Content
Market Overview & Background
Gaming dApps: Fueling the Boom of Blockchain Tech
ONYX: from Dapps to Blockchain-Powered Gaming Ecosystem
The Key Features of onyx, the Entertainment Ecosystem
ONYX Technology for Games on Blockchain
Defi Products
ONYX Economy
ONYX Allocation & Token Sale
Roadmap
User Adoption Strategy
Despite facing challenges in 2018, the global blockchain market is projected to grow significantly, from USD$1.2 billion in 2018 to USD$23.3 billion by 2023, at a staggering CAGR of 80.2%.
The blockchain ecosystem comprises three main categories: A. Blockchain platforms: Core networks like Ethereum, BNB, and SOL. B. Middleware protocols: Facilitating communication between applications and blockchains, such as IPFS and HyperLedger. C. DApps: Decentralized applications interacting with blockchains, such as Crypto Kitties and decentralized exchanges.
Blockchain platforms serve as foundations for building, while middleware protocols manage program code execution. DApps, on the other hand, operate independently with their smart-contract-based systems. They represent a significant aspect of Ethereum, alongside smart contracts, providing users with specific functionalities.
The initial hurdle for blockchain adoption was infrastructure support. Now, the focus has shifted to user engagement. We believe that the key to widespread adoption lies in dApps that directly engage with end users. Consequently, there's a growing demand among platform players and institutional investors for groundbreaking dApps.
We view the inevitable convergence of fungible tokens and blockchain in the gaming industry as akin to the marriage of the internet and gaming. Not long ago, most games were played offline, with online support being a sporadic addition. Today, online gaming dominates, with mobile gaming alone accounting for 41% of top revenue in 2018.
The integration of blockchain technology into traditional online gaming would mark a significant milestone for both industries, akin to the shift from web or console to mobile gaming. Tokenization of in-game items is expected to bring substantial economic value to players. Innovations in blockchain gaming have pushed the boundaries of non-fungible tokens (NFTs), and further advancements in scalability are anticipated.
Gamers have been early adopters of fungible tokens, as many games utilize token models for item purchases. With the rise of mobile gaming, the freemium business model, powered by microtransactions, has proven immensely successful. Mobile developers like Rovio and Supercell generate significant revenues, surpassing legacy console developers. For instance, Candy Crush Saga and Clash of Clans, the highest-grossing mobile games, generate approximately $1 million in revenue daily.
Blockchain technology offers gamers numerous benefits, including decentralized asset exchanges, verifiable scarcity of virtual items, and secure payment networks for digital assets. Smart Contracts enable users to authenticate items, and in-game exchanges are secured through blockchain tethering and decentralized peer-to-peer (P2P) exchanges.
Furthermore, as blockchain industry players explore opportunities in gaming, we anticipate further innovations in blockchain technology, such as increased scalability to support mass service operations. The ERC-1155 reference implementation, pioneered by the gaming platform Enjin, sets a new standard for NFTs. Additionally, The Loom Network provides a Layer2 scaling solution for Ethereum, enabling developers to build scalable and sustainable game dApps using DPoS sidechains.
While the integration of gaming and blockchain holds immense promise, several challenges remain on the development front before mainstream adoption can be achieved. However, with continued innovation and ambitious projects emerging in the blockchain space, we anticipate these hurdles will be overcome in due time. As major game titles migrate to blockchains, technical limitations will be addressed more efficiently. Ultimately, where there's demand, the market progresses.
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Gaming dApps: Fueling the Boom of Blockchain Tech