Crypto and GameFi, The Next Generation of Virtual Reality

Gaming is starting to look a lot like the real world as the Metaverse grows in popularity. Cryptocurrency is pushing gaming into the next gen virtual reality world and letting users earn while they play. As this form of gaming evolves, it is also becoming more accessible for users to enter the often intimidating world of crypto. 

Video games evolve continuously to offer gamers an increasingly immersive experience that is both challenging and enjoyable. One example are the new PS5 DualSense controllers which provide more haptic feedback to make the game feel more real. But beyond just the hardware, there can also be innovations in how people actually play the game. Enter: The Metaverse.

The Metaverse: A Virtual Reality

The Metaverse is a gaming universe in which players participate and play in an ever expanding and changing digital environment. This also includes work and transactions which are the lifeblood of a civilization. Games also serve as massive social networks that when paired with next generation virtual reality, can be revolutionary.

While this may be nothing too new, what with Massively Multiplayer Online Role-Playing Games (MMORPGs), there is an additional element. The power behind the Metaverse is blockchain, a database which keeps track of every single transaction anonymously. It also gives the user full ownership of what they own, and does so without a third party interfering or taking a cut. 

Part of why this is so revolutionary is because it eliminates overpriced transactions and content limited by Digital Rights Management (DRM). This means that in-game purchases no longer come with strings attached. Users can own their purchases as real liquid assets in the real world. 

The GameFi Economy

GameFi games typically use their own form of currency which are used for transactions between players. These can be swapped for cryptocurrency which translates into fiat money. Investors can also make in-game purchases of NFTs (Non-Fungible Tokens) which can include artwork or customizable characters and resell them as their value increases. 

These games also present the opportunity to buy land on the digital landscapes, which can be bought and sold as real estate. Entrepreneurs can also find new ways to make money within these vast worlds. One example is an industrious player who created a tour company within a game, taking users around to see different sights while making money. 

Fighting for Dominance of Next Gen VR

The GameFi trend has created a boom in the daily transactions register of cryptocurrency Binance. Crypto-symbol BNB, the brand’s paired tokens referred to as BEP20 are creating a surge in Binance token culture. 

Topping Ethereum daily transactions by more than 8x,  BNB-paired tokens have made BNB the most commonly used in-game cryptocoin of all block chains. A $100-Million dollar industry, freshly popular game “CryptoBlades,” has logged more than 600,000 users alone. This one BEP20 game by itself, is creating millons of transactions daily.

Despite Ethereum’s dominance in the DeFi sector, Binance surged past ETH after beating it at its own game. According to DappRadar, more than 300,000 more users logged onto CryptoBlades than they did into Axie Infinity in July. 

Binance CEO Changpeng Zhao responded to questions on whether his smart chain network could handle more than 20 million daily transactions, to which he responded: “Not an expert. But I think we will find out soon enough.” ‘CZ’ also highlighted the news about the growing gaming network in a tweet:

“#BinanceSmartChain handled 10M+ transactions yesterday. #Ethereum handled 1.2M,” he wrote. “#DeFi and #GameFi are growing.” 

Crypto gaming has a strong future ahead of it as more players join digital games to play and make money. As the industry continues to grow there is also great potential for augmented and virtual reality integration. The real game is innovation, and blockchain is bringing new possibilities for the future of gaming. 

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Amaury Reynolds

A freelance writer covering many topics.

Published by
Amaury Reynolds

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