Video game developers are increasingly using blockchain technology according to a recent poll conducted in the US And the UK as we are reading more in our latest blockchain news. A survey conducted by software company Stratis revealed that about 58% of video game developers from the UK and US are increasingly using Blockchain technology in their endeavors and 47% integrated NFTs in their games.
The poll surveyed 197 video game developers in the UK and the US and apart from those that already use NFT and blockchain, the rest of the participants are optimistic since 72% said they will consider employing them to create new games with 56% intending to do so next year.
Asked whether they believe blockchain technology will become prevalent in video gaming in the following 24 months, 64% of the participants said “yes.”
According to 61% of the developers, say blockchain allows for innovative and interesting gameplay with 55% saying it secures the value for players by keeping the money into the game but also provides rewards for gamers with real-world value collected 54% of the vote. It’s worth noting that 46% of the developers’ interest in blockchain focuses on the Play-to-Earn trending business model.
Jean-Philippe Vergne who is an associate professor at UCL School of Management noted: “Blockchain is rapidly becoming a core building block for online games. What blockchain enables is incredibly compelling — players can now earn cryptocurrency while playing and trade digital goods both within and across games.”
On the same matter, Chris Trew as the Chief Executive Officer at Stratis predicted that a huge chunk of the growth in play-to-earn gaming will come from the emerging economies were earning a lot of money a day through gaming can send them to a middle class so, at a later stage, the wealth transfer will transform the global economy.
Play-to-Earn is a business model where the users can play a game and earn rising in-game assets while doing it. The key component in the model is to give the gamers ownership of those assets and enable them to increase the value by playing a game actively. In the crypto space, defining the ownership is possible via NFTs.
The main idea of Play-to-Earn is to provide rewards for players to put their time and effort into the game. By taking part in a specific game, players can create more value for other gamers in the ecosystem and developers.
They will in turn receive a reward in the form of potentially appreciating in-game assets which can be a type of crypto. Some of the most famous examples of these games include Decentraland, Sandbox, and Axie Infinity.