Blockchain gaming in 2024: A growing landscape of various gaming categories

ChainPlay

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2 days ago

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Blockchain-based gaming continues to be a major force shaping the gaming industry, with its promise of decentralized ownership and innovative economic models driving the adoption of Web3 technologies. As of 2024, the global blockchain gaming market is expected to have a value at over $10 billion, and this trend is projected to grow to more than $300 billion by 2030. The sector covers a variety of game genres, from play-to-earn (P2E) and role-playing games (RPGs), to online crypto casinos, collectible card games, and emerging play-to-compete (P2C) models. 

Blockchain-based crypto casinos: Gambling meets decentralization

Online crypto casinos are another booming segment of blockchain gaming, blending the thrill of traditional gambling with the transparency and security of blockchain technology. Players can wager cryptocurrencies such as Bitcoin or Ethereum on classic casino games like poker, blackjack, and roulette, with smart contracts ensuring the fairness of each bet. Crypto casino platforms provide a wide array of games, bonuses, and staking opportunities for crypto holders.

In 2023, the online crypto casino sector saw increased regulatory attention, particularly in countries like the UK and the US, where gambling laws are tightening around the use of cryptocurrencies. However, many platforms continue to operate in jurisdictions with more lenient regulations, allowing players to enjoy decentralized gambling with minimal friction. This sector is expected to grow further as more players are drawn to its low fees, instant payouts, and provably fair gaming systems.

Play-to-earn (P2E): Pioneering a new era in gaming economies

Play-to-earn (P2E) games have emerged as one of the most popular and talked-about sectors of blockchain gaming. These games enable players to earn cryptocurrencies or NFTs (non-fungible tokens) by participating in various in-game activities. According to Crypto.com, P2E games accounted dominate the blockchain gaming market, with over $107 million in trading volume in 2023. This reflects the immense popularity these games have among players looking to monetize their time and skills.

Among the top-performing P2E titles are Axie Infinity, Alien Worlds, and Valhalla. In Axie Infinity, players collect, breed, and battle cute creatures called Axies, which are NFTs with real monetary value. The game has been a leader in the P2E space, facilitating millions in daily trading volume, although the market has cooled compared to its peak during 2021 and 2022. Meanwhile, Alien Worlds allows players to mine Trilium (TLM) tokens and compete for control over virtual planets, combining exploration with resource management. Valhalla brings a tactical, chess-like combat system where users are rewarded in the FLOKI token for their victories.

The P2E model has faced some challenges, including the sustainability of in-game economies and player retention, but it remains a key pillar of blockchain gaming. Recent shifts toward hybrid models, such as Play-to-Own (P2O), are seen as attempts to address these issues by providing more stable economic incentives for players.

Blockchain-based collectible card games and RPGs: NFTs powering gameplay

Collectible card games (CCGs) and role-playing games (RPGs) have been natural fits for blockchain technology. This is especially due to the way these games rely on rare items and character progression, which blockchain can support through NFTs. Notable blockchain CCGs like Gods Unchained and Splinterlands have allowed players to collect, trade, and sell NFT-based cards that have real-world value. In Gods Unchained, each card is tokenized on the Ethereum blockchain, providing true ownership, while Splinterlands is built on Hive, offering cross-blockchain support for trading its NFTs on multiple platforms.

In the realm of RPGs, games like DeFi Kingdoms and Aavegotchi have blended DeFi mechanics with immersive gameplay. Aavegotchi is a game where players nurture NFT-based "gotchis" by staking tokens and interacting with them, combining the nostalgia of virtual pets with cutting-edge decentralized finance (DeFi). DeFi Kingdoms integrates decentralized exchanges and liquidity pools directly into its gameplay, allowing players to farm, trade, and manage in-game assets seamlessly within its fantasy world.

Play-to-compete (P2C): The rise of competitive gaming on the blockchain

A newer development in blockchain gaming is the rise of Play-to-compete (P2C) games. This model focuses on competitive multiplayer environments where players compete for rankings, prizes, and tokens in esports-like tournaments. Games such as Planet X and Anichess are pioneering this model, offering incentives for top performers in player-vs-player (PvP) combat or strategy.

Planet X is a blockchain-powered online shooter available on mobile platforms. Players can compete for real-world prizes in its competitive ecosystem, which is governed by XAI tokens. Anichess adds a Web3 twist to traditional chess, allowing players to participate in ranked PvP matches and earn rewards based on performance.

Challenges and opportunities ahead for the sector

While blockchain gaming has seen significant growth, there are still challenges to overcome, particularly in terms of onboarding new players, creating sustainable economies, and improving the overall gameplay experience. Many blockchain games are still relatively simple compared to traditional games, which can make it difficult to attract mainstream gamers. Additionally, blockchain infrastructure, including transaction speed and scalability, needs further development to handle the growing user base and transaction volumes.

Nonetheless, the potential of blockchain gaming is enormous. The ability to offer true digital ownership, seamless player-to-player economies, and decentralized governance could revolutionize how games are built and played in the future. With continuous investments pouring into the space and new games being developed across diverse genres, blockchain gaming is poised for substantial growth over the next decade.