Cryptocurrencies saw tremendous growth in 2021. The global market cap of crypto now stands at $2.25 Trillion. With features like secure and irreversible transactions, inflation protection, high yields, and cheap global funds transfers, crypto has become everyone’s go-to solution for finance. Multiple sectors are now joining the crypto bandwagon with their amazing decentralized solutions.
Despite their immense popularity, we are still a long way from widespread usage. Although it feels that crypto is growing, a population-wide analysis shows that crypto users remain a minority. The global crypto ownership rates were merely 3.9% in 2021, with over just 300 million crypto users globally.
However, industries are evolving to bring crypto to the masses and one of the key drivers of this growth is the gaming sector. According to analysts, gaming will be the key sector to offer blockchain and crypto a chance to become a genuine use case, not only by making games more immersive but also by developing internal economies that will educate people about cryptocurrencies. This $150 Billion industry is all set to push crypto to the masses.
Giving Blockchain and Crypto a Real Use Case
Crypto and gaming were an ideal combination that never materialized previously. However, with the advancement in blockchain, people have realized the potential of crypto gaming, giving rise to play-to-earn (P2E) games. These games have proven to be a game-changer in the industry, offering income streams to users that were not previously available in free-to-play games.
The P2E model combines blockchain solutions such as crypto and non-fungible tokens (NFTs) to provide additional value as well as an excellent user experience. Crypto specifically is being used as in-game currency to reward users for playing the game. Even NFTs are transforming the way we deal with in-game items, making them easily accessible outside the gaming ecosystem for real-world monetization.
Moreover, many games have simplified blockchain and crypto to new users, driving mass adoption. The majority of blockchain gaming platforms have already demonstrated to the world why crypto gaming is the way of the future. Even platforms like Citrus are playing a key role in accelerating the transformation of gaming. It is offering a wide range of solutions to the blockchain and gaming worlds through a mix of decentralized finance (DeFi), NFTs, innovative dApps, and other technologies.
Going Mainstream with Play-To-Earn and Metaverse
Mainstream adoption of crypto is feasible when everyone can engage in an ecosystem and find value in it. As for now, crypto gaming appears to be on pace to increase adoption through the utilization of the play-to-earn and metaverse concepts. Even as cryptocurrencies are here to stay, blockchain gaming could be a tremendous force that will assist us in getting this revolution started.
Moreover, if people can be persuaded to play games and learn about cryptocurrencies, we could attain widespread acceptance sooner than projected. In addition, if gaming platforms like Citrus continue to flourish and provide a solid foundation for blockchain P2E games, we may see some of the world’s greatest economies participate in crypto gaming. In fact, Asia-pacific countries could be the largest gaming market due to the bulk of its appeal among the younger generation.
Beyond that, NFTs and the metaverse could be an added advantage to its success. Crypto gaming is all set to expand, and in a few years, we may expect to see an entirely new gaming world. With the ease of access to the gaming industry, crypto would see widespread acceptance among the masses.