Most gaming developers are shifting to blockchain, crypto and NFTs: study
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“The herd is coming.” The mainstream gaming herd, that is. A new study shows that gaming developers and studios are keen to adopt blockchain, crypto and non-fungible tokens (NFTs).
Play-to-earn game projects, such as Axie Infinity, Star Atlas and Illuvium, have become just about the hottest ticket in the crypto space, tying into the booming and buzzy NFT and metaverse narratives.
It seems inevitable, then, that the mainstream gaming world would start making moves into the crypto sphere.
The study, commissioned by blockchain platform Stratis and undertaken by research agency Opinion, surveyed 197 video game developers in the US and the UK and reveals that most of them are already using blockchain technology.
#crypto gaming and metaverse are going to be a top area for gains in the coming years. I am personally allocating more capital to this sector and will continue to do so.
Gaming will red pill soooooo many people
— Lark Davis (@TheCryptoLark) November 5, 2021
Stratis CEO Chris Trew said, “We commissioned this research to solidify what we already assumed — that blockchain and NFTs are the future of video games,” adding:
“With renowned platforms such as Epic welcoming blockchain-based games and NFTs, we certainly expect AAA studios to launch titles incorporating these technologies in the coming years. But there are so many indie game developers that will get there first.”
• 58 per cent of the 197 “mainstream” game developers surveyed are beginning to use blockchain tech.
• 47 per cent have already begun incorporating NFT assets in their games.
• 72 per cent of respondents said they would consider using these technologies for new games, with 56 per cent planning to do so in the next 12 months.
• 64 per cent believe blockchain tech will become prevalent in video gaming within the next two years, and 53 per cent agree NFTs would be more common by then, too.
These stats paint a largely bullish view from gaming developers about the future of crypto gaming. And digging into the reasons for the eagerness to adopt, the report also found that:
• 61 per cent of respondents felt blockchain technology could facilitate innovative and more interesting gameplay.
• 55 per cent think blockchain, crypto and NFTs can secure value for players by keeping money in the game.
• 54 per cent feel that rewarding players with real-world value is the top use case of blockchains in gaming.
Additionally, when it comes to blockchain capabilities, game developers were most interested in decentralised finance (DeFi) or GameFi (57 per cent). And that means combining DeFi and NFTs to offer players financial incentives to play and progress in the games, further hooking them in.
NFTs in the gaming world can represent items such as swords, guns, shields, clothing, cars etc, as well as digital avatars/characters and digital blocks of land.
The booming trade of NFTs on platforms such as OpenSea (US$10 billion worth of trading volume since December 2020), along with the huge success of Axie Infinity, have made play-to-earn gaming one of the most FOMO-inducing and big-investor-attracting crypto sectors this year.