🎮Gaming
There has been a surge in blockchain gaming all over the world...
Last updated
There has been a surge in blockchain gaming all over the world...
Last updated
It is no secret that the video game industry is booming, with over half of the world's population now playing video games on a regular basis. The global ecosystem benefits from it as it encompasses a wide range of job disciplines and thousands of positions.
In recent years, the video game sector has moved from niche to mainstream. It was reported in July 2018 that video games generated a global revenue of US $134.9 billion a year. In fact, it is now a more significant revenue generator than both movies and music combined. It has been estimated that the gaming industry accounts for more than half of the total entertainment market in some countries. The rise in gaming is not about to slow down either, with online pushing the industry forward and making it one of the fastest growing global industries.
Good to know: It is estimated that the blockchain gaming industry will be worth
"$39.7 billion" By 2025.
By 2024, it’s estimated that the metaverse market will be worth $800 billion. (Bloomberg).
The size of the metaverse market will be 2.7 times bigger than the total gaming market (including software, services, and ad revenue). (Mobindustry).
36% of online adults in the United States are interested in using the Metaverse. (Statista).
In most cases, games are monetised by their creator, while very few games are monetised for the users' benefit. There is a need for compelling games that offer an ability to play-to-earn, interoperable distribution options, and the ability to solely own digital assets. The blockchain will serve as the database for storing and transferring in-game items, allowing users to take full ownership of those items.
Blockchain technology is gaining traction in a wide range of industries, including finance, healthcare, and the gaming industry. The gaming industry, however, has proven to be its most revolutionary application. It was estimated that the blockchain gaming industry will grow from a zero-value market size to $3 billion by 2021. Moreover, it is estimated that by 2025, the market will be worth $39.7 billion.
As seen in the stats above, a vast percentage of people across the world either participate in the gaming industry with a huge amount invested each year by consumers and investors alike. VerseX plans to use new technology to ensure our gaming aspect is safe, fair, and enjoyable for all willing participants.
Crafting:The play-to-earn function in VerseX is embodied in a function called Crafting, which envisions the emergence of a core economy and a variety of entangled sub-economies. In essence, the user would be collecting items and materials through the performance of various tasks, some using core tools and some through the performance of quests. In order to craft the special item, the user must acquire the necessary amount of crafting materials for that specific item and use the forging functionalities within VerseX.
Upon crafting, the item can be minted. Once minted, the NFT will be credited to the user’s wallet. In this case, the user may either use the NFT for its intended purposes within VerseX or list it on the XRPL via our in-game marketplace for a set price. By progressing and levelling up their core tools and abilities, users will be able to achieve higher level crafts and acquire rarer items.
In VerseX, it will be possible for the user to list materials and other non-crafted collectible items for increments of $XVR. Consequently, they will own most items they acquire and be incentivised to craft in VerseX. This will result in a fluid economy and will promote the utilisation of NFTs, as well as discouraging the hoarding of unused items.
In order to create a sustainable play-to-earn economy, VerseX believes it must create demand for its NFTs, whilst keeping the gaming aspect relevant, which will enable the economy to maintain a healthy organic growth. We believe we must also allow our users to form a free market when collecting and listing NFT items to support this growth.
Materials for construction
Faction materials
Furniture
Special items
Vehicle parts
Armour
Weapons
Fishing:
Inventory:
Fishing:
Mining:
