Will blockchain revolutionize the gaming industry?
We know that blockchain has an extraordinary role in exchanging information and creating application, but most people who invest in cryptocurrency and mining may not understand that blockchain can also revolutionize the gaming industry. Games built on the blockchain have huge opportunities, and the emergence of blockchain-based games have shown their potential.
Traditional games form a closed loop development, where outsider cannot build different versions, view the core logic, or use the existing data. However, in the blockchain, most of the core logic and data are managed by smart contracts, which can be analyzed and reused.
Blockchain games are built on a decentralized platform. Every piece of data in the game is distributed among players, which can form a huge and effective player market. The general currency used (token) is either the currency issued by the developer or the existing currency (such as ETH). With a well-designed economic system and gameplay, blockchain games are opening a new era in the gaming industry.
The first blockchain game: Cryptokitties
In 2017, the emergence of Cryptokitties opened the door to blockchain games. This cat petting game once caused congestion in Ethereum. During the peak of Cryptokitties, more than 14,000 players joined this cat petting cloud platform every day, and more than 5,000 ETH are used to purchase Cryptokitties daily.
The construction of Cryptokitties is based on NFT tokens, and each kitten is different from other kittens. Kittens can be bred and traded on the open market. Each kitten is an independent asset, and the player determines the value of the kitten according to his own preferences. This kind of seemingly boring game solves the game theory in the blockchain games, that is, one person’s income does not lead to the loss of other participants.
After this, many similar projects appeared. Although these games look like Ponzi schemes, they do show the best applications for game theory, cryptocurrency economics, and smart contract development.
At present, there are more than 800 games counted on DappRadar, forming a game market of nearly 500,000 players and tens of millions of dollars. Among them, the most popular game is Axie Infinity.
Is Axie the pinnacle of blockchain games or the beginning?
Data shows that Axie Infinity currently ranks first in blockchain games, with more than 350,000 daily active players and a daily transaction volume of more than US$2,500. In mid-July, Axie Infinity earned more than US$8.2 million per day, which is comparable to the popular games such as “Honor of Kings”, “Peacekeeper Elite”, “Genshin” and “Roblox”. Its token AXS has grown 4400% since the beginning of this year, an increase of nearly 500% over the previous month. It is a typical cryptocurrency that has risen against the trend.
Axie Infinity is leading the trend of new blockchain games. From stimulating players to invest money to encouraging players to earn income from the game, it also includes the token rewards from competition (the pets in this game is also a kind of NFT), Axies trading market and other factors, forming a closed loop of perfect game ecology.
According to Axie Infinity’s white paper, “We believe that the future work and entertainment will be integrated. We must delegate power to our players so that they have the opportunity to earn income, and most importantly, we dream of changing the world through the battle and collection of these cute creatures. Welcome to join our revolution.”
Back to the essence of the game
The carrier and technology of modern games have been used for decades, from early pixel games to large-scale 3D games with exquisite graphics. With the upgrade of the game from generation to generation, the essence of the game has not changed, which is to bring entertainment to players through personal development and game credit.
Moreover, the emergence of blockchain games allows players to better understand the game’s mechanics and market. It used to be a game “playing” the player, but in the future it will be a player playing the game.
As a large American technology company, Cloudrush is committed to the R&D of blockchain’s bottom technology and applications. At present, Cloudrush has achieved good results in the field of distributed storage infrastructure. In the future, Cloudrush will set foot in NFT and create various immersive applications by improving the NFT mechanism by combining AI technology.
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