Exploring The Future Of Crypto Gaming In 2024

2023 was the year of realizations in crypto gaming. Developers started to discern the current limitations of Web3, games started to slowly get better, and multiple gaming projects came up with realistic roadmaps. Crypto gaming might be evolving at a snail’s pace in terms of technology, but investment-wise, it is attracting a lot of positive attention. According to Dappradar, blockchain gaming raised more than $1.4 billion between May and November 2023 alone.
Is this a sign that crypto gaming will get a boost this year? Let’s look into the current state of gaming to forecast how crypto gaming will look in 2024.

Crypto Gaming Until Now

Blockchain games burst onto the scene in 2017 with CryptoKitties, but it wasn’t until projects like Axie Infinity, DecentralandMANA 0.0%, and The Sandbox went through a bull run in 2021 that the world started to take notice.
However, it wasn’t necessarily the gamers that boosted these projects. A joint effort of marketers and technological evangelists was at play, which led to a thriving blockchain gaming community.
As 2022 arrived, so did the crypto winter. It all started with the fall of TerraLUNA 0.0%. The entire crypto market took a massive dive, and leading metaverse and crypto gaming projects saw their value diminished.
The interest in crypto gaming was at a low when 2023 arrived. Fortunately, projects like Gala had a massive pump in January 2023, with CoinMarketCap showing the GALAGALA +3.8% price rising by 308%


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But such trends were momentary; the market was still suffering. In fact, Game7 reported last year that most blockchain games mainly consist of indie or mid-size projects, and over 50 of them were abandoned.
However, not everything regarding crypto gaming is going through a bad light. Pitchbook revealed that blockchain gaming was “forgotten and not gone” in its Q3-2023 Gaming Report.

Overall, the current state of crypto gaming is not very noteworthy. There are a few good projects here and there, but devs are still trying to break the ice with traditional gamers. Will they be able to do that in 2024?

Gamers May Start To Finally Care About DeFi

“Games and DeFi do go together for most games, not all,” said Karl Blomswell, CEO of Nibiru Software. “In games such as PlanetIX, where there is a tremendous amount of value being transferred between users and also value being accumulated, it makes sense to add a DeFi element to it.”

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These sentiments are not novel. Blockchain gaming devs have continued to echo them since the beginning of crypto gaming. However, only recently have devs started implementing ways to gamify DeFi.
One of the leading examples of such games is Honeyland, a Web3 strategy and resource management game on SolanaSOL 0.0%. The game is powered by its native token, HXD, and requires players to Hunt and Harvest, complete quests, and win PvP raids to strengthen bees, which form the central element of the project. It also has a dedicated section where players can potentially stake their HXD tokens for rewards. This aspect has been built into the gameplay mechanic.

If similar projects arrive that could break down the complexities of DeFi through gamification, gamers may start to care more about crypto gaming.

More Traditional Gaming Companies Will Likely Adopt NFTs

Ubisoft announced Ubisoft Quartz in 2021, which promised to create ever-greater connections between players and game worlds. However, that was not well received by gamers, with publications like Ars Technica dubbing this addition as a “dumpster fire.”

But that didn’t deter the developer of the famed Assassin’s Creed franchise. Ubisoft has recently partnered with ImmutableIMX 0.0% for new blockchain games, according to a report by PC Gamer.
Even companies like Electronic Arts have declared NFTNFT 0.0% and blockchain games as the “future of the gaming industry.”
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Traditional gaming companies are bullish about blockchain-powered gaming, and it’s likely that more conventional game devs will join the crypto space in 2024.

Fun Will Take The Center Stage In Blockchain Gaming

While multiple blockchain games have been peddled as fun, the truth is that the market is ripe with static games like Axie Infinity and other simpler gaming titles.
Fun hasn’t been the key factor behind these games, but 2024 promises to be different.

Alec M. Wantoch, head of product at Hyperplay, said in an interview with Decrypt, “I think a lot of the industry has realized that these games need to be optimized for fun. We’re seeing a lot of new and innovative games that are indeed embracing the fun aspect, and that’s a good thing.”
There has indeed been a concerted effort to make NFT games more fun. For instance, Deadrop is a free-to-play NFT shooter created by the popular streamer DrDisrespect; it has gotten good reviews. 2024 may see more personalities from the mainstream gaming industry putting their weight behind blockchain games.

