The gaming industry has undergone a tremendous revolution since its early days. From the era of 1980s Nintendo consoles to the dawn of massively multiplayer online games (MMOs) like Final Fantasy, to the emergence of Play-to-Earn games and the highly-immersive world of the metaverse, the world of gaming has proved that the possibilities can be endless in the realm of technology. In a new report, the gaming industry has been valued at over $300 billion, more than the film and music industries combined.
Recent surges in the sector have been attributed to an increase in mobile gaming and online social interaction during the pandemic. In addition to the pandemic creating the perfect storm for a surge in gaming, the booming industry can also be attributed to the emergence of blockchain gaming. This subsector has taken off due to its ability to give more control to the end-user and less to game publishers.
As publishers are no longer given complete authority over whether a game is canceled or specific features are removed, the power has been shifted back to the end-user. In fact, according to a DappRadar and Blockchain Game Alliance report from Q1 2022, the blockchain gaming industry has grown by over 2000% in the past year alone.
Both venture capitals and other investors have been heavily investing money into blockchain games and metaverse projects, with the market exceeding $2.5 billion in investments in 2022. Financial institutions are also estimating the economic potential of the decentralized metaverse to reach at least $8 trillion in market value in China alone.
Despite the blockchain boom, in comparison to the rest of the gaming sphere, blockchain gaming still only takes up a small amount of the overall gaming sector. As the gaming market continues to snowball, there is significant untapped potential in the blockchain gaming market.
Shiryo is a perfect example of a project tapping into the trading card game (TCG) space, bringing a game reminiscent of Hearthstone and Magic: The Gathering to the blockchain gaming market. The platform’s creators saw a gap in the market and wanted to create something they wanted to play themselves.
Shiryo’s immersive metaverse environment will provide users with social spaces, stores, and battle arenas within the “Shiryoverse.” Gameplay is divided into areas of each element of the card game, and users will be able to select where they want to visit on the map and be transported to a metaverse.
Users will be able to upgrade their deck by heading to an immersive store environment where they will be able to purchase different booster packs and card upgrades to make their deck personalized to whatever they desire it to be.
With innovative projects coming into the blockchain gaming space, it’s clear that the gaming sector holds massive unrealized potential. With so many different industries within gaming itself, it’s only a matter of time before we start seeing various projects establishing themselves as leaders within their niches.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
