Cryptocurrencies are once again making more noise and it’s not just because of Bitcoin’s over-the-top value.
More and more people are now starting to get into the crypto scene not just to invest but also because they’d like to play games at Bitcoin casinos and play NFT games too like Cryptokitties and Axie Infinity.
Cryptocurrency gaming is not new and one of the first games that are played with crypto is Cryptokitties which is a blockchain game based on Ethereum.
It’s similar to one of the most played NFT games at the moment which is Axie Infinity.
Aside from playing at online casinos, these are games that can be played with Bitcoin in Australia. One can say that these games are similar to playing games like Pokémon.
For Cryptokitties, you get to breed, train, and sell virtual kitties. The same goes for the game Axie Infinity wherein players get to buy, breed, train, and sell their monsters called Axie. They can also compete with other players in the arena too.
Growth of Blockchain Games in 2021
Based on the most recent report about blockchain games from the Blockchain Game Alliance, there have been over 804,000 unique active users that played blockchain-based games in July alone.
When it comes to this, Axie Infinity is at the top of the charts with over 1 billion USD in trading volume.
Axie’s trading volume has increased to 453 percent since June and the report suggested that the sales volume would also lead to growth in social media followers on platforms like Twitter and Discord.
The token used in the game called AXS has helped it generate more revenue in July more than other cryptos like Ethereum and Bitcoin. Since the start of August, the value of AXS has already nearly doubled. From $38, its value went up to $74.
This game was launched in 2018 by a Vietnamese developer called Sky Mavies. According to Google Trends, the number of searches for this play-to-earn game has doubled.
Aside from this game, there is other proof that the crypto gaming segment has been having a good year. Based on reports, during the first half of this year, 24 crypto/blockchain gaming companies closed investments that are valued at up to 476 million USD.
In this report published by InvestGame, three companies accounted for at least 75 percent of this total which are Forte ($185 million), Animoca Brands ($89 million), and Mythical Games ($75 million.) investigate also found that there are 489 closed and announced deals that made it during the first half of this year and all in all, these are valued at over $50.2 billion.
Now, before all these blockchain-based games became popular, many cryptocurrency users were already using their coins including Bitcoin, Ethereum, Bitcoin Cash, and many more on online casinos. Online gambling sites have been one of the first businesses that have welcomed the use of cryptocurrencies.
There are now plenty of online casinos that transact with their customers using cryptos. There are even online gambling sites that only cater to crypto users. This is mainly popular with people who would like to gamble anonymously.
While this may not be possible in certain countries like the United Kingdom, there are no-registration online casino sites that only allow the players to deposit cryptos in their gaming accounts. This way, the customers get to enjoy privacy and they don’t have to disclose any of their personal and banking details to anybody.
The use of cryptocurrencies is also more preferred by many players to avoid restrictions. The thing about using Bitcoin and other altcoins is that it’s not yet highly regulated worldwide.
Only a few countries are already strict when it comes to its use, but generally, it’s a good option for people who would like to avoid restrictions and the hassle of dealing with their banks that are usually strict with gambling-related transactions.
What’s To Come
While cryptocurrencies aren’t considered mainstream just yet, many are saying that they will eventually go there. This means that more games are likely to allow cryptocurrency transactions.
NFTs are also becoming more popular these days. This year has been a good one as well for the NFT segment.
NFTs like art, sports collectibles, music, and many more have been popular, and with popular companies like the NBA and the CPL starting to also have their own NFTs, we can only expect that there will be more crypto users this year. The bigger the market, the more gaming companies will look into publishing games like Cryptokitties and Axie.