The video game industry may be looking to fully adopt blockchain technologies next year, according to gaming insight platform Newzoo.
With terms such as the "metaverse" and "play-to-earn" being thrown around throughout 2021, the gaming industry could be shaping up for massive blockchain adoption in an attempt to bring in more revenue.
According to a report published by games data platform Newzoo, the play-to-earn concept was highly popular in 2021 because people wanted to earn money by playing games without creating any miscellaneous content. This will most likely transition into 2022, with publishers adopting blockchain technologies even further.
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Earlier, there have been ways to earn revenue from playing video games via live streaming, creating content, participating in competitive gameplay, trading, and selling in-game items and whatnot, which are still viable today.
However, these models have been heavily impacted by outside factors such as Youtube’s Adpocalypse, the pandemic, government intervention into valuable gaming assets, etc.
Therefore, play-to-earn, according to the report, is seen as a solution for players to gain passive income, or even earn a full salary just by playing video games.
The analysis paper also suggests that video game publishers might be adding a secure "player-to-player trading" system or an exchange of sorts where players could trade digital assets between each other.
Another prediction by Newzoo is that the eSports industry might be a driving force for blockchain adoption in video games.
That is because the revenue streams in eSports have struggled in recent years, with investors moving from the industry due to reports of players cheating, receiving sponsorships from gambling sites, and betting fraud.
For this reason, based on the report, game publishers will most likely introduce NFTs and tokens related to eSports teams so both casual and professional players could be rewarded for their participation.
Currently, there are only a handful of finely-tuned video games that have a well-built ecosystem for players to earn income like Axie Infinity, The Sandbox, Gods Unchained, etc. However, only a few triple-A game publishers like Ubisoft and Microsoft (considering the acquisition of Activision Blizzard) have hinted at plans to adopt blockchain technologies.
A few days ago, FTX announced that it will be launching its blockchain gaming platform to help video game publishers implement NFTs and tokens.
