Thursday, May 30, 2024

All things pertaining to gaming industry’s use of blockchain technology! 

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All things pertaining to gaming industry’s use of blockchain technology! 

Were you aware that the amount of gaming activity on blockchain increased by 2000% over 2023? Despite facing difficult macro and microeconomic conditions, blockchain technology in gaming is a reliable asset that has attracted more than $2.5 billion in funding from venture capitalists and other international investors. Additionally, the metaverse environment has given games additional chances to shine in the blockchain cosmos, and development efforts for gaming dApps are still expanding. A number of financial firms have also calculated that the quickly developing decentralised metaverse has the potential to lead the $8 trillion industry. The key element propelling this kind of industry expansion is the incorporation of blockchain technology into gaming applications.

After having achieved a gross merchandise value (GMV) exceeding US$15 million organically, with 4.5 million users, India’s Oneto11 is setting its sights on global expansion, targeting Latin America (LATAM), Southeast Asia, and Africa, with a larger focus on attracting users and ensuring a smooth local experience.

Launched in 2021, it has made tremendous strides in tapping global markets, scaling the company from zero to a staggering US$10 million, with millions of users hailing from enormous markets such as the US, Europe, and the Middle East. Its diverse user base, spanning 168 countries and ranging from 18 to 65 years old, witnesses a staggering 81,000 daily active users during peak events, with over 7.3 lakh monthly active users, further reinforcing the platform’s global appeal.

Through a multidimensional approach, it also aims to expand its gaming library with six more games over the next year while also developing ed-tech products through gamified games to attract the academic spectrum, further broadening the learning horizons for schoolchildren.

“The success has been a result of our team’s commitment to reimagine offerings in the online gaming space, with a focus on leveraging technology as a key differentiator, including our blockchain-based architecture, and leveraging support blockchain networks like HEDERA, Polygon, and BNB Greenfield, etc., which greatly optimises the platform and significantly enhances the user experience,”  said Mr. Ravindra Kumar, co-founder and CEO of OneTo11. 

Adding to the platform’s success, he further notes, “While we had already been hosting gamers from more than 145 countries across the world, with this expansion, we feel proud to be showcasing the prowess of Indian online-gaming and the technological ecosystem at an international scale in a more focused manner.”

As it continues to scale its operations and expand its user base, the company remains focused on delivering cutting-edge gaming experiences and pushing the boundaries of what is possible with blockchain technology.

The aforementioned research, “DappRadar x BGA Games Report—Q1,” states that over 1.22 million unique active wallets (UAW) were drawn to blockchain games, accounting for 52% of all activity within the ecosystem. The concept of storing significant in-game assets on the blockchain is captivating people. These assets can be exchanged for cash after they are obtained by players, and game app development companies can establish long-lasting frameworks that can be expanded upon by other developers. Though this industry is still in its infancy and presents unique challenges, these concepts do look very fascinating. 

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