Gaming has been ingrained in our daily life all across the world. Year after year, the gaming sector generates billions of dollars, demonstrating its profitability and widespread adoption.
According to Statista, more than 3.24 billion gamers participated in gaming last year, either actively or passively. Despite the vast size of the gaming business, gamers have expressed reservations about the old “pay-to-win” paradigm of gaming.
Traditional gaming encourages players to purchase in-game goods. This in order to rank up and achieve specific goals. This can then put a strain on active gamers’ budgets. We’ll look at how blockchain technology can help the gaming industry with the play-to-earn concept in this post.
The State of Traditional Gaming
Traditional gaming has come a long way in terms of offering thrills and enjoyment to people all around the world. However, despite its rapid expansion in recent years, the gaming industry nevertheless faces a number of challenges.
To start with, modern gaming models lack transparency. Furthermore, players are unable to track their in-game transactions, and game producers set the value of the game economy, likely to result in a highly centralized and opaque gaming industry.
Furthermore, gamers have no ownership rights to in-game products purchased outside of the gaming environment in ‘pay-to-win’ gaming models. Another factor to consider is traditional game creators’ continuous adjustments to gaming environments. This force players to buy new in-game things.
Idea of GameFi
There were games with in-app payments before GameFi. Users pays real money or special goods earned through gaming to gain access to exclusive features or items.
GameFi is an acronym for “Game Finance”. It refers to any aspect of the gaming industry that uses blockchain technology.
GameFi is based on a play-to-earn model. P2E (play-to-earn) is a new gaming idea made possible by the use of NFTs and blockchain technology. The play-to-earn model is introduced by GameFi. Here, players can make money just by playing the game or by obtaining in-game digital assets. Secondly, transferring them for real money with other players.
This concept allows gamers to turn their passion for gaming into a source of passive income.
GameFi is a fascinating new digital addition to the world. According to Coinmarketcap, the largest GameFi project, Axie Infinity, has a market cap of $3 billion. In addition, it only features games that utilize blockchain technology. Furthermore, it gained traction in 2021 as more and more gamers began to accept the concept of the “play-to-earn” model.
By 2026, they predicted that the worldwide “play-to-earn” game market rise to $314.40 billion, boosting the gaming sector.
Attack Wagon
It is a blockchain game studio that specializes in free-to-play and pay-to-win games.
Attack Wagon uses blockchain technology, DeFi, and NFTs in providing consumers with an immersive gaming experience. This recently launch Scrap Guilds, a sci-fi RPG that uses Attack Wagon’s native token $ATK in-game, recently launch by and is available to buy on Gate.io and Quickswap.
The Attack Wagon platform aims to provide users with real-time value. It is done by enabling users to gain the same cryptocurrency through a variety of games. Therefore, boosting their chances of earning much more money.
$ATK is a polygon chain ERC-20 token. Within the Attack Wagon ecosystem, people uses $ATK for in-game purchases like as NFTs and PVP entry fees. Scrap Guild is Attack Wagon’s first game, and it boasts a complex plot as well as intriguing features including multiplayer mode, quests, and PvP.
Gaming Future
The company releases the game in the third quarter of this year. Their new website will go live on Friday and will include information about upcoming land sales, free NFTs, and more. In addition, they state in their release that they would be giving away over 150k ATK in prizes through several contests beginning at the site’s launch.
Without a question, blockchain technology will play a key role in revolutionizing and propelling the gaming industry to new heights. Therefore, the play-to-earn paradigm is the way of the future in gaming, and blockchain and NFT technology are making it increasingly feasible.
Future gaming projects based on blockchain technology, such as Attack Wagon, must continue to acquire widespread adoption to appeal to consumers and give gamers with engaging and interesting gameplay to address the challenges gamers experience in the existing gaming business.
