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Blockchain Boosts Online Gaming

Blockchain Boosts Online Gaming

There has been significant growth in the online gaming industry. An influx of older participants across the globe has been a significant component of this growth. In previous decades, gaming was mainly populated by teens and younger adults. However, today’s gaming population is more representative of the older generations.

In the latest release of The Punters Pick, we highlight the entry of the older audience in online gaming, detailing the role of blockchain and other technologies in the emergence of this new trend. Before exploring the role of blockchain and other technologies in online gaming growth, we initially present the data that shows greater participation from older generations. But before diving into the newsletter, we review our weekly development roundup.

CryptoPunt Development Roundup

👨‍💻 Team expansion:

  • A senior quality assurance analyst has joined the CryptoPunt team. This exciting addition will add further scrutiny to our development processes, ensuring flawless security and helping us work towards a seamless user experience.

✔️ Development transitions to public test network:

  • Our development testing has transitioned from a private blockchain test network to a public test network. This environment more closely resembles the environment that CryptoPunt will ultimately operate in and allows us to assess factors such as game performance, oracle integration, and API connections. As it stands, the API connections allow us to easily review game history and display transactions on the frontend.

💻 Frontend refinement:

  • Chat service polished
  • Wallet connection finalized
  • Punt balance can be viewed

🔗 Backend progress:

  • Smart contract upgraded to address bugs
  • More testing and bug fixes on Jackpot and CoinFlip

🗒️ Coming up this week!

  • Testing and bug fixes for Blackjack
  • Further work on API connections
  • Developments on game display and withdrawals

Older generation accelerates online gaming growth

In 2020, 2.8 billion people were estimated to be actively involved in video gaming across the globe. This population of gamers cuts across participants of different age categories, including young and old. The highest number of gamers came from the Asia Pacific region, which accounted for over 1.52 billion gamers.

(Source: statista.com)

More participation from older generations played a significant role in the growth of the overall industry. A Global Web Index (GWI) report indicates that the number of adults between the ages of 55 to 64 years involved in online gaming has grown by 32% since 2018.

According to an NDP report, the year-over-year rise of gamers over 45 years grew by 17% in 2020. Experts anticipate that the population of online gamers will continue to grow with a forecast of reaching 3.07 billion people in 2023.

Several reasons have been attributed to this rise in the number of gamers, especially among the older population. The immersion of smartphones and mobile technology into the homes of the majority of the world’s population is a fundamental factor in the expansion of many online processes, including gaming.

report by Deloitte shows that access to mobile devices have become essential towards the ability of humans to participate in the spectrum of today’s economic and social activities. In a survey of over 20 countries, the auditing firm discovered that almost all the developed countries surveyed had over 90% penetration of mobile technology. However, innovation in blockchain technology has served as another factor making online gaming more attractive.

(Source: Deloitte.com)

How blockchain advanced online gaming

Reports suggest that the implementation of transferable digital assets within games will make 62% of gamers more interested in investing. Among the game developers, 84% of them are more likely to create in-game items for the same reason.

This trend is becoming more of a reality with the explosion of NFTs and their immeresion in the gaming ecosystem. This is providing a significant earning opportunity for several gamers across the world.

NFTs are driving blockchain implementation in online gaming. The traditional gaming industry is characterized by a unidirectional flow of value from the gamers to developers but blockchain makes it possible for the gamers to capture value independently.

Blockchain-based gaming apps allower gamers to tap into revenue generation through asset acquisition and in-game trading. This is attracting more users into the gaming industry and is bringing new possibilities to gamers.

Incentive and lowered barriers is a major attraction

The online population of gamers may be growing but blockchain innovation is also playing a greater role in spurring online gaming growth. Blockchain enables gamers to access value in versatile ways. In-game asset acquisition and trading is only one way that the technology is changing the online gaming landscape. Blockchain-based gamers are also able to confidently custody their own assets and transfer between fellow gamers in a permissionless way.

Next-generation gaming platforms like CryptoPunt provide such a versatile experience to gamers. Gamers can level up their holdings through their gaming while also maintaining ultimate control over their own assets.

About CryptoPunt

CryptoPunt is a next-generation gaming and gambling Dapp. Underpinned by the Ethereum blockchain, CryptoPunt is positioning itself to be the leading blockchain-based gaming application. Users can start gaming in less than one minute with no KYC or registration process. CryptoPunt will offer a broad suite of games, including an option that has a virtual world and in-game economy.

Stay tuned, and learn more!

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