Blockchain gaming is play-to-earn games that have failed to deliver as expected, causing investors to incur massive losses. The GameFi market, a cryptocurrency sector that is about four years old, has not been productive for investors. Many gamers like to know about is game coin crypto available for the players. You have to read through the end. And by the end of the article, you will understand how to claim the game coins through blockchain gaming.
Let’s see first what is blockchain gaming.
What Do You Understand By The Term Blockchain Gaming?
Blockchain gaming refers to video games that utilize blockchain technology. The process uses a decentralized and secure digital ledger system to enable unique and verifiable ownership of in-game assets. It is also going to provide a transparent and fair gaming experience.
In traditional video games, players may acquire in-game items or currencies that are controlled by the game’s developers. And can only be used within the game’s ecosystem. However, in blockchain gaming, these in-game items are represented as non-fungible tokens (NFTs) that are stored on a blockchain. The process gives players true ownership of their assets.
Blockchain gaming allows for the creation of decentralized game economies. Here the players can earn cryptocurrency by participating in the game and selling their in-game assets to other players in a peer-to-peer marketplace.
What IsThe Example Of Blockchain Gaming?
The most notable example is Axie Infinity (AXS), which has declined by more than 92% year-to-date, while bitcoin is down about 55%.
The use of cool graphics and buzz does not last long if there are no active users to plug into the game and generate profits. Even simple bitcoin earning games are affected.
According to Oleg Fomenko, co-founder of Sweat Economy, the original mass-market play-to-earn promise of Axie Infinity and StepN seems like nothing but a Ponzi scheme. He believes that the gaming blockchain sector needs a drastic rethink.
Fomenko’s opinion is that niches such as the gambling of casino-style games benefit most from the convergence of blockchain gaming.
He added that the development of the next wave of breakthrough projects would take more time and money than most people anticipate, and he is bearish on play-to-earn.
How To Play The Blockchain Game?
Investors must recognize that the entire blockchain world is new and high-risk. Most of these companies are less than five years old, and it’s easier to lose money than to make money, especially if one gets the timing wrong.
Blockchain gaming projection failure is inevitable. And it’s also going to happen. Axie Infinity might still have a chance, even though investors are bailing out.
Matthew Howells-Barby, the CMO at Decentral Games in London. This is a place where you can play poker in the metaverse, stated with less focus on purely earning rewards.
The blockchain-based game studios are concentrating on building genuinely fun and engaging gameplay experiences. He added that a lot of the advertising is settled down. But the games with an active user base have stayed alive for a reason.
Play-to-Earn In The Blockchain Game
The gaming industry is gradually shifting its focus from play-to-earn to plan-and-earn, according to Jack Griffin, the vice president of studios from Smashverse. The blockchain fighting game is full of bodybuilder-looking dudes and apes in boxing gloves.
The play-to-earn has failed since earning was the main objective. It also differs from the actual gameplay, which starts with secondary and, in some cases, almost nonexistent. Play-and-earn is similar to traditional internet gaming’s reward mechanisms.
Players are unlocking the rewards which enrich their gaming experience and make them want to get to the next level, just like an old-school action-adventure game on Xbox.
Game developers can reward the players with rare NFT “skins.”Or fill up with cosmetic items that deepen the player’s connection to their in-game characters, increasing the stickiness and retention of players.
Timothy Biggar, head of marketing of UniX Gaming, the blockchain gaming guild which provides Web3 gaming solutions from Dubai, said that many of their web3 community, including 200,000 on Discord, are excited about play-and-earn games.
Unix has switched gears to focus on play-and-earn since the play-to-earn strategy wasn’t working as planned.
The problem with play-to-earn is that most gamers need to hear about earning potential. They want to play games. Therefore, it’s up to game developers to build and market their games to be as affordable and accessible as possible.
They are selling a limited number of expensive items and building speculative trading into a game, which is the wrong approach. This strategy might have turned investors off from Axie Infinity, which was once the rockstar of the GameFi investors’ universe.
While blockchain gaming is a new and exciting market, it’s high-risk, and investors must tread carefully. The shift from play-to-earn to plan-and-earn is gaining momentum as blockchain game studios focus on building fun and engaging gameplay experiences.