Though video games were first introduced to children or young ages people during the later period of the 20th century, now they are beyond the age limit. And with the technological revolution, video games are available on smartphones and the playing requirement has been more convenient due to the development of the chip industry. Consequently, people are playing much more video games whether it is online or offline. But with the recent Blockchain-based technological revolution, NFT-based online gaming has gathered a huge attraction from all the audiences around the world. Though the NFT-based games are still it’s the initial stage, I will discuss how it can be a booming sector in near future with the development and huge existing audience of conventional video gamers.
The modern era is the age of online activities which is increasing with the revolutionary development of information technology. And a maximum of the activities includes video-gaming activities. The booming industry of video games is revealing an amazing sector where the number of audiences is increasing at an exponential ratio. Especially the Covid-19 pandemic has made the explosion like a nuclear bomb to gather almost 2 billion people which is around 26% population of the world. And now Blockchain has become a daily hot topic due to the recent skyrocketing price of the crypto. Though the price is dumping as usual great attention has been circulated around the world among techno enthusiasts. And the number of players is increasing rapidly.
There are several types of video games both online and offline with several basic categories such as consoling games, arcade games, and so on. All these games are becoming more popular through online streaming platforms like TWITCH, FACEBOOK, and even YOUTUBE and all others streaming services. With the fast internet connection, this is very common for all smartphone owners to play some video games. So the upliftment of the video gaming industry is undeniable. Look at the number of mobile users around the world has increased significantly and people are very familiar with video games as a result.
"The global gaming market is set to reach $256.97 billion by 2025.
More than 2.5 billion people worldwide play games.
In 2020, the console gaming market experienced its slowest growth rate since 2015.
Players spent $4.5 billion on immersive games until 2020.
Sony Interactive Entertainment’s estimated value is $13.4 billion.
eSports enjoy an audience of around 456 million people.
High-fidelity mobile games are on the rise."
source
After the 2020 pandemic bump, we expect monthly digital gaming usage will see minimal growth through the end of our forecast (1.1% in 2022 and 0.9% in 2023).
Besides the number of players, the market capitalization is also increased too much recently despite the Covid-19 pandemic situation. In 2020, Nintendo reported an increment of 73.3% year-over-year (YoY) revenues. Additionally, mobile gaming market revenue has seen an inenormopus increment of over 16% ($37.3 billion) on Android and nearly 10% ($52.3 billion) on the iOS operating system which is amazing. You can read more details from here.
NFT-Gaming Industry
Several NFT gaming companies are now focusing on the development of many NFT-based games such as Appdude, Nine Heartz, Blockchain App Factory, INORU, and Mobile Coderz but the reality is that they are totally in the primary stage and they need to walk a long way. And they are not categorized properly in the conventional industries due to the lack of investments or capitalization. But still, some slightly bigger players have launched their own games and have a market cap of more than a billion dollars.
And the comparison between the existing renowned gaming companies and the NFT-based gaming companies will reveal the truth about how far we are! It will also inspire the existing NFT gaming Industries to work harder for getting a share of the gaming industry.
How can the NFT gaming Industry get a tremndous attraction?
As a crypto enthuasist, I am explaining the drawbacks that we are facing related to the NFT-gaming industry and how those can be overcome in my opinion is as follows
It requires patience and relentless development in the NFT-gaming Industry is the key point to hold a significant share of the audience around the world.
Most NFT-based games lack proper graphics, it should be kept in mind that realistic visual graphics can attract people at the first glance before starting playing any game.
All the games should be well developed with a long-term goal, if the games ended within some weeks with the tremendous hyped and sudden death, then all the players will lose their interest in these hyped games after losing their money.
The mobile platform is required for many of the games as for initial attraction mobile interface can gather a huge audience to enter into this NFT-gaming industry.
Most of the NFT games have a poor user interface and user experience due to a lot of bugs! This phenomena should be addressed through proper auditing before the game is launched.
Creating an NFT-based gaming account is still tricky for the majority portion of gamers around the world. Many of them are scammed and they avoid the platforms for the complex procedure. This problem can be solved with proper instruction and an easy user interface.
Many NFT-gaming platforms are here only for stealing money from the users, not for the development of the Industry which is affecting the industry very badly!
The NFT-based games have another drawback which is very crucial about their marketing strategy which is often not getting new players.
Another concern is about the whale-oriented gaming economy, which means it is like an investment not for entertainment purposes. There should be such fascinating games that will be only for entertainment purposes not for the earning money which may be the second option. If the audience is increased then the earning will be an automatic process. But games are just focusing on earning and the early adopters got their money with huge profit and the existence with the death of the game!
The scammers should be controlled from the NFT gaming industry.
Some fascinating Future prediction of Gaming Industry
Within 2025, the global gaming marketcap will reach to $256.97 billion, predicted by the Mordor Intelligence and if NFT gaming sector is able to gain only 5% of it, then the NFT-based token will boomed more than the last bullrun!
The gaming industry statistics of 2022 reported by Statista shows China is the biggest gaming markets of the world. A revenue of 40.8 billion U.S dollars was generated in 2020 where USA is 2nd with $36 billion dollars. So, if the marketing strategy works only this two countries and they have the best internet that can boost the NFT gaming industry. And If China enters into the sectors, the situation will more fascinating as they are the top competitor with the USA in every aspects!
Another fascinating data published by Statista shows that the gaming industry trend predicts the mobile games’ revenue will touch $100 billion-dollar mark by the year 2023.In 2021, mobile games accumulated 50% of the worldwide video game revenue which is shockingly high enough for mobile gaming industry!
A report published by the Business Insider reveals that there was 60% growth in playing video games among the people ages from 45 to 54 as the impact of the epidemic with the increasing spending of 76%. And there will be a remaining community for playing games, so NFT-based gaming industry can grab this opportunity.
Thank you very much for your time and attention. Hope to catch you at my next publishing
