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For most ordinary gamers, games are only considered as an entertainment experience. The idea that you can make money while playing games is simply unrealistic. The economic benefits of games only belong to game developers or operators.
Since the emergence of the concept of Web 3.0, the gaming industry has shown tremendous growth. According to reports, the total consumption of users in the mobile application industry in 2020 is about 143 billion U.S. dollars, of which approximately 100 billion U.S. dollars in-game applications account for which is estimated 70% of the total consumption.
As the global COVID-19 epidemic has changed the current social entertainment methods, the development of blockchain technology and metaverse, a new economic model of making money while playing games, has begun to enter people's vision and recently sparked great interest among gamers.
Following the advent of Bitcoin, blockchain technology has become one of the most creative and disruptive technologies. It allows people to complete transactions without relying on a third party safely. Games based on blockchain technology have achieved great success in 2021. All players can now create actual value by playing games. As a result, players start to transform from consumers to game owners, creators, and beneficiaries. Since May 2021, the number of wallets related to blockchain games has reached 754,000, a year-on-year increase of more than 500%.
How can economic benefits be realized in blockchain games?
Simply put, we cannot separate the benefits of blockchain from NFT. NFT is the digitization of digital assets and props in the game. Players can sell and trade through a decentralized network platform, which differs from traditional games. In conventional games, transactions such as props are only confined to a specific game. The land, props, and collectibles in blockchain games can be traded without restriction after NFTization.
The development time of blockchain games is short. Why is it so popular to make money while playing?
The success of the game model is inseparable from a complete token economy model. One of the most successful examples would be Axie Infinity. Axie Infinity is a blockchain game developed by Sky Mavis, a Vietnamese blockchain company. It has its own Ethereum sidechain-Ronin to solve the congestion and high gas cost of the Ethereum network. COVID-19 has become the catalyst for the successful development of the game. Since its launch, Axie Infinity has quickly established itself in Southeast Asian markets such as the Philippines.
Axie Infinity allows players to earn up to 75 SLP tokens by completing daily tasks. Given that the average price of an SLP token is $0.1, we can estimate that a player can earn about $2,700 in Axie Infinity in a year. This income is considered comfortable in the Philippines, Vietnam, Indonesia, and other Southeast Asian countries. Therefore, more and more players are beginning to take advantage of this game to improve their livelihood.
In the third quarter of 2021, Axie Infinity generated $800 million in revenue, which is even higher than the transaction fees generated by the entire blockchain network such as Bitcoin and Solana during the same period. At the same time, Axie Infinity has also become the platform with the largest number of NFTs for trading collectibles. The trading volume of NFT pet Axies in the game's internal trading market exceeded $2.7 billion at one time.
Although the income realized through blockchain games is still lower than the average income of professional players, with the development of the game model and more players joining, it is a very positive signal for the game industry.
Based on the success of Axie Infinity, more and more blockchain games continue to emerge, and many leading companies and investment institutions around the world are also actively deploying blockchain-related industries. With the development of blockchain technology, the future virtual world will change our social entertainment and livelihood methods, and the future world will also undergo a groundbreaking change.
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