Crypto gaming is a rapidly growing sector in the gaming industry, attracting players, developers, and investors alike. It is built on blockchain technology and features crypto elements like non-fungible tokens (NFTs) and digital currencies. The global crypto gaming market size was valued at $3.3 billion in 2020 and is expected to reach $9.3 billion by 2027, growing at a compound annual growth rate (CAGR) of 16.4%.

Early Crypto Games and the Play-to-Earn Concept

One of the first known crypto games, CryptoKitties, was launched in 2017 by Axiom Zen. It allowed players to purchase NFTs in the shape of virtual pets with Ethereum. Axie Infinity, another NFT-based game released in 2018, is a “play-to-earn” game where players purchase NFTs, upgrade them in the game, and receive compensation when the publisher sells them to another player.

Crypto gaming allows players to purchase assets and later sell them to earn cryptocurrency. To play, players need to be familiar with cryptocurrency and own some coins. Players use cryptocurrency and NFTs to make in-game purchases and obtain assets they can later exchange for real money when they sell their cryptocurrency. This is called the play-to-earn concept in crypto gaming.

Getting Started with Crypto Gaming

Players typically need to purchase some assets to begin playing a crypto game. To do that, they need to connect their crypto wallet with the game. Once they have entered the game, they can create their own NFTs, upgrade them, and later sell them to earn cryptocurrency.

Is Crypto Gaming Gambling?

Crypto gaming is not gambling, even though some argue that it is very similar because players need to buy their way into the game and could make a profit when selling their assets. Crypto games are played like conventional games, apart from the players having to purchase their tokens and having actual ownership of them throughout the game.

Blockchain Technology and Security in Crypto Gaming

Crypto games are built on blockchain technology, making them secure and practically unhackable. Players can earn cryptocurrency in the game by completing certain quests, winning awards in virtual tournaments, or purchasing certain tokens or NFTs in the game and upgrading them.

If a game becomes popular over time, players who bought their tokens early on can sell them at a much higher price than they bought them in the first place. Cryptocurrency can later be used to make some purchases inside or outside of crypto gaming or redeemed for real money.

Popular Crypto Gaming Platforms and Crypto Casinos

Crypto gaming is increasing in popularity, and the most popular crypto platforms are Ethereum, Tron, and EOS. Some crypto-gaming platforms offer the possibility to use cryptocurrency to play online casino games. The number of crypto casinos is constantly growing, and we now have casinos that accept cryptocurrency as the main currency for gambling. All licensed crypto casinos are completely legal, so make sure to check the casino website for licensing details before playing.

The Future of Crypto Gaming

Crypto gaming provides a new gaming experience for players, and it is here to stay. Cryptocurrency, NFTs, crypto wallets, game tokens, gaming guilds, and other assets are finding their way into the gaming industry, and we can’t wait to see what happens next in the world of crypto gaming.

Web 3 gaming, a system where games are based on a decentralized blockchain, is considered the future of the gaming ecosystem. The investments in metaverse projects and blockchain games have increased significantly, allowing for more games to be built on blockchain technology, which will enable the gaming industry to reach a whole new level.

In conclusion, crypto gaming is an emerging trend that offers players a unique and immersive gaming experience. It also provides opportunities for players to earn cryptocurrency, which can be exchanged for real money or used for in-game purchases. As the industry continues to grow and evolve, we can expect to see even more exciting developments in the world of crypto gaming.