The gaming industry is one of the most profitable industries in the world. According to Newzoo’s Global Gaming Market Report, the industry’s value will balloon to $196 billion by the end of 2022.
Right now, all eyes are on esports and gaming peripherals to continue to meet forecasts set by market experts. Others, however, are starting to focus on the future of casino gaming.While gaming will reach nearly $200 billion by the end of the year, Online game The global industrial value will reach 565 billion US dollars, According to PR Newswire.
This coincides with the online gaming revolution. Today, many avid gamers who used to spend time at local casinos are starting to register accounts with online casinos.When it comes to launching a successful real money gaming platformcompanies must remember that users are looking for availability and variety of titles, secure banking and customer support, and competitive promotions.
However, as decentralized finance continues to grow, there will be a huge overlap in online casino products, blockchains and various decentralized tokens. While initial predictions focused on crypto-enabled online casinos, there has been a shift towards new platforms that are innovating the industry as a whole.
Step 1: Blockchain and Tokenization
For a platform to be considered decentralized (and crypto-ready), it needs to run on a blockchain. The blockchain platform will enable every user to keep track of all data on the distributed ledger, making every transaction fully transparent.
For now, this is a major challenge DeFi Gaming Field, as blockchain platforms are difficult to program and launch. Also, not many users understand what a blockchain is or how to download “dApps” or decentralized applications that run on it.
However, once these challenges are addressed, decentralized games will benefit from a myriad of features. One of the main features of the DeFi game is the use of tokens. In online casinos, dedicated tokens for in-app games can be paid in cryptocurrency.
In other words, users will play games in the company’s own currency rather than bitcoin, which can then be paid in various forms depending on the user’s interests.
Decentralized Gaming and the “Game to Earn” Model
Decentralized gaming has the potential to change too how people game. Given the popularity of casino games, other major events such as poker and slot machine platforms and fantasy sports competitions are likely to remain. However, there is also a new model of “making money” that is important in the decentralized space.
The game monetization model allows companies to create any type of game, be it social games or classic RPGs, and accumulate points based on the game. From there, they can pay users based on converting those points into cryptocurrencies or other currencies.
The challenges of dApps and Web 3.0
As mentioned above, decentralized applications run on the blockchain and empower users, at least in theory. Currently, there are dozens of casino dApps that allow users to convert their winnings into cryptocurrencies.However, given that The nature of dApps As well as the long learning curve associated with all things decentralized, users are at risk of being exploited.
In other words, no concentrated The principal that will verify that the application is trustworthy. While these do exist in the form of peer review, and there are quality groups that have established themselves as worthy watchdogs, the DeFi gaming industry will face these challenges.
Also, the rollout of Web 3.0 is bound to spell trouble for things. This “new” version of the Internet will allow users to personalize how they receive information and from which sources. In other words, Google and other influential search engines will no longer provide personal information based on previous data collections.
Currently, online casinos remain one of the most ubiquitous forms of gaming and entertainment in the world. But the demographic that likes online gaming doesn’t necessarily overlap with those interested in DeFi, which means there will be a significant learning gap over the next decade.