For blockchain technology and cryptocurrency partners, gaming may seem like a natural, local partner, especially when we look at the busyness of earning from gaming and the place for innovation in the gaming environment. To this day, however, it is a vertical that has seen everything from casual to competitive and everything in between – at least, almost strong resistance.
We will take a look at the recent insights report from the esports company NRG, which suggests that the industry may come close as the crossover audience grows.
Pushing Gaming: Can It Overcome Obstacles?
Gaming has progressed, but overall there has been great resistance around crypto. Sticking points though have become more rigid around casual gaming than competitive. With few exceptions, major gaming developers have largely avoided or denied any interest or instantaneous movement in NFTs, crypto, and the like.
In the competitive arena, however, this did not prevent 100 thieves from creating their own NFT, which they did for free in the Polygon blockchain. This did not stop the organizations from partnering and partnering with the blockchain and exchanging for formal relations. Even the big company TSM locked in a naming rights deal with the crypto exchange FTX last year, rebranding org as ‘TSM.FTX’.
And what about earning from the game? Well, it’s probably too early to say. Axis Infinity, which has long been seen as the most respected and advanced play-to-earn title in space, is fighting, as the game’s local currency $ SLP is now under one rupee. Only time will tell whether play-to-earn can really be implemented in a long-term sustainable way.
Esports organization 100 Thieves released a championship NFT for free on the Polygon (MATIC) network last year - and Polygon continues to have a gaming and broader sport focus. | Source: MATIC-USD on TradingView.com
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What can we learn from the results of the NRG survey?
Let’s take a look at some of the key points highlighted from the NRG survey data – a significantly smaller sample size of about 1,300 respondents, and the observed male 18-34 (probably a saturated demographic in crypto space).
NFTs: The survey shows that 3 out of 4 gamers in question own or have, while crypto – only 1 out of 4 own NFT. In addition, although Play-to-Arn still needs to show its effectiveness on the long-term horizon, most gamers surveyed (aptly 57%) believe that earnings from the game are good for gaming.
So what’s the catch? Gaming audiences still can’t trust the NFT, and often shameless shillings, ragpools, and other negative and often arrogant behavior probably act as a bigger barrier than we often give credit for. Most gamers do not buy NFTs because of a lack of trust or confidence in the utility. Although most respondents consider themselves ‘environmentally-conscious’, environmental concerns were only 5th among the top concerns when buying an NFT – suggesting that there is an increase in Ethereum-alternatives (or perhaps a belief in Ethereum’s proof-of-stack migration). The minds of gamers who are focusing on NFT space.
Metaverse: Defining ‘metavers’ is obviously a work in itself (we personally recommend Matthew Ball’s ‘The Metavers Primer’ to help), and the results of the NRG research survey validate this view. 7 out of 10 gamers surveyed believe that VR is a ‘metaverse’ and interested in gaming in VR – probably driven by the growing amount of VR streams on platforms like Twitch.
In the meantime, these respondents don’t see sandbox games – such as RoboLux, Fortnite, etc. – as part of Metavers. We will let you decide for yourself.
Web 3: One of the most talked about topics around technology over the past year has been the conceptual emergence of Web3, an all-encompassing idea that the functionality of the Internet could be transformed into a paradigm shift from ownership rights to manufacturers. This kind of change will definitely take time, you believe we are at what stage we are today – so it affects the media and how we use content, culture and information is immense.
However, this gaming audience is not unfamiliar with the subject. Although the results of the study show that gaming audiences are twice as likely to be familiar with Web3-related terms, a large majority of these listeners – 3 out of 4 respondents – cannot describe exactly what Web3 is. This is a logical conclusion: the Internet was not particularly easy to explain in the 90’s.
After all, we are still depicting this place in broad strokes every day. As is often the case, markets will determine usage cases and demand, and innovation will respond accordingly. If you blink, you may miss it.
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Featured image from Pixabay, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.