From Pong to Galaga; Super Mario to GoldenEye; World of Warcraft to Axie Infinity; the gaming ecosystem –– and the underlying technologies that support it –– takes massive leaps with each generation.
The next step in that evolution is here –– and it's powered by the blockchain.
Gaming is about experiences. First, these experiences were single-player before technology allowed us to play together; I remember LAN parties with StartCraft and Quake. Then high-speed internet changed the game, allowing us to play with anyone, at any time, around the world.
But on a fundamental level, these experiences, and the money they generate, were always one-sided. Ask yourself: if time is our most valuable resource, why aren’t we rewarded for it?
Play-to-earn (P2E): Many people in the gaming world roll their eyes at the concept –– crypto in general –– and I get it. Miners sweep up graphics cards, making PC gaming rigs more expensive. There’s also the issue of climate change and the environmental implications of mining cryptocurrencies.
Combine this with questionable monetization practices like loot boxes and pay-to-win games, and it makes sense why gaming companies are receiving pushback and threats of boycotts for considering rolling out P2E mechanisms in their games.
But what if there was a better way? Instagram birthed the creator economy. The blockchain will create a player economy.
As a lifelong gamer, I’m excited about the potential of “GameFi,” which is why Bitwave is coming to GDC to start a conversation as to why developers and gamers should be, too.
Come talk to us.
Disclaimer: The information provided in this blog post is for general informational purposes only and should not be construed as tax, accounting, or financial advice. The content is not intended to address the specific needs of any individual or organization, and readers are encouraged to consult with a qualified tax, accounting, or financial professional before making any decisions based on the information provided. The author and the publisher of this blog post disclaim any liability, loss, or risk incurred as a consequence, directly or indirectly, of the use or application of any of the contents herein.
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