Blockchain technology has the power to revolutionize the way the global economy functions and Ethereum has been a leader in this sector thanks to their early integration of smart contracts onto their blockchain. Most people think of Fintech when they discuss blockchain technologies such as ETH or smart contracts but there is a totally different type of crypto activity that has been gaining momentum in the marketplace – ETH gaming.
This year has already seen a number of new ETH-based games enter the market and many more have announced their upcoming release dates. ETH games are not just popular; they are also hugely profitable for the developers involved with reports showing over $10 million in ETH being circulated this week alone.
Blockchain-based games can be difficult to produce because every possible outcome must be programmed into the blockchain and therefore, must be made available for the public to see if they choose to analyze the data. This can be good for scenarios when proof of victory is required but it can make games based on a player’s action nearly impossible to create.
ETH has been the cryptocurrency of choice due to its ERC20 protocol. This protocol allows developers to easily create a token that can be universally used in future ERC20 compliant DApps. Originally it was designed for in-house use but after overwhelming public demand, ETH decided to make the ERC20 protocol available to all developers looking to create a token that functions on the ETH blockchain. Imagine a wallet that holds the winnings from all of your ETH games. This is a possibility thanks to the now standardized ERC20 protocol.
CryptoKitties was released in DEC 2017 and is the brainchild of developer Axiom Zen. In this game, individuals can purchase, trade, breed, and sell certain types of cats. The game was so popular that upon its release it congested the ETH blockchain and caused the cryptocurrency to experience record delays in transaction times.
CryptoKitties has gotten so popular that there are cats that sell for as much as 100,000 ETH per cat ($93.4 million). What’s even crazier is that these cats are probably going to see even higher price tags as there is only to be 4 billion unique CryptoKitties ever created.
Cryptocountries is currently the most popular ETH game on the market with over 35,768 ETH passing through the gaming platform in less than a week. The game Cryptocountries is played kind of like a financial version of the board game Risk in that individuals have the ability to purchase certain countries. A person who owns a country can be bought out by a higher bidder. The highest bidder receives control of the country and the old owner receives the profit from the sale. The most expensive country in the game is Japan which is currently going for 709 ETH.
The upcoming release of the simulation game Bitsoccer has already gotten ETH gamers excited. Players are able to train, recruit, sell, and, trade their talent with other teams on the Bitsoccer platform. What makes this game unique is that the developers have created a protocol to help randomize the events in the gaming experience and give users options that were previously unavailable for blockchain gamers last year.
Each player is unique in their appearance, attributes, and skill levels. Players build their teams and then face off against the competition in a tournament style simulation where the winner receives the bounty set for the game.
While 2017 was a break out year for cryptocurrencies in general, 2018 looks as though it is going to be remembered by a flood of ETH games hitting the cryptomarket. These games are proving to be a wise investment for development teams and you can expect to see a continued increase in the capabilities of blockchain-based games over the coming months. The ETH platform continues to be the blockchain of choice for crypto gamer designers because of its functionality. The question now is – how to keep the ETH blockchain from becoming overly congested.
What do you guys think? Will the flood of ETH games hurt ETH’s performance or propel it to new heights? Let us know in the comments below.
By D. Hamilton, BIG Writer