New Platform GOATED Advances Interest in Blockchain Gaming
The video gaming sector profited from the pandemic lockdowns, and it is presently seeing rapid expansion. In 2020, the UK spent £1.6 billion ($2.1 billion) more on video games than the previous year.
People used gaming as a source of home entertainment during lockdowns, from Animal Crossing to Call of Duty.
And it wasn't just a passing trend. According to InvestGame research, the global video game industry will grow in 2021 as well. Private investments quadrupled year on year in the first half of the year, while public offers increased from $4.9 billion in the first half of 2020 to $17.1 billion in H1 2021.
Another trend identified by InvestGame in its research is the emergence of blockchain-based gaming. Crypto games combine the two technologies, either by utilizing an NFT marketplace or allowing players to earn rewards while playing. Crypto, Blockchain and video gaming are proving to be a winning combo. One of the most famous blockchain games, Axie Infinity, has generated a stunning $1.2 billion in revenue.
Ownership is one of the reasons why blockchain gaming has grown in popularity. Unlike traditional games, Blockchain games give players ownership of what they collect via blockchain technology. Players can own, trade, and even sell their NFT's (Non-Fungible_Tokens) and in-game items. The marketplace dynamic has drawn players, whether a Splinterlands creature card or a purple Axie with green thorns.
Earning money from video gaming is also appealing to players. Certain games have previously been chastised for using a pay-to-play model, in which users must invest money to get the most out of a game. Once, putting money into video games would merely improve your experience, such as being able to level up faster. The converse is true for crypto gaming: the first iteration, the "play-to-earn" paradigm allowed users to profit from their gameplay. The GOATED "Engage to Earn" paradigm is the newest advance in this development, enabling users to profit by doing what they already love to do, watch, follow, comment, collect, trade, stake, nominate, vote and share to earn. GOATED calls this gamer-centric dynamic "Persistent Passive Income" a platform that will revolutionize the industry.
GOATED allows players to immerse themselves in the metaverse and delve safely into NFT investment. GOATED recognizes that fans and followers want new and exciting ways to collect, connect, participate, support, and profit alongside their favorite games and gamers. As a result, it has devised a novel method of expanding its reputation, brands, and revenue streams.
GOATED aims to reward the individuals that truly make gaming enjoyable and profitable: the worldwide community of gamers. The GOATED platform intends to reward all gamers, fans, and followers in the global gaming community by utilizing the GOATED Gamernomic Model. The incentives are designed to be fair, reasonable and proportionate to their gaming activities and their level of engagement as Fans and Followers with their favorite gamers and content creators.
GOATED provides ENGAGE-TO-EARN, enjoyable, profitable, and non-exploitative solutions for ALL gamers to profit from what they already love doing while supporting and rewarding their favorite game(s), players, and content creators.
Blockchain businesses are also interested, and Solana and Polygon have begun investing in early-stage blockchain games that include decentralized financing (DeFi) in their systems. With more and more investors putting their money behind blockchain gaming platforms, the industry may experience a boom.
Video gaming is a testing ground for blockchain's future, and gaming is a great way to learn about blockchain and other uses. Real money is at stake with blockchain, but it's all wrapped up in games: the ideal setting to test blockchain's initial mainstream acceptance.