Ever since Bitcoin’s inception in 2009, London has been one of the major cities to become a spiritual hub. Earlier this year, for instance, London topped a list of cities with the most crypto companies in operation, with a total of 800 crypto-based companies and 2,173 people working in crypto-based jobs.
Crucially, however, a large portion of these companies – an approximated 63% in total – are known to be developing blockchain-driven software and blockchain services. This is crucial only because cryptocurrency has gone way beyond an alternate, digital form of currency. It inow represents an entire world of possibilities, with one possibility taking charge ahead of all the others.
Crypto As A Gaming Platform
As mentioned previously, London is the most popular crypto city in the world, ahead of both Dubai and New York. But as blockchain has developed – and more alternative networks to Bitcoin have been put in place – people have discovered more about what it can offer. As of 2023, there are over 3,000 games developed on blockchain, with 2,000 more crypto casino sites.
The most popular of these games include Axie Infinity, Sandbox, Star Atlas, and Pikamoon. All of these games offer something a little different and were all made inside the blockchain network, meaning there is no centralised controller that can control how the players use them. Gaming itself is said to be one of the biggest revolutions of the crypto era so far, as it demonstrates how decentralised networks have just as much power to join the gaming space as centralised companies.
But it isn’t all good news. Just like cryptocurrency, these crypto gaming platforms have an established competitor – online gaming sites as we know them now, the same sites that have long since established an audience and various marketing strategies.
With this in mind, the crypto landscape in London is, in a way, behind the pack. For instance, while various companies are offering casino games for users to play on blockchain, established, leading online casino operators already offer a vast collection of live games featuring live dealers, slots, and more, all on a mobile phone. Simple, convenient, and exactly what the players want.
How Far Can Crypto Gaming Go?
So where does this leave the crypto gaming world? Blockchain-based games have a long way to go if they want to compete with the already existing mobile gaming market. The global market for mobile games is valued at $108.15 as of 2023, and the online casino industry is valued at around $65.3 billion. Both are expected to grow at a rapid CAGR over the next seven years. In comparison, the global blockchain gaming market is worth $5.41 billion.
There are also certain aspects of the blockchain gaming world that will need to be changed in order to entice players. Right now, many blockchain games are based around non-fungible tokens – known as NFTs – which players need to buy with their tokens in order to “level up” in the game itself. With a lack of emphasis on themes, storylines, and world-building crypto gaming could struggle to get on par with its counterparts in the near future.
It doesn’t help, either, that cryptocurrency as a concept is still not globally accepted. There are countries that have banned cryptocurrency altogether, and this hasn’t helped public sentiment, even in London.
But that’s not to say it’s over before it’s started. The “meta-world” that blockchain has introduced is bound to pick up multiple followers, especially when it comes to businesses that want to communicate and sell their products in a virtual space without the need for physical stores. For players too, there is a new, innovative way to own, trade and sell in-game assets, creating their very own transparent ecosystem that enhances creativity and the concept of ownership. As a gaming platform, however, there is still work to do.