In a recent report by Game is Hard, the spotlight is on Take-Two Interactive Software, the powerhouse behind the iconic “Grand Theft Auto” franchise, as it takes a major step into the realm of blockchain gaming. The unveiling of “Sugartown,” a blockchain-based game developed on Ethereum, serves as a vibrant indication of the potential of blockchain gaming and its ability to conduct in the widespread adoption of cryptocurrencies.
Take-Two’s recent significant move has sparked speculation that other major gaming giants such as EA and Activision Blizzard could be motivated to do the same. Urvit Goel from Polygon Labs, a former gaming executive at Amazon, believes this could act as a catalyst. He highlights the massive financial success of established gaming ecosystems like “Grand Theft Auto” and beloved franchises like “Madden” and “FIFA,” which generate substantial revenue through annual in-game transactions.
Despite this promising horizon, Goel acknowledges a constant obstacle that has thus far restricted the seamless integration of blockchain gaming, the complicated issue of asset control.”Sugartown” immerses players into a dynamic realm where they can collect, own, and trade non-fungible tokens (NFTs), highlighting Take-Two’s determined confidence in the latent potential of the crypto gaming market. Notably, this strategic unveiling dovetails with proactive efforts by Asian gaming giants such as Nexon and Square Enix, who are actively delving into crypto gaming prospects through collaborations with platforms like Polygon.
Predictions by Goel hint at these Asian industry frontrunners paving the way for their Western counterparts to navigate the unknown waters of blockchain gaming, drawing parallels to their past ventures into technological innovations.
Recent collaborations highlight growing excitement for crypto gaming. Epic Games partnered with Nike for NFTs in “Fortnite,” sparking interest and driving blockchain game sales. Additionally, Polygon’s Layer 2 solution gained traction, being chosen by Reddit and Ubisoft for its efficiency, thus boosting the rapid growth of crypto gaming.
Take-Two’s bold move into blockchain gaming, along with ongoing interest from gaming giants, highlights the rising acceptance of this innovative space. Despite concerns about asset control, blending NFTs with popular game franchises promises an exciting path of expansion.
As Asian gaming pioneers lead in crypto gaming, their Western counterparts are also venturing into blockchain gaming, likely driving innovative expansion.
Recently, a report from DappRadar and the Blockchain Game Alliance showed that the crypto gaming industry, which includes games using blockchain tokens or NFTs, has been growing rapidly. Last month, these games attracted a total of $297 million in investment, which is significantly higher than in previous months. Out of this funding, 63% was focused on developing the technology and infrastructure for these games.
A recent survey by Coda Labs on Todayq News on December 22, 2022, blockchain entertainment company, reveals that 75% of game developers plan to work on Web3 game projects in the future. Over half of the respondents think Web3 will greatly change the gaming industry, with 40% expecting more new users, and 36% believing it will improve user retention in games.