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Top 5 Reasons Why A Blockchain-Based Game Economy Will Be The Way Of The Future

Anyone who’s never been under a rock is aware that the gaming industry is poised for exponential growth. It is among the industries receiving the benefits of COVID-19 epidemic.

The game of today is played in the void of information networks . This means that gamers cannot control their game-related content (skins, avatars, skill and so on.). The platform is the owner. Axie Infinity disrupts this model because users control their assets in the form of non-utilizable tokens (NFTs) on Axie, and are able to trade them on the marketplace or gaming economy to earn profits.

The annual turnover for token terminals transferred in the amount of $ 2.7 billion in this free and open pay-to-play game on blockchain. It is important to note that Blockchain technology serves as the platform that allows players to control their game assets. This isn’t possible using the technology currently in use.

Blockchain Based Game
Source: digitaltokens.io

1. The world’s gaming market is currently worth 180 billion, making it the fastest-growing form of entertainment around the globe. In comparison the film industry in the world is worth 100 billion dollars and all the sports played in North America add up to annual revenues of $ 73 billion.

2. Experts have predicted that the amount of people playing online games will increase to one billion by 2025. One in nine people today. Local Casinos even take Axie’s Cryptocurrency (SLP), which could be a good move for sites like sport.netbet.ro.

3. The four most seen U.S. sporting events in 2018 were not typical sporting occasions. They’re eSports events. For instance The League of Legends Championship has 30 million more viewers as compared to that of the AFC Championship and 45 million more viewers that it’s counterpart, the NCAA Soccer Championship.

4. Travis Scott performed live on the well-known Fortnite gaming platform in April. The video has received more than 12.3 million views, and Scott earned more than 20 million each TechCrunch along with GamesIndustry.biz.

5. This is a better method for game designers since it keeps players engaged and up-to-date to be competitive with their fellow players. We’re now in a place where social cues occur between the younger generation in the metaverse by way of avatars that they create in the game as well as the weapons they choose to use and the skins they use. The future is here.

Blockchain Based Game Economy
Source: devteam.space

The majority of us can for the portion blame this on the development of technology as well as the rapid growth rate. Technology is continuing to revolutionize our communication methods and collect and process data, how we offer value and create online communities.

Howard Shultz, the former CEO of Starbucks who popularized the concept of the concept of a “third physical room” with his coffee shop concept. He believes that people require an “third room” to meet outside of work and at home. Starbucks is the best option.

We are seeing the concept becoming a reality with the younger generations. The only difference is that the virtual space that is shared by all of us has been created, and is referred to as metaverse. Children are increasingly going to this place every day. They visit to hang out with their buddies. You can listen to music or play video games. This can be thought of as the next evolution of communities on the internet: AOL chat rooms, and then Myspace. Facebook and, finally, the Metaverse.

There are now concerts from the Metaverse. Burning Man has been digitized. And we’re just getting started.

Metaverse
Source: see.news

And now, even on countries like Venezuela, NFT gaming is a currently relevant topic as Venezuelans have been promised Axie Infinity scholarships for crypto classes in training

This initiative is an element of a La Guaira Digital program, that aims to accelerate development and bring stability to the economy within the country. To summarize these efforts, take a look.

A candidate for governorship from Venezuela has announced that he will offer the opportunity to citizens who want to enroll in the Technical Training Center for Mining and Administration of Digital Crypto Assets.

Jose Alejandro Teran, the potential governor, who is a member of the country’s ruling party launched the campaign as a component of the La Guaira Digital program, which aims to accelerate growth and create stability within the country.

In the report, Cointelegraph Spanish reported, Teran’s training center will provide training specialized to those who have been awarded scholarships in non-fungible tokens (NFT) as well as cryptocurrency mining and trading. Additionally, the initiative is funded by four different entities including the National Superintendence of Cryptoassets (SUNACRIP), Axie Infinity Academy as well as the political group Independientes con Teran and the youth of the United Socialist Party of Venezuela (JPsuv).

United Socialist Party of Venezuela
Source: bloomberg.com

Apart from the scholarship programs to learn crypto, the prospective governor hopes to create “a thousand jobs” through this plan: “I believe that when we help young people to build many sources, we will provide stability to their families. 1000 jobs in one year, note it down!”

Teran added that the program, run by Axie’s Infinity Academy will cover the installation and maintenance of mining equipment and networks and also cryptocurrency trading. Based on the data collected from Chainalysis, Venezuela stands as the seventh-ranked country on the Global Crypto Adoption Index.

The CEO of the crypto investing platform Uphold, JP Thieriot, recently spoke with Cointelegraph about the increasing bitcoin-based uses to Latin America. Latin American market.

Based on the report of the entrepreneur, El Salvador’s growing Bitcoin (BTC) acceptance has created an impact in speeding up the adoption of cryptocurrency throughout the region which includes Venezuela as well as Colombia.

Thieriot is also of the opinion that the adoption of crypto is more sensible than the creation of an internal central bank’s digital currency (CBDC) for smaller economies.

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