Video games have been one of the most fascinating inventions of the last century, and as the world gets more digital in every respect, the iGaming market has not been left behind. The most notable progress has been witnessed in the evolution of graphics as characters have been improved to appear more lifelike. Hence iGaming content on leading online casinos such as Vulkan Vegas has become much more relatable to players and fans.
With the pandemic outbreak in 2020, exponential growth has been observed in various gaming-related sectors. There was a substantial breakout coming from the combination of gaming experiences and decentralized finance to advance something that would have otherwise taken longer to actualize. Of course, the Metaverse has been in existence for a little longer than most would think. However, the knowledge of NFTs and Facebook’s announcement to rebrand to Meta in late 2021 helped shed light on the possibilities that iGaming enthusiasts could explore without even having to leave their couches.
Most experts have explained that the reason it took a bit longer for the Metaverse to become popular is that it needed cryptocurrency, NFTs, and blockchain technologies to lay the foundations for it to thrive. However, providentially GameFi is now gaining traction, with analysts predicting that the industry will continue to increase in value for the foreseeable future. Today, we dig deeper into what impact GameFi has had on the iGaming sector and the transformations we expect in the coming years.
Full Account Ownership by Players
In traditional games, the developer has full rights to the user accounts and may choose to ban players at will. However, with GameFi, things are different as players are granted lifetime access to their accounts even in cases where developers cease operations. This is facilitated by the decentralized nature of the GameFi concept, which preserves all the digital assets, milestones achieved in the games, and money earned on the blockchain.
Moreover, in traditional games, iGaming or otherwise, players lose all game progress and money in the account wallet when a developer decides to shut down the account for any reason. Mind you, this may be done without notice as all decisions are made at the discretion of the true owner of the game or platform operator.
Peer-to-Peer Trading in and Outside of the Games
Formerly, money was only exchanged between players and the corresponding gaming platform. Additionally, ‘the house’ has always had the upper hand over the players as they stand to profit more in the long run. However, when GameFi is applied in the iGaming industry, there is way more freedom as collectibles, and other items can be exchanged between peers as well as with the platform. Such an approach poses advantages that include:
- Offering a lot more laxity in the rules.
- There will hardly be any consequences imposed on players as no rules are broken.
- Transactions can be done in-game or taken outside the gaming environment to be sold or exchanged as NFTs.
- Works even better for users when trading is done in cryptocurrencies, as that translates to real-life value.
- Creates a more practical, friendly and profitable gaming environment for players.
Being a decentralized system, iGaming platforms running on GameFi technology are not owned by single entities, and the user community has a say in what happens thereon. The users can rest assured that their vote counts and that they can also contribute to the economic growth of the game. Everything has been laid out on the table and is available for the entire community to see. That is not usually the case with conventional iGaming platforms.
What Does the Future Hold?
Making a living out of your hobby is a dream that has been something that past generations would have never imagined. Previous generations have lived and breathed the ‘work hard, play hard’ motto of their times. However, things are quickly changing as Millennial and Gen Z gamers are earning from the comfort of their homes or as a side hustle. Completing tasks on some iGaming and video game platforms is the only thing players need to do to gain points and earn some tokens or collectibles in the process.
Some players have even taken the whole concept a notch higher by making it a full-time venture and earning a decent income from the ever-growing gamification platforms. Innovative gamification platforms like Axie Infinity and Decentraland, which is open to Roblox players and the Sandbox, all have native currencies to facilitate transactions. As a result, successful players have been able to earn up to thousands of dollars per month by going on in-game missions, trading digital assets, and monetizing these assets in real life.
From the look of things, the only way for the industry is up, and the revolution of the iGaming industry will have more traditional developers rethinking their future strategies. So, here’s to the exciting future possibilities that GameFi will bring to iGaming to offer players more immersive experiences to have fun and make money.