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Blockchain gaming is taking the crypto world by storm. This idea fulfills what every other player has been yearning for—the ability to earn passive income whenever they play.
Blockchain Gaming Fulfills Player Desires
A study by Worldwide Asset Exchange (WAX) affirmed their desire. They found that gamers would gladly grab the opportunity to make an extra buck from what they love doing the most--playing. It is understandable. For a long time, gaming and earnings have been lopsided. In a skewed field favoring publishers and facilitating platforms, developers and gamers were short-changed.
Things are now changing. The rise of blockchain and the expansion of its use cases beyond cryptocurrencies to include DeFi and non-fungible tokens (NFTs) make a perfect foundation for the success of cryptocurrency gaming. It is an overhaul of the previous system when facilitators undeservedly took the bigger pie. With the blockchain eliminating the middleman, linking gaming developers directly with gamers and investors, the table has been turned.
Cryptocurrency gaming is purposely designed to benefit the gamer, rewarding them for playing any of the platform's games with liquid NFTs or fungible tokens, that is, cryptocurrencies. Besides the explosion of play-to-earn (P2E) models centered around gaming and player activity, the merger of DeFi with gaming allowed for even more earning opportunities for stakeholders across the board.
NFT Games Raked in over $2.3 Billion in Q3 2021
In Q3 2021, a Blockchain Game Alliance (BGA) research revealed that blockchain games generated over $2.3 billion in cumulative revenue. Citing the transparency and security of the underlying layers from where these games launch, BGA—which advocates for blockchain games, notably pointed out the surge of crypto wallets linked to gaming dApps.
They further indicated a 24X explosion in wallet activity. The number of users rose from about 29.5k in early January 2021 to over 750k in Q3 2021. The main driver, BGA notes, is P2E models as deduced from the study respondent.
At the same time, stakeholders observed that gamers were flocking because of the value of gameplay and the ability to own in-game digital assets completely.
Users Can Benefit from this Success: NFT Trading, DeFi, and Staking
This trend is likely to grow in 2022 as the gamers shift to blockchain games players that are now benefiting from private investment and plans for even more interactive environments with the metaverse.
This growth portends more opportunities for gamers, developers, and investors in various P2E gaming platforms, including GG Dapp, a platform that's exploring a popular gaming format on the blockchain. Those who missed the Axie Infinity train still do have a chance to earn passive income directly from playing or participating in other sectors of the blockchain ecosystem.
Apart from being active players, the merger of DeFi in the GG Dapp's ecosystem is an opportunity for non-gamers to earn money. The platform is incentivizing users to supply liquidity to its pools in Ethereum.
Liquidity providers who lock their assets GG Dapp's pools receive GGTK—the platform's native token—as a reward, subject to their lockup period and their share of the pool. Already, DeFi has been satisfactorily demonstrated to be a reliable way of rewarding savvy investors, expanding their financial base.
At the same time, the flexibility in the GG Dapp ecosystem allowing users to mint their NFTs can be lucrative for collectors. Typically, these in-game NFTs like racing cars are rewarded based on activity. However, since they can also be acquired in the internal marketplace, early NFT adopters can return decent ROI when they sell to other players.
One exciting feature in GG Dapp is that GGTK holders can stake their tokens and earn rewards. The protocol is distributing 21 million GGTK through their reward mechanism for stakers. At the same time, they would also earn a percentage of sales or transaction fees for each game on the platform. Meanwhile, GG Dapp allows the staking of GGTK tokens to any of their listed gaming projects. This would sit well for gem seekers since they receive the game's native token whenever they offer support through staking.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.