• Cryptocurrency and NFT games are about to be adopted on a large scale

  • In 2021, the gaming industry is expected to reach nearly $200 billion in revenue. Blockchain and NFT technologies are natural partners for gaming, and they may be ready to take off.

    Currently, NFT-based gaming is a niche market where tokens are integrated directly into games. But with some of the huge amounts of money being raised for NFT platforms, things are slowly changing on that front.

    Cryptocurrency games are getting better and better

    NFT marketplace OpenSea has raised $100 million, bringing its valuation to $1.5 billion, and that could be just the beginning.

    DeFiPrime has a list of the biggest cryptocurrency and NFT-based games, including Axie Infinity, Gods Unchained, Zed Run, and Battle Racer. it concludes that if NFT games continue to see enough attention and popularity, they may have the potential to become the standard in the gaming market.

    “From there, it could become a very significant change in the way people play games, possibly as significant as the impact Doom had on the market or the impact 3D had on the environment.”

    Shreyansh Singh, head of gaming and NFTs at Polygon, an Ethernet Layer 2 aggregator, also believes the industry is ready to explode.

    In mid-July, Polygon announced the launch of Polygon Studios. This new venture will focus on helping advance cryptocurrency games and NFTs, enabling the platform to “bridge the gap between Web 2 and Web 3 gaming.”

    Singh said everyone is looking at this space, including celebrities, brands and sports leagues. However, many of the early blockchain-based games were not created by game developers. This is changing, according to Singh, who says new breeds of games such as Axie Infinity and Zed Run are being developed by gamers.

    The edge of mass adoption

    In mid-June, Mythical Games, a Los Angeles-based developer of NFT games, announced a $75 million Series B funding round. It plans to use the funding to popularize in-game ownership through playable NFTs, Singh said.

    “So maybe we’re on the cusp of major adoption and maybe in a while you’ll see a big wave of top games coming into the space.”

    In a few years, he envisions a major studio like Electronic Arts or Activision releasing games with playable and earnable and NFT components, adding, “After that, there’s no turning back”.

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