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Sunday, May 22, 2022

The Rapid Evolution Of Business Models In Games After The Advent Of Blockchain

After the introduction of blockchain in games, it is possible to build new business models and develop innovative ideas.

The early computer games had the sole purpose of entertaining the players. It used to distract the players from their regular work and help them access a fantasy world.

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Planet Earth entered the new millennium with a population of over 6 billion people, and the forecast is that this number will reach 8 billion as early as 2023. If we assume that computer games will cease to be an alternative to work and become complementary to it, there will be 4 billion gamers in the world by then.

The still-active virtual world Second Life, which represented the first attempt at a portal to the metaverse with its own in-platform virtual currency, was an important example of this process between 2003 and 2006, during its most rapid period of growth. Players in many countries quit their jobs and dedicated 100% of their time to the virtual world.

The Global Market Of Games

According to data from mid-2021, there were 3.2 billion people playing computer games, and as a report by Newzoo states, the global gaming revenues in 2021 were about $180.3 billion — 20% more than before the pandemic began in 2019.

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Digital distribution channels are responsible for most of this revenue. Mobile games act as the main growth engine for the games industry, driving this segment to $93.2 billion dollars.

The game development industry has experienced a profound transformation over the past five years. With the emergence of mobile app stores and digital distribution platforms, even smaller studios have gained the ability to create games for the global market.

China remains the largest regional segment in terms of both revenue and number of players, accounting for more than a quarter of all sales. The Asia-Pacific region as a whole holds 55% of all players and offers the highest profits and fastest growth rates.

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