The global gaming scene continues to be at the height of turbulence. Companies therein are having to let go of staff and execute a plethora of other cost-cutting measures as they try to stay afloat and in business. But while most are drowning, the crypto gaming niche is finding ways to hold on, fueling a resurgence that is defying market expectations for cryptocurrency in gaming.
Crypto Gaming Investments Surge in Q3 Despite Bear Market Challenges:
Gaming entities, both within the crypto niche and outside of it, continue to make tough calls to try and keep their doors open. We know that crypto gaming companies such as Yuga Labs, which is responsible for the popular title Otherside, and Star Atlas Studio ATMTA have shown some employees the door. The move is meant to ease their payroll and increase their chances of survival.
Many other non- and crypto-gaming companies have borrowed a leaf from that book, catalyzing a worldwide layoff pattern that has seen more than 6,100 individuals lose their jobs in the gaming industry in 2022. Even as recent as last month, heavyweights like Team 17 and Epic Games have also had to cut loose staff, indicating that this is not only a challenge affecting minnows or startups but even established companies.
Even amid the storm, there’s a ray of sunshine piercing through, strengthening the hope for gaming market growth sooner. This has come in the way of new 2023 crypto gaming fundings, which the aforementioned report has broken down as follows:
Blockchain gaming infrastructure has received a financial boost of $125 million
Metaverse projects and games have earned a windfall of $213 million
Investments firms have also benefited from $262 million in funding
So while the state of the industry remains in flux due to financial struggles, these investments are a step in the right direction.
Caesium – With a growing community accumulated through shrewd marketing and enthralling, immersive, and rewarding experiences, this blockchain gaming start-up is making waves with its revolution TIME ecosystem. The lineup of interactive shooter games such as Alpha Returns replicates and spices up the proven formula for lucrative third-person, community-based shooter gaming.
Sky Mavis – When it comes to blockchain gaming, this is one company that ranks highly due to its proven track record with hit titles like Deadrop and Shrapnel, among others. Several eagerly-awaited NFT games are in the works, presenting a potential cash cow for investors.
The Sandbox – The Walking Dead and The Smurfs are just but a handful of a few high-profile projects that this company has been involved in. It shows even greater promise in terms of crypto gaming stocks
Hardships are commonplace in any industry. There’s no better time to heed investment opportunities in gaming startups than the present.
Gaming as we know it is changing forever. Cryptocurrency has been a key driver of that change, commandeering the helm of this widespread change. The first revolutionary disruption from this is the emergence and growth of play-to-earn communities. What has traditionally been viewed as a pastime and nothing more, now makes for a potentially lucrative venture not just for pro gamers but your average Joe as well.
That said, here are some other ways that cryptocurrency is sculpting a new era of gaming:
Better security: Built upon blockchain decentralization which isn’t as vulnerable to hacking as traditional gaming security techniques, cryptocurrency games will appeal to the masses due to their bolstered security
A worldwide currency: Cryptocurrencies are realizing a future where geographical currencies are no longer an issue. This will create a worldwide portal for online betting and gaming
Higher profit margins: Massive transaction expenses are a thorn in the side of many gaming companies. Cryptocurrency will provide relief for such players due to lower transaction charges. A benefit that’s two-fold as it will ensure gamers earn even bigger rewards
Honest gaming: With cryptocurrency and blockchain gaming’s ability to create a transparent and more secure gaming environment, this will increase the integrity of the industry, encouraging new players and improving loyalty.
In-game player trading: Cryptocurrencies will also make it possible for players to directly trade in-game items as they please. The result of this will be more active in-game economies
Despite the prevailing hardships for 2023, the future is still bright. One global gaming market report estimates that the industry will experience growth through 2028, and possibly reach more than $189 billion in value at a CAGR just shy of 13%. Consequently, there’s no doubt that gaming is a growing market. Cashing in on the fear of missing out, the convergence of cryptocurrency and gaming has presented a thoroughly hyped niche that is substantiated by significant incentives and financial opportunities. Appealing to crypto aficionados, gaming lovers, and trendsetters, cryptocurrency is a key driver of the expected gaming market growth. That’s due to this diversification that is reeling in a wider appeal compared to contemporary gaming that appeals just to gamers alone.
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