Over the past week, crypto gamers spent $1 million in cryptocurrency to purchase virtual land to invest in digital real estate. Blockchain technology and cryptocurrencies have been suggested as a good fit for the gaming industry. As the industry moves towards the full realization of virtual reality, digital currencies can prove to be the ideal mode of exchange for the digital ecosystem.
Moreover, the last week has seen a significant amount of investment happened in the virtual assets space. According to a post on Medium by Robert Hoogendoorn, over $1 million dollars in crypto was spent to buy virtual spaces across three blockchain-based games: Decentraland, The Sandbox, and Cryptovoxels.
In addition, Decerntraland; which is the largest among the three on the basis of the trading volume; attracted the majority of investment with over $600,000 used to purchase real estate in the game. Decerntraland will officially be launched on February 20th. Crypto gamers can purchase virtual names using the Ethereum names service domain. In addition, they can also purchase digital clothing on top of other accessories.
On the other hand, Sandbox also experienced an influx of investors. The game generated more than 6000 sales as gamers spent $168,000 to purchase about 7% of its total virtual land. Additionally, gamers spent $204,000 to purchase digital assets on the Cryptovoxel gaming platform.
Hoogendoorn commented on crypto gamers purchasing virtual land. According to him:
“Virtual land in these digital world can be owned by players themselves. They are free to build whatever they want, and to monetize whatever they want. As a result this free digital market will attract both hobbyists and business opportunists.”
Crypto Games a Market in the Making
In conclusion, since the game Cryptokitties was launched back in November 2017, the concept of non-fungible tokens has always crossed the minds of developers and digital currency traders alike. The year 2019 was groundbreaking for the crypto gaming ecosystem. Many multinational corporations drew the attention of this new sector and started developing their own projects. However, 2020 is destined to be bigger for the industry as new games backed by alternative technologies have begun emerging.