During the COVID-19 pandemic, the global technological landscape saw significant changes.
Manasvi Singh, Co-Founder of Oneto11
The modes of entertainment have spread their wings into virtual space, allowing them to reach previously untapped regions. Gaming, among other things, is one of the most engaging activities that has piqued people's attention, excitement, and passion. The world of gaming has succeeded to entice people of all ages and social backgrounds thanks to easy accessibility and a massive community.
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The gaming market was worth USD 198.40 billion in 2021, and it's predicted to grow to USD 339.95 billion by 2027, with a CAGR of 8.94 per cent between 2022 and 2027. Currently, there are almost 1 billion players that play online games worldwide, and this figure is rapidly expanding.
However, there are downsides to anything good. Similarly, the gaming industry is confronted with issues. Some of these issues are :
- The gaming industry's fundamental flaw is its centralized platform. With the growth of its user base year after year, the necessity to solve the problem of storing a significant amount of user data in a secure location to prevent data theft and hacking has grown. Hackers and cybercriminals can easily breach your data and steal your credentials and other valuable information thanks to a centralized platform. They have the ability to steal anything, from game source code to personal information kept in your online account.
- Sometimes the assets in a game are extremely expensive, and even if you can get them, they are useless outside of that game. Even if you pay for your in-game purchases, the gaming corporation retains ownership of the assets. In an online game, you can't trade or sell your asset, and if any gaming platform goes down, you'll lose all of your expensive in-game purchases.
- When it comes to the game's mechanism and the fees associated with playing or purchasing anything within the game, there is no transparency. There is also a considerable risk of transaction fraud when making a payment through an online gambling platform.
Due to the decentralized structure of blockchain technology, some people believe that incorporating it into the gaming sector can help alleviate these issues. Let's understand what blockchain technology is and how it works-
A blockchain is a decentralized technology that stores data in multiple places while giving the data owner total control and data transparency.
Blockchain technology integration in the online gaming sector aids gaming apps in securing all forms of digital data through proper authentication and validation. It checks all game transactions, histories, and data for all gaming assets, and it entirely deprives game owners and administrators of the power to keep user information. Unlike traditional games, blockchain games are built on a decentralized network that distributes all of the game's assets to the players rather than the owning firm.
Cryptocurrency and non-fungible tokens (NFTs) are the two major components of Blockchain gaming. Both of these elements are built on the blockchain and have worth outside of the game.
NFTs are assets in Blockchain gaming which can be in any form digital images, music, cards, and skins, which you can buy or trade-in exchange for Cryptocurrency, which is a token or in-game currency based on Ethereum or another blockchain. To safeguard all crypto token-related transactions, blockchain platforms use the private key-public key, which is incredibly effective data encryption technologies.
Blockchain Gaming In India
"India is possibly the largest gaming market in the world, thanks to the deep penetration of mobile phones and cheap data rates. With the web3 paradigm of Play-to-Earn, where gamers can monetize their time and in-game achievements - this market is set to grow multifold in the coming years,” said Arjun Kalsy, vice president of Growth at Polygon.
According to a report by Deloitte, the Indian Online gaming Industry is estimated to grow at a 40% CAGR and be worth more than $2.8 Billion by 2022 - 2023 and slowly but steadily Indian gaming industry is also adapting to the new and more efficient Blockchain technology.
One of the finest examples of new emerging blockchain-based gaming startups is ‘Oneto11’, which is also the world's first blockchain gaming ecosystem.
Oneto11 is built on the Play-to-Earn model and rewards users through a variety of games, including Fantasy gaming, casual mobile games, and, most recently, a metaverse-based RPG. The Oneto11 app has over 1 million downloads and has processed over 21 million completed transactions in less than ten months since its inception. It has over 2.2 million users all of whom are acquired organically without any paid marketing.
“By offering users a reward program and a sense of playing as a community with their friends, OneTo11 has been able to grow and attract millions of users without any expensive marketing campaigns. We also envision creating a crypto gaming economy by harnessing the power of blockchain decentralization,” said Manasvi Singh, CMO of the Company.
Future of blockchain gaming
The answer to this question lies in the percentage of growth of the existing blockchain games and as a matter of fact they are doing exceptionally well.
Recently, Axie Infinity which is a blockchain-based game surpassed over $4 billion in its all-time sales. Games like crypto kitties and roblox are already gaining massive popularity in big countries like the USA, UK and Canada.
Gaming companies are releasing the immense potential that this technology has in terms of solving all the major issues with which the existing gaming community was struggling. So, sure, blockchain gaming is unquestionably the future of the gaming business. It is a booming industry that will undoubtedly become a popular leisure activity in the near future.
“Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.”
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