There's only one word to describe the speed at which the online gaming industry (especially blockchain-based gaming) and that word is 'breakneck'. Blockchain gaming in recent times is making serious waves and the play-to-earn model being adopted in many of these games, is among the most exciting technological developments in blockchain gaming right now. While the adoption rate of play-to-earn games is growing faster by the day, they are still very rudimentary at this point. Many play-to-earn games still suffer from poor user experiences and there are hardly any cutting-edge games using the play-to-earn model.
As a result of the COVID-19 pandemic, worldwide lockdown forced many people to turn to online gaming as a form of distraction and this is reflected in the significant spike in revenues the industry had. The online gaming industry generated $21 billion in revenue in 2020. This represented an impressive 21.9% jump compared to the previous year and the numbers are expected to grow to $23.8 billion in 2021. 1 billion online gamers worldwide. That's the current estimate of gamers and by 2025, that number is projected to grow past 1.3 billion people.
A good cut of this revenue is coming from the Blockchain gaming industry. The role of technology in the gaming space is getting bigger and bigger and investors are recognizing its importance. In the first half of 2021, gaming companies focused on the blockchain received almost $500 million in funding. This figure represents roughly about 5% of the total investment that is flowing into the gaming industry.
The gaming industry is increasingly adopting blockchain technology for several reasons. Some of these reasons are:
All of these make a newbie want to jump right in but the play-to-earn industry still has several shortcomings. Shortcomings like:
These are the problems Nakamoto Games has stepped in to solve.
Nakamoto Games is addressing the current issues in the play-to-earn gaming industry by building an ecosystem that will offer gamers an unprecedented amount of play-to-earn games available to play. The company will also launch an in-house suite of games where players all over the world will compete for weekly prize pools and lucrative rewards on these games. Nakamoto Games also gives developers the chance to build and deploy their-to-earn games within the Nakamoto ecosystem and they will keep full liberty over the monetization of these games.
Developers will be provided with a software development kit to guide them as they develop and deploy their games. While anyone with a Crypto wallet will be able to access the gaming platform, they will require $NAKA tokens to participate fully in the gaming options.
$NAKA tokens are the native tokens of the Nakamoto Games ecosystem. They will be used to acquire the in-game accessories. A part of that prize pool is burned weekly and this gives the token its deflationary dynamics. The $NAKA token is used to:
Play — $NAKA tokens are used by gamers to participate in any of the games on the platform. Players use them to buy ammunition, armor, or whatever accessories the particular game needs.
Earn — Gamers with the highest ranks on the leaderboards for individual games will earn a $NAKA tokens prize pool that is partially burned every week. This will foster a positive supply-demand dynamics for $NAKA tokens in the sense that the supply will constantly be reduced and gamers will demand tokens consistently, for them to access the Nakamoto ecosystem.
Governance — Holders of the $NAKA token will also be able to participate in the governance of the platform. They will be able to vote for or against proposals on the platform.
Incentive — $NAKA tokens will also serve as an incentive mechanism to motivate developers to carry out more research and development on the game's ecosystem. Bounty programs will be established using the $NAKA tokens and this is sure to incentivize developers who participate in these programs.
You can follow Nakamoto Games here:
Website — https://nakamoto.games/
Medium — https://medium.com/@nakamotogames
Twitter — https://twitter.com/NakamotoGames