Crypto gaming is a growing sector in the crypto world with huge potential due to the potential of traditional gaming, which is estimated to be worth over $300 billion. Despite a sideways-moving crypto market, it looks like crypto gaming still has room to grow this year.
Let's take a look at the crypto gaming ecosystem in 2022 and some recent developments.
Crypto gaming has traditionally been confined to its own crypto bubble, but now large AAA companies are getting interested in the space. Despite pushback from the gaming community, Ubisoft, Electronic Arts, and Square Enix have all publicly lauded the development of blockchain-based gaming. On the other hand, as the industry continues to work to alleviate pain points, an increasing number of individuals are showing interest in games that run on the blockchain.
As a result of the limitations that were present in the early days, forthcoming crypto games will need to have deeper gameplay and high-fidelity visuals in order to reach a level of adoption comparable to traditional gaming. Play-to-Earn (P2E) models may be more challenging to accept compared to Play-and-Earn models, due to the latter having a deeper focus on gaming instead of earning tokens. More players will find out that earning value on the blockchain won't distract them from the essential features of the game if developers design games with the primary focus of providing an enjoyable gaming experience for players.
The difficulty of getting started in crypto gaming is one of the most significant problems that the industry is facing. This is due to some crypto games having high entry costs. Most of the bigger blockchain games requires players to spend hundreds of dollars in up-front charges, which is something that may initially interest gamers since the games are advertised as having free-to-play aspects (looking at you, Axie Infinity). Developers are becoming aware of these obstacles and are attempting to build and improve the experience that a user has when it is their first time using the product.
Blockchain technology has opened a new opportunity for video game developers, empowering them to build worlds where users can exercise full and verifiable ownership over digital assets. Even amid the ongoing bear run, the gaming sector of the blockchain space carries on all but undented, indicating a strong user and investor interest.
With the decentralized gaming industry poised for more growth as it expands to include AAA titles and enters mainstream platforms, its rise could make the next milestone for the traditional gaming industry.
Spielworks, a blockchain gaming, and decentralized finance (Defi) platform announces the upcoming public sale of its $WOMBAT token. Slated for July 27, the event will see the company offer 300 million $WOMBAT, or three percent of the token’s hard-capped maximum supply of 10 billion, to gamers and investors looking to join its blockchain gaming ecosystem.
Spielworks' blockchain gaming ecosystem has seen 2.6 million signups and 65,000 daily players. The ecosystem incorporates its multi-chain non-custodial Wombat Wallet, crypto rewards platform Womplay featuring 40 AA and AAA supported titles, and a Top 20 NFT staking game Wombat Dungeon Master counting 700,000 staked NFTs.
The $WOMBAT utility and governance token was introduced earlier this year and will be used to acquire assets and services, as well as additional use cases. In the upcoming public sale, the firm will sell $WOMBAT tokens for 0.006 USD each, with a 2,000 USD cap per user/wallet. Investors must pass a Know Your Customer (KYC) check and join the whitelist to participate in the public auction. The three-month public sale vesting period. The vesting period for the public sale is three months.
The token was initially released on the Ethereum blockchain, transferrable to other supported networks via cross-chain bridges. The public token sale, however, will take place on the Polygon blockchain. Besides the public sale, gamers will be able to earn the token through community rewards for various actions within the ecosystem. While a total of 30 percent of $WOMBAT’s maximum supply has been allocated to community rewards, their size will gradually decrease over time.
More and more businesses are making significant investments in virtual land as a result of the expansion of the metaverse and the phenomenon known as FOMO (fear of missing out). In the same way, as Web2 caused disruptions in the conventional brick-and-mortar retail businesses, Web3 will go much farther in this direction. Emerging metaverses like Decentraland and The Sandbox may give an appealing option for companies re-evaluating their physical footprint. Virtual land in these growing metaverses can provide an attractive (and cheaper) alternative to physical real estate.
Already, we can see how these online venues can successfully host live events. It is conceivable that companies will start exploiting these digital worlds to create realistic virtual shopping experiences for both commodities that exist only in the metaverse and those that exist in the real world.
This is the point when going to other digital worlds for inspiration (like PlayStation Home, for example) might be helpful in igniting new ideas and methods for companies to engage with their followers and customers. People will begin to join the blockchain in greater numbers as more companies make investments and get active in the metaverse.
The blockchain ecosystem is still growing in 2022, attracting big players in traditional gaming such as Ubisoft and Square Enix. We're also seeing an increased interest in virtual real estate by investors.