Anyone who invested in Axie Infinity (AXS) at the start of 2022 must have been disappointed to find that the cryptocurrency has lost around 94% of its value since the start of the year. The situation is similar with most other crypto gambling tokens. For crypto-gaming investors, 2022 has been a disastrous year. Over the course of the year, it became apparent that most game mechanics for winning were unsustainable. In many ways, most crypto games today are based solely on hype and speculation, which often detracts from the fun and long-term survival of games.
Despite the market crash, there were still around one million daily active blockchain players for most of 2022. The Wax Blockchain currently leads the number of daily players with 315,000 at the time of writing. Wax hosts several great games like Splinterlands and Farmers World.
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This is the state of the crypto gaming industry
Nevertheless, the pioneers of many play-to-earn game models have played an important role in stimulating the interest of many bright minds over the past few years. For example, Grand Theft Auto founder Dan Houser has invested in crypto gaming company Revolving Games, and game developer Ubisoft is also keen to dive deeper into crypto gaming.
In 2021 alone, around 3.6 billion US dollars were invested in the development of crypto gaming projects and this wave of investments has not diminished in 2022 either. On the contrary: The venture capital firm Delphi Digital assumes that investments in crypto game development will be slightly higher than the previous year, despite the bear market.
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Despite the moderate interest in crypto games and the relatively low number of users, the sector should not be written off. Crypto gambling is one of the most lucrative sectors for venture capitalists.
Game development takes time
Also, most forget that developing good quality games takes much longer than in most other crypto industries. For this reason, all gaming and blockchain enthusiasts should stay calm.
The crypto gaming industry is still in its infancy and the latest hype cycle could have been the first, similar to Bitcoin.
Despite a poor year from a technical perspective, the crypto gaming sector still offers many opportunities for the future of gaming. Oliver Löffler of BLN Capital explains some of them in the following podcast:
Crypto gambling in 2023
A number of traditional gaming companies are currently jumping into the crypto market. Ubisoft has entered into partnerships and investments in a number of blockchain game companies. Additionally, Blankos Block Party, the first crypto game, was launched on the Epic Game Store last September. Additionally, Final Fantasy maker Square Enix would like to release Symbiogenesis, an NFT-based browser game, on the Ethereum blockchain in the spring of 2023.
Other triple-A crypto games such as Illuvium (ILV), Guild of Guardians (GOG), and Ember Sword (EMBER) are also slated to launch in 2023, so it’s entirely conceivable that one of these games will succeed in attracting a greater number of players.
In 2023, we can therefore expect the release of the first Triple-A crypto games, which will offer a completely new crypto gaming experience combining high-quality game graphics and sophisticated gameplay with blockchain technology for the first time. However, it is still unclear whether these games will achieve a breakthrough and whether new models of games to win will actually be accepted by the gaming community.
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