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Stratis, a leading blockchain platform, reveals the growing appetite of video game developers towards blockchain and non-fungible token (NFT) technology. In a new study also undertaken by Opinium, the research disclosed that the majority of the respondents are willing to consider using these developments in future games.
These developers believe that incorporating decentralized finance (DeFi), NFTs, and play-to-earn models will unlock each game’s full potential and provide more engaging player experiences.
Going into detail, 197 video game developers were surveyed in the US and UK and 58% of them said they are now starting to use blockchain technology. Meanwhile, 47% began to integrate NFTs into the games they build.
Displaying their hunger for blockchain and NFTs, 72% of the respondents answered that they consider using these technologies for new games. Of that percentage, 56% are planning to materialize these concepts in the next 12 months.
Conversely, more than half (64%) believe that blockchain technology will be prevalent in the video game industry within the next two years. 53% agree with the thought that NFTs would be established by then too.
Understanding why blockchain and NFT tech are critical for the industry, 61% believe that it allows for innovative and more exciting gameplay. While 55% said it secures value for players by keeping money in the game.
As to why video game developers want to use blockchain in games, 54% want to reward players with real-world value. 45% aim for the network effects that incentivize the adoption of games.
About blockchain capabilities, game developers were mostly eyeing DeFi or GameFi (57%). This entails combining DeFi and NFTs to give players financial incentives to play and level up. Play-to-earn models were popular as well, garnering 46% of the total respondents.
This is followed by NFTs that provided in-game items (44%) and last but not the least, tokenization at 42%. The Chief Executive Officer of Stratis, Chris Trew, said:
We commissioned this research to solidify what we already assumed — that blockchain and NFTs are the future of video games. From our own experience supporting AA game developers, we know first-hand how these technologies are already beginning to improve the player experience by rewarding players with the ability to earn real-world value. Stratis offers an SDK to the Unity gaming engine, with plans to add Unreal soon. We’re betting big on blockchain gaming and we want to be the infrastructure layer.
He also noted, “With renowned platforms such as Epic welcoming blockchain-based games and NFTs, we certainly expect AAA studios to launch titles incorporating these technologies in the coming years. But there are so many indie game developers that will get there first.”
Meanwhile, Jean-Philippe Vergne, an Associate Professor at UCL School of Management, who is currently researching blockchain commented:
Blockchain is rapidly becoming a core building block for online games. What blockchain enables is incredibly compelling — players can now earn cryptocurrency while playing and trade digital goods both within and across games. The rise of esports in the past decade has already indicated that there were many players out there who were willing to quit their day job and make gaming their primary income source. Blockchain is riding on this wave and making the opportunity available to all in a more transparent fashion.
For JP Vergne, the early growth in play-to-earn gaming will come from emerging economies–earning a few dollars a day through gaming can send someone straight to the middle class. He also notes that this can transform the global economy.