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It Seems like Steem Blockchain Based Game is On Its Way to Boost the Crypto Market Capitalization

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Gaming is a growing industry that is setting its eyes on boosting the capitalization of the crypto market. For instance- Steem blockchain based collectible trading card game- the ‘Steem Monsters’ has managed to amass an impressive number of followers since it was launched. It gained popularity through platforms such as Twitter, blog posts, LIVE streams and so on.

As per the information obtained from ‘Digi Capital,’ a report says that in comparison to the previous few years, the gaming industry has gained a lot of growth-

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“Digi-Capital’s Games Report Q1 2019 tracked games companies raising $5.7 billion in 2018, which was over twice the previous record investment from 2017. Tim Sweeney’s Epic Games’ $1.25 billion was not only the largest round raised last year; it was the largest non-IPO games investment of all time. The only larger single amount raised by a games company was when Net marble Games held its IPO in 2017. Even that record might not survive given Fortnite’s extraordinary performance.”

Supporting the potential impact of the gaming industry on the crypto capitalization, the CEO of Binance- Changpeng Zhao has voiced his support on many instances. For instance, last year in September, he pointed at how the use of crypto and other tokens can have a mutual benefit on the gaming industry by using the blockchain. He said-

“Gaming is an obvious use case for crypto, let’s make it happen!”

Further, the post was tagged to ‘Binance [email protected]’ which read as-

The way the blockchain technology is expanding and growing with every single day, that day is not far off when the DLTs will start to be linked and considered as one of the basic needs of day to day life. Although last year the crypto market saw a bearish tendency, there is still growth observed in the blockchain and crypto domain since the commencement of this year.

The Fortnite incident pulled forward the interesting debate on whether to make use of crypto and blockchain technologies in order to boost the gaming industry. The debate has caught heat lately. As per the reports obtained from the site- cryptocrimson.com, ConsenSys was reported to encourage sixteen games and related apps. These games and apps enable the users to make money while they play games or mutually interact on the platform. Joseph Lubin from  Ethereum is the founder of the ConsenSys blockchain company.

Likewise, the gaming industry is getting support from the other sources too. Recently, Binance’s CEO- Changpeng Zhao expressed his support and excitement for the crypto-based game- Steem Monster. He shared his enthusiasm on Twitter soon after Steem Monster talked about its support for BNB for purchasing and selling items as native crypto. The announcement read as-

According to Zhao both the blockchain industry and the gaming industry can mutually benefit each other. He sees this to happen eventually despite how long it takes. He went further ahead to express his interest to boost the process with the help of Binance’s exchange platform as well as through the other services Binance offers. He said-

Investing in the gaming industry seems to be becoming the new hot trend. For example- other blockchain gaming startups such as Cocos- BCX managed to raise 40 million U.S. Dollars, and Binance Labs was an investment party in it.

The video gaming industry is only going to grow from this point onwards. For instance last year the video game sales were more than 43 Billion U.S. Dollars in America alone. Now with around two million video gamers on the planet, we can only imagine the growth this industry can bring about. And with the combination with the blockchain industry, one can expect a secure ecosystem for the gamers to transact digital assets, coins, tokens and so on.

Steem’s community growth graph is on the rise. Its loyal users are in for big support for Steem. As per Dapp.com, Almost half i.e., forty-four percent of Steem wallet account owners are actual dApp users. The Steemit dApp offers its users to earn every time they create content. This dApp enjoys being the most popular app on the Steem blockchain with more than five thousand five hundred loyal users.

The Steem Monsters currently holds number three position on the State of the Dapps. It lies in between the Pokemon and Blizzard’s World of Warcraft, as per ‘cryptobriefing.com.’ It seems that the team Steem are rather happy using the time tested formula than to revamp something new.

The dApp by Steem is a user-friendly dApp. It is constructed keeping in mind how users are comfortable using a set patterned app on social media. Steemhunt is a game of Product Hunt. The Steem blockchain backs it. The beauty of this game is that the earning power is given to the users and contributors rather than to the company. Another example from Steem dApp is DTube. It is similar to YouTube but is entirely decentralized. It does not favor censorship, which becomes its unique selling point too.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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