Crypto Game Devs May Remove Blockchain Jargon From Their Games

Bringing traditional gamers on board is a difficult task, especially since one of their complaints is the overly complicated blockchain terminologies that most cannot understand or care about.
2024 may see devs stepping back from talking about blockchain in their games.
Josh Jones, co-founder of the open-world blockchain game Cornucopias, predicts that devs will focus on user experience and cut down on blockchain jargon that alienates traditional players.

2024 Could Be A Bright Year For Crypto Gaming, But Only If Devs Listen

For a long time, blockchain gamers have treated themselves as elitists, sidelining any criticism blockchain games have received. That has resulted in blockchain games never really crossing over and appealing to traditional gamers.
But the tides are turning; traditional gamers are looking for something new. That makes now the right time for crypto game devs to refine their strategies.
Devs must go where the wind is blowing, cut down on talks about the earning factor, and push the fun narrative if they want to make their games look appealing.

The same goes for leading gaming corporations who have started to see the potential in blockchain gaming. They must not rush — and must keep their focus on their core audience at all times. That could lead to the simplification of core crypto gaming concepts, making 2024 the year in which traditional gamers embrace what decentralized gaming has in store.
However, gamers will have to wait and see what the devs actually do. Perhaps by year-end, we may witness blockchain games receiving the same notoriety and hype that GTA games received when they redefined the open world genre when they arrived.
I'm a freelance writer published by outlets such as Cointelegraph,

They’re ‘Desperate’—Leak Reveals A Huge China ETF Game-Changer Could Be About To Hit The Bitcoin Price And Crypto Market

Billy Bambrough
Senior Contributor
I write about how bitcoin, crypto and blockchain can change the

Bitcoin has rocketed into 2024, adding a eye-watering 70% since the beginning of the year despite fears swirling of a "raging firesale."
Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and "uncover blockchain blockbusters poised for 1,000% plus gains" ahead of bitcoin's looming halving earthquake!
The bitcoin price has topped $70,000 per bitcoin, pushing the wider crypto market back toward its peak of $3 trillion that XRP developer Ripple's chief executive Brad Garlinghouse thinks could double this year.

Now, as bitcoin hurtles toward its next halving supply cut, a leak has revealed China could be poised to permit people to buy into bitcoin spot exchange-traded funds (ETFs) in Hong Kong.
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Harvest Fund Management, an asset manager in China, could be approved to launch a spot bitcoin ETF by Hong Kong's Securities and Futures Commission (SFC) as soon as this month, it was reported by Bloomberg, citing anonymous sources.
"The significance of Hong Kong ETFs is far-reaching as it could bring in fresh global investment as well as pushing crypto adoption to a new height," Adrian Wang, the chief executive of Metalpha, a Hong Kong-based crypto wealth manager, told Reuters, which reported the first spot bitcoin ETF approvals in Hong Kong are "likely to be announced next week."

China has repeatedly cracked down on bitcoin and crypto trading in the country, most recently in 2021. Since then, most people in China have had no way of buying bitcoin, ethereum, XRP or any other cryptocurrency, though demand for assets not tied to China remains strong.
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"Wild stuff in China as local investors pile into a gold stock ETF pushing its premium to 30% and forcing it to halt trading," Bloomberg Intelligence analyst Eric Balchunas posted to X. "Investors there are so desperate to buy things that are not linked to their own economy or stock market, which has been in the gutter."
"For those wondering buying bitcoin ETFs is not allowed there," Balchunas added. "If it were my guess is they’d be going gaga for them given how much fomo [fear of missing out] they have been showing for gold and U.S. stocks."
The bitcoin price rally so far this year has been largely put down to the debut of a fleet of Wall Street spot bitcoin exchange-traded funds (ETFs) in January.
Wall Street giants BlackRockBLK -2.5% and Fidelity have emerged as the two largest of the new bitcoin ETF issuers, raking in assets under management of around $15 billion and $9 billion respectively.

How Bitcoin Miners Are Preparing For The Halving

Susie Violet Ward
Contributor
Bitcoin Journalist and Financial Analyst.


