During the second quarter of 2022, the blockchain gaming industry went on a roller coaster. Many things, like hacks, delayed launches, and even the conflict between Ukraine and Russia, have greatly affected P2E’s growth. How is P2E doing in the blockchain gaming industry despite all these events?
Is P2E dead, or does the industry keep moving forward? We’ll talk about how well P2E is doing in 2022 by listing the sector’s accomplishments and changes below:
The total investment went up
According to a report by DappRadar and BGA Games, the blockchain gaming industry could get $2.5 billion in investments in the second quarter of 2022. This is a significant number compared to the 2021s, which brought in a total of $4 billion in funding for the year.
By 2022, it is expected that 10 billion dollars will have been invested, which is a growth of 150%. These first two quarters added up to 33% more than the year. Since Q1 2022, the gaming business barely noticed the 29% drop in revenue from non-fungible tokens (NFTs).
In fact, compared to the previous year, the money made from gaming NFTs went up by 19%. So, there are reasons to be hopeful about the rest of the journey this year.
As was already said, investments went up a lot more than they did in 2021. This is one reason why all the signs point to a bright future. Now that the developers have the money, they can add more value to their games and communities.
There is a rise in the number of people playing blockchain games
Since 2021, there have been many more active players than before. As of March 2018, 1.22 million people played different blockchain games. This amount is more than 2,000% higher than it will be in the first three months of 2021. These numbers could increase by almost 3% in Q2-Q3 2022 if the market keeps improving and game makers keep putting out new games and updating old ones.
In 2022, the prices of almost all P2E game tokens dropped quickly and sharply. Even though the bear market has hurt the blockchain gaming business, the number of gamers actively playing has stayed the same, which points to steady growth.
Learn How P2E games dominate the traditional gaming industry.
P2E now has better ability to bounce back
Even though most people are pessimistic about the cryptocurrency market and NFTs losing value, P2E is showing strong signs of resiliency. A great example is how Axie Infinity got back on its feet after a recent hacking attack by implementing new rules and updating its system.
Axie Infinity is the clear leader in peer-to-peer (P2P) blockchain games, just like Bitcoin is the clear leader in cryptocurrencies. Like Bitcoin, it has the public’s attention, is a target for competitors, and has been the subject of controversy and hacking attempts.
This year, 173,600 Ether (ETH) and 25.5 million USD Coin (USDC), which were worth more than $612 million at the time, were stolen from Axie Infinity’s Ethereum sidechain, Ronin Bridge.
Axie Infinity has fixed the problem by redeploying the Ronin Bridge and giving money back to users who lost money during the attack. The updated version of the game’s Ethereum sidechain added a “circuit-breaker” feature to stop similar attacks from happening again.
Now, withdrawals of more than $10 million will require a manual review. This manual review can take up to 7 days and needs the signatures of 90% of the validators to be approved.
More people are playing NFT games and using P2E
DappRadar and the Blockchain Gaming Alliance researched the market and found that P2E and blockchain were able to grow by about 2,000% compared to the previous year. Even though the blockchain industry faces many problems, this is still the case.
Finder’s NFT Gaming Adoption Report shows that about 25% of the 43,312 people who answered the survey from 26 countries said they had played NFT games. This number should grow by 1.6 times by the end of 2022. Also, 14% more plan to play pay-to-play games by the end of the year. This means that the number of people who use P2E could reach 39% by the end of the year.
Regarding P2E adoption, the Philippines came in fourth, after India, Hong Kong, and The UAE. Check out the table below to see how many people around the world are playing or will be playing NFT:
- India: 33.79%
- Hong Kong: 28.75%
- United Arab Emirates: 27.27%
- Philippines: 25.01%
- Vietnam: 22.96%
- Singapore: 22.68%
- Malaysia: 19.43%
- Brazil: 17.55%
- Nigeria: 16.05%
- Venezuela: 14.11%
- Peru: 13.15%
- Colombia: 12.68%
- Argentina: 12.06%
- Chile: 11.36%
- Ireland: 11.31%
- Mexico: 11.11%
- South Africa: 10.20%
- The United States: 9.37%
- Canada: 8.38%
- Switzerland: 8.37%
- New Zealand: 8.19%
- Spain: 8.05%
- The UK: 7.55%
- Germany: 7.40%
- France: 5.75%
- Sweden: 4.33%
There is a boost in the number of crypto gamers guild scholars
Game designers and developers are increasingly using NFTs and cryptocurrencies to add more appealing ways to make money in their games. Blockchain-based games have economies run by digital assets and let players win prizes.
Players who want to play a P2E game but can’t afford the NFTs can join a gaming guild. Scholars, who are members of these guilds, can play free P2E games like Axie Infinity by borrowing the NFTs they need. The rest of the money goes to the guild, and the scholars get a share of what they make.
The number of players buying and selling digital assets has increased, which has helped crypto gaming become more popular. This has given game makers a reliable source of income and given users something of value.
P2E’s future depends on how much people play games
In a report that came out in May, Cointelegraph looked at Axie Infinity, Splinterlands, Bomb Crypto, Alien Worlds, and DeFi Kingdoms, five of the most popular P2E games. Compared to games like Call of Duty, their gameplay can be simple. Even though this is the case, blockchain games are still a lot of fun.
Also, since GameFi is still in its early stages of development, games will get better looking and more exciting as time passes. And, like other market downturns, the current bear market could be a driver of innovation and progress.
Learn Everything about GameFi and its features.
All five games looked at for the GameFi report do a great job of making crypto, and non-fungible token (NFT) investments look good. The score for each game’s gameplay was based on how much it cost to get in, how many ways there were to play, how hard it was to plan overall, and how the game worked.
Since the economy of almost all P2E projects is almost entirely based on new players, a slowdown in the growth of new players could cause the economy of the whole project to go into recession. So, if the GameFi industry wants more people to use it, it will help keep focusing on gameplay development.
By playing P2E, many gamers now have the chance to make money and invest in something else. When peer-to-peer (P2P) gaming and decentralized finance come together, it opens up a new world of possibilities.
The technology that makes P2E games possible lets game developers give players a foolproof way to prove ownership and some unique ways to play. In the end, P2E can still survive the challenging market conditions of 2022 and continue to attract new users as long as the projects are interesting, the in-game economics are strong, and there is a lot of economic freedom.
Do you want to become a P2E gamer or token investor?
P2E is catching up and riding the volatile waves of the crypto industry! It is not too late nor too early to become a P2E gamer or token investor. Join millions of enthusiasts and help build GameFi by becoming a P2E gamer or a crypto token investor!
Enter as a P2E gamer
Join the world of P2E gaming by being a Railings University gaming scholar. Railings University is a large guild under the management of Play It Forward DAO. It offers varieties of P2E games where you can play and earn. Find out more of this, visit RU’s Facebook page and/or see our videos in our YouTube channel.
Enter as a token investor
If P2E investments interests you, you should be a PIF token holder. Start your highly-potential crypto token investments now! Know more of this by joining Play It Forward DAO’s Telegram and/or Discord channels. Feel free to follow Play It Forward DAO’s social media accounts on Facebook, Twitter, and LinkedIn for token updates.