Why Are “Boring” Crypto Games So Popular in 2024?

Crypto games are often slandered for being “boring,” “bad,” or even “scams.” Yet still, these games continue to attract millions of users every day.

According to a report by DappRadar, crypto games accounted for over one-third of total decentralized application (Dapp) activity across all chains in 2023. These figures suggest that the crypto gaming sector has matured and is quietly becoming a force to be reckoned with.

But why are crypto games so popular? In this article, we explore the psychology of crypto gamers and talk about the future of the crypto gaming industry.

Table of Contents Table of Contents

1. Key Takeaways
2. Why Are Crypto Games So Popular?
3. Risks of Crypto Gaming
4. The Bottom line
5. FAQs
6. References

Show Full Guide

Table of Contents

1. Key Takeaways
2. Why Are Crypto Games So Popular?
3. Risks of Crypto Gaming
Show Full Guide
4. The Bottom line
5. FAQs
6. References

Why Are Crypto Games So Popular?

Personal Take on Crypto Games: Addiction or a Source of Income?

Over the years, I have been a fervent observer of the crypto industry. In the process, I have dedicated a decent amount of time to crypto gaming myself.

While I agree with the claims that crypto games can be “boring,” I will also say that crypto gaming can be very exciting.

This is exactly what happened to me with a Polygon-based game called Sunflower Land in 2022.

Sunflower Land is a play-to-earn farming game that allows players to plant, harvest and sell crops. You can collect special in-game NFT items which can be sold on NFT marketplaces like Opensea. The in-game currency SFL can also be converted into other cryptocurrencies on decentralized exchanges.

Nevertheless, looking back, it was a great experience. Without Sunflower Land, I probably would have never used NFT marketplaces like Opensea, contributed to liquidity pools on decentralized exchanges, learnt how gas fees fluctuate depending on the amount of data you upload to the blockchain or experienced how much faster and cheaper rival blockchains were compared to Ethereum.

I haven’t played Sunflower Land in almost a year now. But the power of blockchain will allow me to resume play anytime as long as I have access to my linked crypto wallet.

Most interestingly, if I choose to make a complete exit from the game, I can recoup more than $100 by selling my in-game NFTs on Opensea. Can you do that on web2 games like Fortnite or EA FC 24? Probably not.

Just like me, most blockchain gamers agree that asset ownership is the biggest draw of crypto games. According to a survey of 536 individuals conducted by Blockchain Game Alliance, over 76% of the respondents said asset ownership for players was the top benefit of crypto games.

Yat Siu, chairman of blockchain gaming company Animoca Brands, said:

“The resounding consensus among gamers is crystal clear — ownership isn’t just a feature; it’s the heartbeat of blockchain games and by extension all of web3. That is why web3 is so often described as the web of ownership.”

Crypto Gaming Is Not Dead

Next, let’s layout statistics to back the claim that crypto gaming is still popular and growing.

After all, many crypto market watchers believe that the hype around blockchain gaming has died, having seen popular metaverse projects like Decentraland (MANA) and Sandbox (SAND) fail to live up to expectations.

According to onchain data compiled by DappRadar, total user active wallets used for blockchain games have been on the rise over the past year from about 623,000 in late-July 2023 to 2.83 million on July 24, 2024.

Meanwhile, the weekly total number of blockchain gaming transactions have remained stable at over 100 million transactions over the past year.

Furthermore, investment in web3 gaming recovered from a slump in the second quarter of 2024 to hit $1.1 billion, which marked its best quarter since September 2022.

Sara Gherghelas, senior blockchain analyst at DappRadar said the crypto gaming future look promising:

“The metrics for Q2 2024 are looking very promising. As we’ve consistently highlighted, blockchain gaming is poised to drive the adoption of Web3 technologies. While patience is required, the influx of investments is a very positive sign. The continuous advancements in technology to enhance the seamless gameplay experience are particularly exciting.”

Risks of Crypto Gaming

Why Do People Get Obsessed With Crypto Games?

If you are interested in exploring crypto gaming, it is important that you are aware of the risks involved.

Play-to-earn games do not guarantee that you will earn money. I ended up spending more money than I earned when I played crypto games in the past. In my defense, I merely played those games to explore the web3 world and not to make an income.

It is this financialization of gaming that can lead to an unhealthy crypto games addiction.

According to Addiction Center:

“Cryptocurrency addiction and gambling addiction are similar behavioral addictions, as people risk money in the hopes of earning more.”

Additional characteristics of someone, addicted to a crypto game, crypto trading, or gambling might include:

• Pursuing immediate gratification
• Seeking high-sensation activities
• Lacking control over their impulses
• Having low levels of resilience when encountering significant losses
• Having poor coping skills

Another notable risks of crypto gaming are scams and rugpulls.

The Bottom line

Crypto gaming is an underrated sector. It provides a great platform for users to experience and learn about cryptocurrencies and blockchains in a fun manner. However, the hyper-financialization of crypto games has led to reduced focus on gameplay and story, which ultimately makes the majority of crypto games “boring.”

I hope this article helped you understand how crypto gaming works and what makes it special. Next time, you take time to play these games, don’t just think about earning crypto. Have fun with it, and learn and explore the crypto world.

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