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Apr 11, 2024,01:00am EDT
Bitcoin miners are preparing for the halving, a key event in bitcoin's cycle that halves the reward for mining new blocks and occurs roughly every four years—or every 210,000 blocks. This upcoming halving will reduce the reward from 6.25 to 3.125 bitcoin per block, slashing the daily mining output from 900 to 450 bitcoin, impacting miners' profitability.
Insights from leading figures in the mining sector, including Paolo Ardoino, CEO of Tether, Geoff Morphey, CEO of BitFarms, Drew Armstrong, President of Cathedra, and Thomas Pacchia, a seasoned bitcoin mining advisor, shed light on the sector’s preparedness and strategic shifts.
Understanding the relationship between bitcoin's price, hash rate, and mining profitability is essential. When the price of bitcoin goes up, mining becomes more profitable, encouraging miners to increase their operations and computing power. However, if the price falls, the hash rate may decrease because it's less profitable. The halving doubles the cost of producing each bitcoin while the operational expenses remain constant.
BitFarms is proactively gearing up for the bitcoin halving with a strategy centered on sustainability and efficiency. CEO Geoff Morphey shares, "Since 2020, we've focused on robust management and low operational costs to ensure our resilience through market cycles. Our commitment to green energy, demonstrated by our nearly complete reliance on renewable sources, positions us for sustained profitability post-halving."
The company improves its renewable mining operations through advanced cooling technologies and strategic partnerships, such as its collaboration with Paraguay's National Operator or Administración Nacional de Electricidad. "By utilizing natural resources for power and pioneering in cooling solutions, we aim to maintain our competitive edge while setting new industry standards for environmentally responsible mining," Morphey concludes.
Tether has also ventured into bitcoin mining and aims to leverage its expertise to enhance the network's sustainability, marking a move towards eco-friendly mining practices. CEO Paolo Ardoino highlights Tether's commitment to sustainability: "We're investing in renewable energy sources like wind, solar, and hydro to power our mining operations. This aligns with our environmental goals and ensures long-term profitability and resilience." Tether's initiative reflects a broader industry trend towards mining bitcoin using wasted or stranded energy.


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They have a proactive approach for the bitcoin halving, reinforcing its commitment to sustainable mining practices and long-term viability. Ardoino told Forbes "Our development of the Moria platform—an optimization tool for mining operations—exemplifies our approach. Moria enables us to efficiently manage and scale our operations by providing a unified interface for monitoring and predictive analysis, ensuring our mining endeavors remain profitable in the face of reduced block rewards. This strategic emphasis on sustainability and technological innovation underscores Tether's preparation for the halving, aiming to maintain operational efficiency and profitability while fostering environmental responsibility."
Drew Armstrong of Cathedra brings a strategic operational focus to the conversation. "BitcoinBTC 0.0% mining is a brutal form of commodity production ," Armstrong remarks, emphasizing the necessity of operational excellence and efficiency. Cathedra's strategy involves fine-tuning mining operations to remain profitable post-halving, leveraging cutting edge-tech to optimize energy consumption and cost.
Thomas Pacchia, with his expertise in both bitcoin mining and law, emphasizes the need for a comprehensive approach. With his dual hats as a bitcoin mining advisor and a former derivatives lawyer, Pacchia stresses the importance of readiness for the halving. "It's not just about technology but also about understanding the market dynamics and regulatory environment," he notes.
While mining is the main focus, PubKey—a bitcoin cultural center in New York City's Greenwich Village, co-founded Pacchia—serves as a community hub. As a venue that hosts events and fosters discussions around bitcoin, PubKey serves as a bridge between the technological and cultural aspects of bitcoin. "Our mission is to make bitcoin accessible and fun, serving as a platform for education and community building," explains Pacchia, highlighting the interconnectedness of mining practices and the broader ecosystem.
As the halving approaches, the strategies employed by these leaders illustrate the sector's adaptive and forward-thinking nature. The emphasis on sustainability, efficiency, and community engagement points to a maturing industry reacting to immediate challenges and shaping the future of bitcoin mining. While this event requires adjustments, it also offers opportunities for innovation and growth.
The industry demonstrates resilience and adaptability from BitFarms’ sustainable practices to Tether’s renewable energy investments, Cathedra’s operational strategies, and PubKey’s community and educational focus. As miners navigate the economic and operational shifts brought by the halving, their efforts underscore a commitment to sustainability, efficiency, and community. This triad will define the next chapter in bitcoin’s ongoing evolution.