The first game was a tennis match in 1958, which marked the beginning of gaming. The Magnavox Odyssey, the first video game console, was introduced in 1972. Mario Kart then used the same strategy in 1985, followed by Pokemon in 1996, which has generated over US$110 billion in earnings since launch. When mobile gaming first hit the market in 2009, it quickly gained popularity as a way for players to play games like Angry Birds, Farmville, and others.
Now, with more than three billion gamers worldwide, the sector is expected to generate $200 billion in sales this year, an increase of 15 to 25% YoY. The following gaming platforms are a little different from what we've seen in the past because they feature so-called play-to-earn games, which let you play while earning money.
People sought amusement to escape the real world and new methods to connect with friends in a virtual gaming environment throughout the epidemic, like the 227 million Americans (or two-thirds of the population) who, according to recent reports, engaged in some type of online gaming.
However, when we consider how these games spread, players end up being the biggest benefit to game developers and businesses. GenZers currently prefer to game with their online friends, who spend an average of eight hours gaming each week. They no longer want to spend as much time watching movies or listening to music. History has shown us that when a friend brags about the most recent game they're playing, their friends tend to do the same, generating enormous network effects with no out-of-pocket costs.
Statistics have also demonstrated how enjoyable and engaging gaming can be, despite the fact that it may be an expensive pastime and that once you exit or finish a game, you lose access to any assets or avatars you may have gained. Over three million players currently enjoy all of their in-game assets on some of the most well-liked and recent platforms, which have raised billions of dollars in venture capital in just a few short years. The next generation of gaming platforms removes those barriers and allows you to play, earn, and own all of your in-game assets.
Games categories
There are a few different types of games that may be helpful to describe when we discuss gaming:
Free to use
As the title indicates, games that are free to play are those. Publishers and game development firms frequently get paid through premium features. According to the most recent statistics, the F2P industry made US$75.6 billion in 2021, up from US$73.8 billion in 2022. This growth can be attributed to games like FIFA 2022, Gran Turismo 7, and Mario Kart 8, which are all among the most popular games as of March 2022.
Playing video games to make money
The primary distinction is that while you play, you own the in-game items you use and have the option to exchange, trade, or keep them on the blockchain. Typically, you must pay to begin the game. If the individual who made your favourite games, the game producer, were to pass away, your assets may still be used in other games. You may easily transfer your resources and use them in the forthcoming blockbuster games.
Gaming online
Netflix, to put it simply, for gaming. The hardware and content of the game require a monthly subscription fee, and its 22 million users only generated US$1.5 billion in revenue in 2021. This is currently a very small number when compared to the three billion players globally, but by 2024, income is expected to triple and there will likely be more than 50 million users.
Whether you want to launch a move-to-earn game, a play-to-earn game, Web3 Game Development services, or any other NFT game, Suffescom Solutions Inc. successfully realises your vision since we offer business-oriented services.
Structures for making video games (the experience and getting started)
These essential characteristics are taken into account while deciding whether to invest in a company:
Free-to-play: Is the F2P element of the game present? The opportunity for the game will be impacted by this both now and in the future.
High-profile collaborations to increase brand appeal through partnerships
Advertising: Those pop-up ads may still appear in the middle of games. Will this cause the user to become irritated and distracted?
Influence: Do your favourite game creators or well-known figures play and discuss the game?
An emerging economy powered by artists How may players potentially make money playing your game?
Mobile versus desktop: Due to their accessibility in the past, mobile games were more entertaining. What will set you apart from others?
How do you plan to attract a sizable user base? Do you want to give the first 50,000 players an NFT drop, for example, so they can start playing the game with an NFT or a digital character rather than having to buy a digital character later on?
Gamers are constructing the future economy
As opposed to regular games, when all of your collected items are lost after you exit the game, in this game you can keep everything you've earned. The next category of gaming platforms allows users to fully own their digital assets without having to leave the game in order to move them to another gaming environment.
A growing community
The way that gaming platforms connect with players and help them enjoy the immersive experience depends heavily on the community experience. Just like with Web3 communities, group members begin to be cautious about who is a part of the community and if they are a helpful member. As soon as a wave of users begin milking these gaming platforms for money, both the success of the game and the experience for other gamers who are there to game and earn money will be severely harmed. However, if the community is truly active, platforms may rely on them for network effects. For example, 80% of Axie Infinity's users originated from referrals, allowing you to quickly access new markets.
The free-to-play games are the ones that are expanding the quickest
Free-to-play games are now the fastest-growing gaming category, and many of them are made with mobile devices in mind. Web3 games may eventually become more popular than free-to-play games. Given that the gaming industry is expanding by 15 to 25 percent yearly, Web3 gaming may be of interest to the new players entering the market today. If this trend continues, play to earn is here to stay and will likely only become more popular. If it does, the target audience will be more interested in crypto-related games, but there will need to be child-safety measures.
Global effects
Blockchain technology has a huge carbon footprint and is bad for the environment because gas is so expensive. Each transaction we do on the blockchain requires a considerable amount of electricity, and blockchain technologies are here to stay. In order to promote openness, platforms may eventually be compelled to explain in their open reports how their platforms are affecting the carbon footprint.
Conclusion
Our forecasts state that community-driven gaming platforms, which let players buy, possess, and trade virtual goods from games, will be widely used in the future. In the future, play-to-earn games may provide players with a different source of income to help them get out of difficult financial positions in struggling countries.