We just can’t seem to get enough of crypto, right? Cryptos have now touched the gaming world, which isn’t exactly surprising as both involve the digital world. Developers have started to use the blockchain technology and incorporate it into their games, whether it’s the in-game currency or the basis of the whole game itself. One unique way we’ve seen is the involvement of NFTs in the gaming space, with users and gamers receiving NFT skins. Large companies like Epic Games, the creator of Fortnite, didn’t shrug off the idea of blockchain games, and even though it isn’t as developed as games you see on the PS5, the future’s still bright, along with everything else related to blockchain.
Venture capital firms are starting to notice this, and when they see opportunity, they pour money there. Video games are one of the fastest growing industries in the past few years, and money into blockchain gaming investments has totalled to about $476 million in the first 6 months of this year. One great success story has been the breakout game Axie Infinity, which is like Pokémon Go, where owning and trading in-game assets using an NFT system has been a key part, and Axie players can earn more than the minimum wage while playing the game. It’s the most valuable NFT collection with 2.4 billion dollars in transaction volume, and its parent company Sky Mavis has been reaping the benefits. They were able to raise 152 million dollars in funding from Andreessen Horowitz, a venture capital company that has partnered with the likes of NBA star Kevin Durant. Large VC firms are starting to take notice, and it’s a matter of time before more projects start to get noticed, and the sky’s the limit for the industry. What do you think about crypto games?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.