Bitcoin’s current trade value is the result of the price rollercoaster of the past few years, with losses and gains in relatively short succession, one after the other. The approval of ETFs on January 10th has opened the door to a new era in the history of cryptocurrencies, and investors expect future approvals to be much faster. After all, the infrastructure exists now and could also be used by the other coins.
The adoption of this new project also means that the community has started looking towards other areas that are connected to the blockchain and which could strengthen that link in the coming years. Gaming is one of the most important examples, as the two areas have long co-existed. The blockchain provides an easy and transparent way to manage in-game economies and earnings, while the sheer popularity of the games means that more people will be involved and engaged in the trading markets.
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Old favorites
Farming games are among the most popular due to their accessibility and the fact that they allow you to relax while playing. CropBytes, the first game to be powered by crypto, is based on a sustainable economics system, so you’ll keep seeing growth the more you play. This is what makes the experience of interacting with this universe very rewarding and is one of the reasons for the game’s enduring popularity despite the emergence of new games all the time.
The game is based on Web3 technology, and rumor has it that there are plans to supercharge the environment in the near future. The game’s simulations are very realistic, and the relaxing, therapeutic atmosphere it provides is second to none, but there’s always room for improvement in the ecosystem of a crypto-based asset. A brand-new, action version of the game, called CropBytes Conquest, which features battles for which players will have to display their unique skills, is in the making.
Investors have already discussed the ways in which they believe this expansion will lead to better interoperability, allowing a single asset to have many uses across different environments.
Bitcoin, not blockchain
The BTC gaming community remains relatively small. This is no surprise, considering that the blockchain has traditionally been associated solely with buying, selling and trading cryptocurrencies. It is only recently that the system has expanded to include new functionality, such as the Ordinals and gaming. The initial coin offering fiascos impacted the industry’s budding enthusiasm for cryptocurrencies, which is why developers have started looking toward new solutions.
Many have stopped building anything directly on the blockchain, but that doesn’t mean they’ve given up on Bitcoin itself. In fact, many believe that the industry is still in the incipient phases concerning cryptocurrency integrations.
Challenges
If both standard crypto investors and dedicated gamers have something in common, it’s the love for a good challenge. Right now, a new Web3-based platform aims to democratize proceedings even further by providing customized experiences and encouraging the creation of user-generated content. The process goes by the name challenge-and-earn and works by getting players to engage in competitive battles across several digital games.
There’s an associated token as well, known as GAU, the native crypto belonging to the Gamer Arena. The platform was launched almost four years ago and offers tournaments in thirty games you can play across mobile devices, consoles and computers. All you need to do to enter one of the duels is to pay an entrance fee. Brought together, they generate the final prize pool that the winner gets to claim at the end.
Competitive gaming has traditionally been seen as the domain of professional gamers, but this kind of platform can make it more accessible for the general public so that it’s easier for beginners to join in on the fun as well.
Approval
The cryptocurrency space is dealing with the challenges that come with not having the full acceptance of traditional financial markets. This means that digital coins are still subject to more aggressive fluctuations than conventional assets. Similarly, crypto and web3 game developers have struggled to gain mainstream approval and attract audiences for several years. According to executives, this is of paramount importance for the market’s development and its continued existence.
Jennifer Poulson, who has worked for noteworthy gaming companies Riot Games and Bandai Namco in the past, has also discussed the importance of getting audiences to try the games to have Web3 games thrive in the future. This means that, in the next few years, the industry must make the leap from a niche environment to one that can cater to the needs of the mainstream.
However, there are certainly some challenges here, as many gamers aren’t very fond of cryptocurrencies, particularly when NFTs are added to the mix as well. One way to approach the situation would be to get the studios and publishers involved in the creation of crypto games in the future. They are the ones who know how to best integrate these elements into the games without having them disrupt the gaming experience.
Exchange-traded funds
The hype for Bitcoin-backed ETFs has reignited much of the interest in blockchain games, which had gone dormant for some time. It makes perfect sense because the digital asset environment is constantly changing, and FOMO is genuine in the environment. The fact that the project and assets were approved caused optimism levels to climb, and on-chain activity levels sparked as well.
The introduction of new products like the ETFs makes the Bitcoin environment seem more trustworthy. Steep price points and bullish market indicators are all devoted traders need, but that won’t be enough for those more lax about their crypto involvement. However, the approval is still too recent to determine its long-term effects, and only time will tell how the gaming industry will deal with it.
Bitcoin and gaming are intrinsically linked as fully digital products and experiences, making them easily accessible by anyone, regardless of where they are in the world. The ecosystem created from merging these two areas continues to evolve to be ready to face the challenges of highly competitive markets.
