Navigating the Highs and Lows of Crypto Gaming
Reflecting on my personal crypto gaming journey.
Picture this…. it’s 2017, and I’m taking my first steps into crypto gaming. My game of choice? None other than CryptoKitties. At this point, my understanding of the crypto market is basic at best.
Terms like ‘cold’ and ‘hot’ wallets are foreign to me, the concept of blockchain is a puzzle, and tracking my crypto transactions online is a headache.
CryptoKitties was my introduction to crypto games, the very first concept of a play-to-earn model. At that time, there were only a handful of crypto games of choice, and the industry was still in its infancy, with an estimated value of a billion dollars.
Now to get started with CryptoKitties, I had to first purchase some ethereum to buy these virtual pets.
These pets were more than just cute companions. They were a form of digital asset known as Non-Fungible Tokens (NFTs), a unique aspect of crypto gaming that I was just beginning to understand.
I managed to buy some ethereum tokens, but to my dismay, my first NFT purchase of these Kitties got stuck in the blockchain due to the bottleneck in the ethereum network.
This is my first exposure to the limitations and one among the many challenges that this new and growing industry is about to face.
Crypto Gaming Making Headlines
As I got deeper into crypto gaming, I came across a variety of games. The Sandbox caught my attention, a virtual world where players could own, create, and even make money from their gaming experiences.
Another game that intrigued me was Gods Unchained, a trading card game where players could earn cards and exchange them for cryptocurrencies.
But then, there was Axie Infinity….
Axie Infinity was a game-changer. It made significant headlines in the crypto gaming space during the 2021 bull run due to its unique play-to-earn mechanics.
I decided to give it a shot and invested a few thousand dollars in it, along with other play-to-earn games like MIR4, CryptoBlades, Binamon, and more.
Unfortunately, after hundreds of hours of playtime, my investments didn’t materialize into the profits I had hoped for.
Meanwhile, for some, it was a different story. In contrast to my experience, those from developing countries like India, Vietnam, and most notably the Philippines, struck gold with crypto gaming.
A lucky few who invested and played this game early on not only earned a substantial income but also contributed to the impressive growth of the industry. These early adopters managed to make significant life changes, some even built houses and owned expensive cars from their earnings.
By 2022, the efforts of these early adopters, along with many others, had helped push the global blockchain gaming market size to a staggering valuation of $128 billion.
This valuation is still considered to be its all-time high (ATH) as of the time of writing this article.
The Dark Side of Crypto Gaming
While some games have made a positive impact in the crypto space, there are always outliers that gain notoriety for all the wrong reasons.
One such risk common in this area is the infamous “rug pull” scams. For those who are new in the space, rug pull scams occur when developers create a token, raise funds from investors, and then abruptly abandon the project.
This sudden exit leaves investors holding bags of worthless tokens and results in substantial financial losses.
Several games have unfortunately fallen into this category. Notable examples include SQUID GAME, Mercenary, Blockverse, and Evolved Apes.
Even projects launched by well-known personalities, such as CryptoZoo by YouTube star Logan Paul, have faced similar accusations. The list, unfortunately, goes on.
In terms of the crypto games where I’ve heavily invested my money, time, and effort, I still continue to hold onto them.
I remain optimistic that my Axie NFTs and the $SLP tokens I’ve earned will someday bounce back from their present downturn, despite the dwindling player base and community.
Additionally, my MIR4 characters that were worth hundreds of dollars before, and the $Hydra tokens I’ve earned remain listed for sale on their NFT website, a site I haven’t visited in over a year.
On top of that the majority of the low-cap crypto games that I’ve participated have either become defunct or been completely abandoned by their developers.
Current State of Crypto Gaming and Future Outlook
Fast forward to 2024, and the landscape of crypto gaming has dramatically transformed.
The global blockchain gaming market, now valued at over $65.7 billion, has experienced a significant dip from its previous all-time high of $128 billion.
Despite this fluctuation, it’s clear that crypto gaming is not merely a passing fad, but a substantial paradigm shift in the gaming industry.
While I’ve stepped away from actively playing crypto games, my interest in the GameFi narrative will always remain.
As this industry continues to evolve, I’m eagerly anticipating the integration of blockchain technology into my favorite games.
Whether it’s the adrenaline-fueled action of Call of Duty, the strategic battles of DOTA and League of Legends, or the immersive worlds of offline games like Elden Ring and Dragon’s Dogma, I’m excited about the potential of blockchain to revolutionize these experiences.
The prospect of seeing blockchain technology reshaping these games, in any capacity, is a thrilling testament to the transformative power of Blockchain and Crypto!
Enjoyed reading this? Tap on the clap, share your views, and follow to get such insightful crypto stories weekly.
Cheers!👌
