Emerging Trends in Cryptographic Gaming Sector for the Year 2023

Blockchain technology is revolutionising the gaming world, with the sector becoming the most prominent adopter of this innovative technology. This transformation is evident in the growing popularity of blockchain games, which are reshaping the landscape of the gaming industry.

One of the key benefits of blockchain technology in gaming is the ability to encrypt games, enabling firms to build NFT (Non-Fungible Token) gaming business strategies. This has given rise to the Play-to-Earn (P2E) model, where players are offered tangible rewards for completing quests.

The global blockchain gaming market is forecasted to grow by a staggering 70.3% and could be valued at $65.7 billion by 2027. This growth is driven by the increasing adoption of cryptocurrency and NFTs, a trend that is closely linked to the popularity of blockchain gaming.

Major traditional AAA publishers like Ubisoft and EA have shown strong interest in blockchain gaming, but concrete AAA blockchain game releases are still emerging. However, companies like Revolving Games and Trailblazer Games are leading the way. Revolving Games, for instance, published the high-quality AAA blockchain game Skyborne Legacy in 2023, a social MMORPG inspired by titles like Legend of Zelda and Animal Crossing, integrating Web3 technology. Trailblazer Games, on the other hand, released Eternal Dragons on the Solana blockchain, backed by experienced industry veterans from EA, Microsoft, and King.

Notable AAA blockchain games include Guild of Guardians, Illuvium, Big Time, and Sidus Heroes. These games have their own currencies for use within their multiverses, adding another layer of immersion for players.

Brands are also leveraging gaming as a metaverse brand-building platform, launching exclusive NFTs and digital products. Companies like Samsung, Emirates, and Pacsun have entered sporting arenas by sponsoring football teams in the metaverse.

The use of NFTs extends beyond gaming, finding significant use cases in Decentralized Autonomous Organizations (DAOs). NFTs in blockchain games are used as avatars, skins, weapons, exclusive airdrops, content, and even real-world merchandise.

The blockchain gaming market is currently valued in billions of dollars, and players can earn real-world rewards in these games. The NFT trade volume has reached over $64 billion, and in the Philippines, about 20% of the population has indulged in blockchain games, with some workers earning double or triple their local minimum salary.

Blockchain games are expected to reach new heights in 2023, serving not only as a form of entertainment but also as a teaching method for understanding virtual currencies, NFTs, and digital assets. As the industry continues to evolve, it's clear that blockchain games are set to play a significant role in shaping the future of the gaming world.