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Will the Crypto Slump Kill Crypto Gaming?

Will the Crypto Slump Kill Crypto Gaming?

Cryptocurrencies and the blockchain have been two of the most hyped-up tech developments of the past decade. It seemed like only yesterday when the tech gurus and Silicon Valley overlords were predicting a new, virtual world powered entirely by the blockchain, with crypto displacing traditional assets entirely.

Of course, such predictions look premature from our current standpoint. Cryptocurrency prices have been crashing hard, the NFT bubble seems to be on track to burst, and institutional blockchain uptake is trickling to a halt. Meanwhile, even the world’s biggest stablecoin like Tether look like they’re on their way out.

One question that has not been answered is: where does this leave crypto gaming? Crypto and gaming were already cementing their ties long before the current slump, and it seems likely that those ties will continue regardless of the price of bitcoin. Let’s take a closer look at the crypto gaming trends that continue to gather steam. 

Blockchain Game Success

It’s worth taking a look at some of the successful games that rely entirely on blockchain and crypto technology, which seem to be undented by the recent industry turmoil. Chief among these is Soccer Manager Elite, a 100% blockchain-based multiplayer football game where users build their teams and compete with a global community to rise to the top of the league.

The game is completely decentralized and requires no servers or special permissions. It also combines a play-to-earn model, with top players earning money in “Huntercoin,” as well as prizes in the form of fractional NFTs. Given its runaway success so far, it seems like the appetite for this kind of content is not going anywhere.

Then there is the mobile trading card game Splinterlands, which bills itself as the most popular blockchain game in the world thanks to its active community of 525,000 monthly players. Players trade cards via the decentralized Splinterlands exchange just like any other popular trading game, with the difference being that every single card is a minted NFT. The stunning recent success of this game tells us that the appetite for blockchain games has not waned.

The Metaverse Effect

We cannot ignore the big elephant in the room that goes by the name of Metaverse. While some believe that the massive VR universe built by Facebook is a lame duck, others have full faith that it will become mainstream within the next few years. The success of the Metaverse will have a huge impact on the viability of crypto gaming, whichever way you slice it.

Nearly all of the biggest crypto companies and crypto gaming providers are looking to set up shop in the Metaverse, with the hopes that the vast in-world purchases that will be available will be facilitated via crypto. If the Metaverse does take off, crypto gaming is here to stay. 

Real-Money Crypto Gaming

Another often-overlooked element to this story is the rise of crypto real money gaming. This is powered by online casino platforms that allow users to wager cryptocurrencies on digital slots, blackjack, roulette, and similar games. In return, those same customers can withdraw their winnings in cryptocurrencies.

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This trend has gathered a lot of steam in recent years as more and more casinos add crypto functionality to their platforms. This new casino online guide, which lists the most popular new casinos in the world, features a number of platforms that now allow cryptocurrency wagering, including Wildz, FireVegas, and ShadowBit, the latter of which is one of the largest gambling sites dedicated to exclusively to cryptocurrencies. Although relatively under-reported, the steady growth of crypto casino games will help to determine the future of the crypto gaming industry. 

PTE Gaming on The Rise

Another crucial element to look at here is the rise of pay-to-earn (PTE) gaming, where players can earn convertible cryptocurrencies just for playing a particular game. One popular example in this space is Hash Rush, a massive real-time strategy game where players must compete to build their intergalactic empires, collecting cryptocurrencies and NFTs for their success.

The game already enjoys a thriving digital economy, one that could serve as a blueprint for future crypto MMOs. Other prominent and popular examples include the Pokemon-inspired Axie Infinity, Alien Worlds, and Farmers World. The games are helping to normalize the relationship between crypto and gaming like never before.

So, we do think the future of crypto gaming is promising. To us, these trends indicate that it is not going anywhere anytime soon.