Crypto Gaming News
There are often comparisons made between the growth of esports and the growth of cryptocurrency. Throughout the last ten years, cryptocurrency has steadily emerged into the financial world, becoming a lucrative and massively popular form of currency. Once upon a time, it was a mysterious and unknown concept, but today, cryptocurrency as a market is dramatically valuable, volatile, and exhilarating.
In one swift move, we can apply those same terms to esports, an industry that is also experiencing explosive growth and gains in value. Today, industry titans on both sides of the fence are finding new and inventive ways to combine these two verticals. And, right now, the end results are Crypto Gaming and NFT Gaming.
This Is The Home For Crypto Gaming News
As these industries grow exponentially, there’s a serious requirement to cover breaking crypto gaming news. It’s an ever-changing world out there, and new developments and deals are taking place on a near-daily basis.
But what exactly is crypto gaming?
Let’s take a look at a traditional video game with a storefront. In many cases, you’ll either buy in-game tokens or coins (which have no external value) or use fiat currency to purchase in-store items. There are a number of drawbacks here: the items you purchase cannot leave the game, you cannot trade them for monetary value, and the tokens are worthless outside of the platform.
Now, let’s imagine a game with a storefront powered by and hosted on a cryptocurrency network. At the foundational level, this will allow players to verify ownership of items, to trade items, and to offer these items a true-to-life monetary value. Furthermore, and it’s a piece of crypto gaming news that excites players, you can earn money through gaming on a crypto network.
From Crypto Gaming News To NFT Gaming
We’ve mentioned NFT Gaming alongside Crypto Gaming, but what’s the difference? In many cases, there can be confusion, and the terms are often mistaken as being interchangeable. To define the latter, an NFT is a non-fungible token. It utilises the distributed ledger architecture that the broader cryptocurrency network is hosted on to verify unique ownership of digital items. Essentially, an NFT can boast an extraordinarily high value because it’s totally unique and cannot be replicated – proof of ownership is a button-click away.
Now, let’s apply that technology to a video game. When you unlock a specific item in a game, it can come in the form of an NFT – and you can carry around irrefutable proof that you are the sole owner of that NFT. Therefore, when it comes to putting it up on the market for trade, you could make a sizeable profit.
Crypto Esports Is On The Rise
The relationship between these two industries is boosted further by the sheer mutual potential offered between them. In recent months, cryptocurrency organisations have taken to the market to sponsor esports organisations, and vice-versa. Furthermore, many esports betting platforms, or iGaming operators, have started offering bettors the ability to deposit and withdraw with cryptocurrency.
On that level, it means that esports fans can win cryptocurrency gains for betting on their favourite esports teams. As crypto gaming news expands, these stories will become much more prevalent. Ultimately, crypto gaming offers a wildly liquid, dynamic, and ever-expanding injection of excitement into the esports industry. In the near future, betting and playing with cryptocurrency and NFTs will become a common sight.
Finally, players will have access to a seamless, secure, and effective way to make money through gaming, with crypto.
Racing games are pretty rare at the moment in the NFT game world – crypto gaming doesn’t have too many racing games at the moment! REVV Racing is one such game – the arcade sim racer was created and published by Animoca Brands. Hosted on the Polygon blockchain, the game makes do without the exorbitant gas fees that plague the main Ethereum network. Animoca Brands is also responsible for games like F1 Delta Time and MotoGP Igni [...]
0xWRLD, a multi-chain 2D pixelverse recently announced the launch of its first-ever multi-chain NFT metaverse. 0xWRLD’s brand new NFTs ecosystem will introduce cross-chain in the NFTs market to simplify the transaction process of multiple blockchains, as well as tokens alongside metaverses. 0xWRLD founder Brad Palmer said the company launched the project with the hope that it can transform NFTs and the world of metaverse in [...]
Coin Desk has reported that NFT and crypto games are losing their players. These include Axie Infinity, The Sandbox, and Decentraland, who all saw the number of their players plummet by 30 percent, 29 percent, and 15 percent, respectively, over the same time period. The report says the values of the games had been dropping since they were kicked off Steam. Even without the drops, however, these blockchain games' peak player [...]
Axie Infinity developer Sky Mavis announced that they raised $150 million to enhance security measures and reimburse their players who fell victim to a hacker attack in late March, which resulted in a $625 million loss. It was reported that the earn-to-play game experienced a mass abandonment after the attack after players found themselves unable to access gaming proceeds. The funding was led by the world’s largest cryptocu [...]
The International Game Developers Association (IGDA) has raised concerns about the use of Non-Fungible Tokens (NFTs) in gaming, saying "ethical issues" must first be addressed as a priority. IGDA interim director and founder of gaming nonprofit Games for Me Jakin Vela said the use of NFTs in game-related activities is a “socio-political explosion waiting to happen”. "[IGDA is] in the process of revising our stance to be a l [...]
British blockchain technology company, Opis Group has expanded its NFT play-to-earn game (P2E), OpiPets, to six select African countries following the company’s priority of improving the African region through game development, earning digital assets and cryptocurrencies without upfront fees. “OpiPets is a blockchain-based, Free to Play, Play to Earn NFT game currently in development. Combining elements of RPG, strategy, au [...]
Aspiring Non-Fungible Token (NFT) Role Playing Game (RPG) Crypto Raiders announce yesterday that they had secured $6 million in funding from DeFiance Capital and Delphi Digital. Also joining the round were GuildFi, Merit Circle, Three Arrows Capital, Yield Guild Games and others. "Crypto Raiders is a highly-interactive dungeon crawler game built on the blockchain," Crypto Raiders said in a press release. "Players have the a [...]
Yuga Labs, the creator behind the NFT collection hit Bored Ape Yacht Club (BAYC) built on the Ethereum blockchain has acquired the intellectual property of two NFT collections from Larva Labs, namely CryptoPunks and Meebits. The “acquisition” means that right now, Yuga Labs own the brands, art copyright, and other IP rights related to both collections. In a statement, Yuga Labs explained the decision is due to deep admirati [...]
Introducing Crypto Arcade, "a play to earn universe that brings back to life the most famous arcade and mobile games. A prize pool is associated with each game and players are rewarded according to their ranking every week. A collection of 10,000 unique NFTs are created per game". "Crypto Arcade is a way to have fun, compete, and earn XTZ !" the game writes on their website. "Our team’s goal is to bring vintage arcade games [...]
Non-fungible token (NFT) ecosystem Enjin has launched their first parachain, named Efinity, on the Polkadot network. The parachain is the first on the network to be dedicated to NFTs. It was reported that Efinity will support CryptoBlades, a play-to-earn NFT game, along with its 1.1 million users. Additionally, the parachain is also committed to hosting over 100 blockchain-based games and applications. “NFTs and their ap [...]