Blockchain Gaming Companies Raise $470M+ in H1 2021

When the NFT currency collectibles first became popular in early 2021, they caught the curiosity of many millennials, leading the NFT craze to grow.

Recognizing a potential, a slew of blockchain-based video game businesses have begun vying for a piece of the lucrative pie. Even though some have associated NFTs with cryptocurrency jokes or GameStop memes exchange hysteria, these tokens are far more than a fad; they have significant implementations and the potential to transform the future environment of digital content and how some items are uniquely recognized, accepted, authenticated, and purchased.

A non-fungible token is a digital property that, in its most basic form, conveys possession of a digital thing. NFTs, like cryptocurrencies, rely on a distributed ledger to securely recognize and validate the legitimacy of trades while also keeping track of them. However, there is a distinction to be made between NFTs and cryptocurrencies.

Much more astonishing is the fact that individuals spend hundreds, if not millions, of dollars on cosmetics that improve the visual of a video game, characters, or avatars, but do little to actually improve the gaming experience.

Skins are evolving into digital artwork for online games, and NFTs can let professional developers take control of and validate their skins if they want to sell them in the future. NFTs may also be used to play a variety of games. Take, for example, Warcraft or Minecraft, two video games that let players create their playing worlds or maps, both of which provide a multitude of tools to allow players to unleash their creativity and create complicated, one-of-a-kind settings.

Large companies realize the possibility of benefiting from this fast-expanding game area because of the high levels of engagement. For example, The Walking Dead would be available on the network, allowing players to explore a zombie-infested area within the video game, in what Sandbox portrays as a start toward establishing a "digital theme park."

These kinds of enterprises are guaranteed to draw a wider audience to the market. Videogames of this nature look to be here to stay. Many video games have successfully maintained online forums in the past, but play-to-earn video games have the potential to become even more popular in the end by providing the possibility of making money.

NFTs are not only for gaming. DappRadar, a decentralized app (Dapp) marketplace headquartered in Lithuania, has over 500,000 monthly active users. There are over 5,265 Dapps from over 20 different blockchain protocols on the platform.

In the first quarter of 2021, more than 1.5 Billion USD in NFTs were traded on the platform, rising 2627 percent from the fourth quarter of 2020. The blockchain industry, as a result, expanded 158 percent year over year, surpassing a million everyday operational wallets throughout all blockchains, according to the DappRadar Quarter 1 2021 Business Survey.

In Animoca Brands' "The Sandbox", a user-generated content sandbox environment, gamers may also create their NFTs. They may purchase and sell these commodities in the same way that they can in Real Life. Lands, or digital real estate, can be pre-sold by corporations for gamers to build.

In Axie Infinity, which promotes the play-to-earn concept, users might acquire NFTs while enjoying the game. Axie Infinity is capable of paying out revenue to gamers in part due to the payments it receives upfront. In today's world, putting together a group of 3 Axies may take up to 1272 USD. Axie Infinity players spent 6.69 million USD on in-game NFTs during the course of seven days in May 2021.

It currently has over 43,000 participants in its Discord community, and it just acquired 4 million USD, in part to support bursaries for individuals who may receive NFT incentives once they pay the first price and begin gaming.

To date, 4700 Yield Guild Gaming scholars have collected 39.5 million SLPs, Axie Infinity's currency, or around 7.6 million USD. In May 2021, Sky Mavis, the inventor of Axie Infinity, secured 7.5 million USD from investors, including Mark Cuban, the tycoon. However, it is currently said to be receiving a fresh batch of investment, and it is rapidly approaching a million everyday active customers.