Gaming and cryptocurrencies at the crossroads: regulatory nodes and technological slowdowns block la strada
Where is the gaming/cryptocurrency ratio? A complex question to answer, given the conflicting information on the matter from the various sources within the sector. There does not seem to have been a real take-off and also in this case the reasons are many, as many as the limitations that are imposed when it comes to cryptocurrencies.
This is certainly the case in Italy, where doubts about cryptocurrencies and the lack of specific legislation relating to public gaming play a fundamental role in real estateperceptible ilism in this area.
Unlike several international gambling platforms, they explain on Gaming Insider, in online casinos, ADM is not yet the possibility of receiving and making payments with cryptocurrencies has been introduced.
This situation is certainly due to a regulatory hole both in Italy and in Europe, which does not allow the gaming/gambling sector to develop in this sense.
For the moment, blockchain technology does not seem compatible with the regulation in force in the public gaming sector: a law which has been waiting for years to be reformed and which, when this passage takes place, will certainly have to take into consideration the possibility of an opening against coins.
The path of NFTs seems less difficult, already included in some games and whose management could be decidedly less complex, so much so that rewarding elements in the form of non-fungible tokens have already been introduced in some slot machines.
From Play To Earn to Earn To Earn and Sport To Earn
Some time ago I also wondered about Play To Earn and about the possibility that it could be the future of gaming. Indeed, the crypto and NFT earning formula during a Mario Bros-style game (to take up the example already used), seems to all intents and purposes to be the winning one. The idea, then, of being able to transfer objects from one game to another, from one metaverse to another, would return a truly unique gaming experience free from the usual limits that we find in more traditional video games. However, the application of these concepts could be more complicated than expected, as well as requiring really dilated times for its development, an already exhausting aspect for enthusiasts like me.
In the analysis proposed by Andrea Venturelli, State of Crypto 2023 available on Linkedin, interesting data emerges, which are worth taking into consideration. Although the crypto sector saw an allocation of $2022 billion from investors in 30,95, with the NFT/gaming category topping all others with $8,32 billion, the results of the gaming platforms are not not heartening at all.
First of all, the interconnections envisaged for the metaverse are currently not feasible. At least, this is what the very low trading volumes recorded in Decentraland and The Sandbox would attest. Since the second half of 2022, the lands in these metaverses have had very low trading volumes: an aggregate index of the ten most used metaverses shows that the same land that was worth around $2022 at the top of the market in February 10.000 is now worth only $700 .
Not only. The results achieved by Play To Earn platforms – such as Axie Infinity, StepN and Thetan Arena – have shown how these environments are not economically sustainable with their token economics. The fee chart even has a near zero chart since March 2022.
However, new alternatives have arisen, such as Earn To Earn and Sport To Earn, which could constitute a future alternative: in the second case, we could find ourselves earning based on the quantity and type of sport we play.
In short, the gaming and cryptocurrency relationship is constantly evolving and, even if at the moment the data does not seem to be the most comforting, this does not preclude a possible future success. All we enthusiasts have to do is wait for the next technological developments and what they can bring to ours
screens.
https://decrypto.space/wp-content/uploads/2023/01/State-of-Crypto-2023-DECRYPTO.pdf
