However, the greatest concern for the blockchain and crypto industries lies in how increasing attention can be converted to long-term adoption.
DeFi and NFTs
Systems supported by Decentralized Finance (DeFi) have brought us to a space where in-game purchases are conveniently traded out of the game. As it is powered by blockchain, DeFi has created opportunities for fractionalized collectible game cards. At the same time, among the key concepts for NFTs is to empower gaming artists in finding income streams that were formerly unimaginable. So, the mere thought of how the adoption of blockchain is going to boom is exciting, especially because the massive gamer demographics enjoy the benefits of NFTs and crypto.
The solution to identifying the perfect application for mass adoption of both cryptocurrencies and blockchain can be found in the most popular pastime activity in the world- gaming. On average, gamers spend between 6 and 7 hours every week playing games online. In extreme cases, others spend up to 15 hours weekly, particularly in developed markets such as the United States.
Blockchain technology has changed the concept of gaming as we know it to create a flex point where the technology can prevail. Such a paradigm shift becomes even more clear when the metaverse is considered, as it is both blockchain-enabled and community sustained.
Gaming and Culture and Their Roles in Crypto Adoption
For a long time now, blockchain for gaming has been seen as a perfect force. This is because of how blockchain answers most of the legacy concerns in the gaming industry. Technology, such as NFT enables users to become owners of game-based assets and, in the process, prevent account-related theft, among other challenges. It is even possible to port these assets across games, providing new sector-based value avenues.
Gaming started as a one-time buy economy where gamers purchased games and gaming accessories. Thereafter, in-game transactions came into the picture and paved the way for subscriptions. Shortly after, in-app purchases started. Currently, the gaming industry business model has changed: what we have now is a new culture where “transactions take place in and out of the game and across different universes”.
Cryptocurrency, blockchain technology, and gaming, share a common model and come together to promote a better user experience. At the same time, they empower the metaverse–the ideal playground for all gaming enthusiasts. Professionals in these three realms (crypto, blockchain, and gaming) are pushing to develop the metaverse as a digital universe.
Although they are independent industries, gaming and blockchain technology have already started joining their forces in unlocking whole fantasy worlds. This creates a space where users can have an epic gaming experience within an ecosystem that mixes books, games, and NFTs. The games that are more popular draw players attracted by the high-quality content and the in-game activities.
The next step is exposing them to an entirely new paradigm offering products and currencies that are alive within and outside that universe. In doing so, they create the perfect staircase to employing crypto and blockchain technology with many other players across the globe to benefit from their offerings.
The creation of high-quality experiences for entertainment and culture within the metaverses is the best way to unlock, keep, and grow the number of crypto and blockchain technology beneficiaries. Developers must create a sustainable metaverse so that gamers will be more open to staying, playing, and living and growing (gaming merged with culture). To achieve such an outcome, we have to merge entertainment, crypto-supported economic rewards, best social interaction, culture, and even beliefs.
Inspiring cultural shifts in a game-based metaverse would have an impact on the real world. Think about a world where individuals, through the metaverse, discover the best ways to exploit and utilize technology constructively. It would be wonderful to see how this knowledge is used to develop a new future built from the best parts of history.
While culture is vital for crypto adoption, it is far-fetched to say that crypto adoption relies exclusively on gaming. However, gaming is a key contributor. For the best results to be realized, gaming must take a more “open-source” direction. It must uphold principles of openness and decentralization because these are the foundation for blockchain.