In 2021, blockchain gaming emerged as one of the cryptoverse's fastest-growing (and most lucrative) sectors. As the concept of the metaverse gained traction, a slew of potential play-to-earn games entered the market in an attempt to cash in on the huge possibility.
According to the annual blockchain industry report, in-game NFT transactions generated more than $4.5 billion for blockchain gaming. In 2021, the research forecasts a dramatic rise in blockchain-based virtual worlds. The play-to-earn blockchain gaming revolution, led by titles like Axie Infinity, Splinterlands, Gods Unchained, and others, upended traditional gaming paradigms.
At the same time, these platforms were essential in attracting new people to the crypto space. The recent surge in popularity of play-to-earn games drew the attention of venture capital firms and angel investors, resulting in a record $4 billion investment in 2021, up from $80 million in 2020. The future of the play-to-earn appears even brighter in 2021, with everything working in favor of blockchain.
As new play mechanics are introduced in 2022, trends like crypto casinos and crypto gambling as a whole will gain traction, elevating the concept of play-to-earn to new heights. Platforms that support blockchain gaming, such as decentralized secondary marketplaces and more, are expected to debut this year.
The Future Looks Bright
There is little doubt that blockchain gaming will be around for a long time. The 5000 percent growth in investment in blockchain gaming initiatives between 2020 and 2021 demonstrates investors' increased interest in this budding industry within the crypto ecosystem.
In addition, this year brings the realization of the much-awaited concepts of blockchain 3.0, web 3.0, DeFi 2.0, and the metaverse. Prepare for a thrilling ride in 2022 as potential projects compete for spots in the rapidly shifting dynamics of the multibillion-dollar global blockchain gaming business.
These new concepts are setting the stage for DeFi Casinos, VR Casinos, NFT Casinos, and more. Crypto gambling has already become uber-popular with millions of players around the world making payments to crypto casinos using Bitcoin, Ethereum, and other tokens.
Many of the casinos and gambling sites that are secured on the blockchain still operate without a license so we must tell you that until they are under regulation it is playing at your own risk.