NFT Gaming Simply Explained
The Future Of NFT Gaming
The gaming industry has been one of the most profitable beneficiaries of the pandemic in 2021. When people were forced to stay inside homes, many who lost their source of income due to the lockdowns found solace in GameFi.
GameFi has opened doors to a private economy where the concentration of wealth has shifted from a handful of influential entities to the very people who are the life and blood of the gaming industry, the players.
Decentralized Finance or DeFi has given a new direction to the gaming industry, one where individual gaming titles and billions of virtual identities (Avatars) converge into a shared platform we call the Metaverse. Let’s discuss the prospects of GameFi in 2022 and how The ENGN Protocol is an essential piece of this intricate puzzle.
Why GameFi Will Go Mainstream In 2022
According to a report by Yahoo Finance, the global gaming industry recorded an astounding valuation of $173.7 billion in 2021. With a CAGR of 9.64%, it is the fastest-growing entertainment platform, totally dwarfing the film industry valued at $100 billion. Gaming tournaments are also one of the most viewed sports/e-sports entertainment events globally.
Adoption Of The Freemium Architecture Is Facilitating A Shift In Power
Unit copy sales were the prime source of revenue for legacy gaming titles with over 90% of their net revenue earned within just two weeks of their launch. The Freemium architecture lets one play the game for free while offering in-app purchases and P2E (play to earn) features. Players are now growing concerned about the articles they purchase online and if they really own them. ENGN fits into this equation perfectly, this is how:
Open Source Blockchains To The Rescue
Blockchains like ENGN and Ethereum are open source; anyone can develop Dapps on them to leverage their immutable, trustless, and decentralized nature. The ENGN protocol provides the base architecture for game developers to deploy their games with minimal effort. This saves them from the development cost and the technical know-how required to develop their separate blockchain networks.
What To Look Forward To In 2022
2022 will witness GameFi going full-blown mainstream. As games adopt a common blockchain protocol and tokenize their in-game assets, the players will benefit from the true ownership of their purchases. Even if the games go down, the assets will live on the blockchain as immutable NFTs. This will also enable inter-game interoperability of the NFTs and give birth to a grand Metaverse of inter-connected gaming titles. All this is possible with the help of ENGN.
Advancements in wireless technology make high-speed internet more accessible and economical every day. This will facilitate the streaming of AAA titles, eliminating the need for high-performance GPUs. This will also enable the deployment of Virtual and Augmented Reality gaming engines on the blockchain.
Conclusion: The Future Is Decentralized
Open blockchain protocols like ENGN are catalyzing the organic growth of GameFi. One wallet address can hold all the in-game assets in the metaverse, allowing their free trade in a market run with community of players.
Follow these links if you wish to learn more about The ENGN Protocol