Blockchain games like Axie Infinity, Gods Unchained, Star Atlas, Decentraland, and The Sandbox are gaining popularity within the blockchain community, but they have yet to make a significant impact on the mainstream gaming community.
A recent survey conducted by OnePoll revealed that blockchain gaming is still a relatively unexplored area with enormous potential for game developers and studios. Out of 2,000 adults surveyed, 52% were unfamiliar with blockchain gaming, while 32% were aware of it but had never played a blockchain game.
When asked about the loss of in-game purchases and downloadable content (DLC) due to studio closures and game servers shutting down, 63% of respondents believed that customer refunds should be issued for these lost items. Additionally, 34% felt that the decision to shut down game servers and take games offline should be made by the gaming community involved.
Blockchain gaming and persistent online metaverses provide gamers with a solution to prevent the loss of their hard-earned in-game assets. By linking these assets to nonfungible tokens (NFTs) on the blockchain, gamers now have the opportunity to resell their in-game items, characters, and other digital assets that would otherwise have no resale value.
The gaming industry’s highly centralized nature and its increasing reliance on digitally downloaded or streamed games leave gamers vulnerable to studios and publishers who frequently remove games from online stores and shut down online game servers.
Furthermore, the current state of the gaming industry offers limited opportunities for players to make money. Even if gamers could resell their in-game assets, it is unlikely that they could generate a significant income from their favorite video games. However, there are some exceptions in the world of esports.
Axie Infinity, for example, is an NFT-based blockchain game where players collect, breed, and battle characters called Axies. It aims to bridge this gap by providing players with income-generating opportunities. In 2021, Axie Infinity generated $1.3 billion in revenues and offered gamers in the developing world the chance to earn as much as $1,300 per month by playing the game.
Axie Infinity serves as a prime example of how blockchain can utilize in-game assets and robust player economies to unlock value by creating resale markets for in-game items while also providing players with sources of income.