The potential of the online game industry in the digital age
The outbreak of the covid 19 pandemic has made people look for a new way to operate the world. Fortunately, we are living in a digital age where most tasks can be done remotely. Concepts like “work from home” or “shopping online” aren’t new anymore. Covid 19 brings risks but also opportunities for development and gaming is one of the industries that has benefited
People could be surprised with the following statistics:
The global gaming market is now worth around $180 billion and it is the fastest growing form of entertainment globally. For easy comparison, the global film industry is only worth $100 billion
Global game market revenue. Source: Bloomberg, Pelham Smithers, GamingScan.com
Experts predict that the number of streamers will grow to one billion by 2025 — that’s one in nine people
Three of the top four most-viewed United States sporting events in 2018 were not even traditional sporting events. They were esporting events. For example, the League of Legends championship had 30 million more views than the AFC Championship and 45 million more views than the NCAA Football Championship.
E-sports viewers in the United States. Source: MBA @ Syracuse
Why are online games exploding?
We can attribute much of this simply to the rise of technology and exponential growth. Technology continues to transform how we communicate, how we assemble, how we create and consume information, how we transfer value, and how we form online communities.The explosive growth of gaming during the pandemic has shown that many have found a new outlet for much-need connection in isolation.
With the rise of social media, gamers — particularly in Gen Z — have perfected the art of building communities in and around video games. Gamers don’t just compete with strangers on the internet, but forge genuine, enduring friendships. Gen z — the new future owners of this world have access to technology very early. They have become more flexible than previous generations in terms of using and applying the conveniences that technology brings. Most entertainment activities such as listening to music, watching movies, playing games or socializing and making friends can be done in digital space and that’s how the Metaverse virtual universe was born. And this is also the unlimited development space of online games.
The combination of online games with blockchain
Gaming today mostly happens on walled-off data networks. This means that users cannot own their in-game assets. The advent of blockchain-based online games breaks this model. Now that players can own their own properties. People gradually know the concept of P2E (Play to Earn) and playing games is no longer just for fun and it also can completely generate income.
Blockchain is not limited by physical borders between countries. You can join anywhere as long as you have a device and an internet connection. This makes games built with blockchain also borderless
Blockchain also allows building new blocks from existing blockchains. That means everyone can build games on basic blockchains such as Etherum, Bitnace,… this helps to reduce the cost in the initialization process, thereby also improving the quality of the game.
Conclude:
The online game industry still has a lot of potential. In just a few decades, along with the development of technology, smart entertainment activities such as online games also rapidly develop explosively. It is gradually gaining popularity and solidifying its position in the entertainment market. With the advent of Blockchain and cryptocurrencies, online games can also become a form of extra income. The market share of this market is still very large, waiting for investors and developers with the emergence of technology unicorns.