform HADO aims to redefine the landscape of eSports by putting the power of energy balls and shields in the hands of players on a real-life court. Like tennis, the immersive game brings together people using technology and gaming.
Learn more: Cudos puts interoperability at the heart of Web3
The future of blockchain gaming looks promising in 2022 as more P2E games go live and new metaverses are launched. Not surprisingly, the metaverse is pegged to be an $800 billion market by 2024. Moreover, these 3D worlds with improved digital presence and interactivity will launch their range of collectables NFTs and onboard thousands of new users in the ecosystem.
Infrastructure to scale
As the P2E sector evolves, it demands a massive amount of digital infrastructure to run these metaverses and render NFTs with high-quality graphics.
These metaverses need game servers spread across distributed nodes to scale and onboard thousands of players globally. Lag in multi-player games mars the gaming experience. The evolving metaverses will need distributed network with low latency for an uninterrupted gaming experience.
Learn more: Why decentralised compute is Web3’s next frontier
Our decentralised cloud computing network Cudos is equipped with the infrastructure needed for building metaverses and play-to-earn ecosystems. As we embrace the open, decentralised future of metaverses and gaming economies, it is highly pertinent that a decentralised compute platform forms the underpinning foundation.
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About Cudos
Cudos is powering the metaverse bringing together DeFi, NFTs, and gaming experiences to realise the vision of a decentralised Web3, enabling all users to benefit from the growth of the network. We’re an interoperable, open platform launchpad that will provide the infrastructure required to meet the 1000x higher computing needs to create fully immersive, gamified digital realities. Cudos is a Layer 1 blockchain and Layer 2 community-governed compute network designed to ensure decentralised, permissionless access to high-performance computing at scale. Our native utility token CUDOS is the lifeblood of our network and offers an attractive annual yield and liquidity for stakers and holders.
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Originally published at https://www.cudos.org.
