The Evolution of Blockchain Games: From Niche to Multi-Billion Industry
April 2022 - DappRadar
GameFi, DappRadar, Metaverse, P2E, Games, NFT
Videogames were born in the late 20th century as a way to distract humans from their daily routine. Nonetheless, newer technologies and a more digital society helped turn a leisure activity into a multibillion industry that keeps expanding.
Pay-to-play games became the dominant model from the 1970s to the 2000s. In the 2010s, companies started to explore the free-to-play model taking advantage of global app stores and marketplaces capitulating successful franchises like Fornite and Apex Legends. Plus, streaming platforms like Twitch and the emergence of large esports communities added an economic layer for gamer professionals and creators.
With the implementation of blockchain technologies, games became more than entertainment platforms. Blockchain-based games or game dapps empower players, users, and creators thanks to the ownership entitled by NFTs and the economic features of cryptocurrencies. What is more, since the start of 2021, blockchain-based games and their underlying infrastructure have raised at least $7 billion in investments from VCs and institutional investors.
This DappRadar report intends to explain the key events and factors that contributed to the evolution of blockchain games into a sector, attracting billions in investments and venture into the potential possibilities for this rising industry.