Since its conception, the GG DApp project has defined itself as a meeting point of gaming and cryptocurrencies. While our seasoned followers understand this as a simple matter of fact, sometimes it is worth examining the most basic questions: why crypto and why gaming, and even more importantly why crypto and gaming together? The answer is quite simple.
Crypto and Gaming
Cryptocurrencies and gaming are two industries that in a sense were made for each other and were destined to fuse. They are both digitally native industries, with big, decentralized communities behind them. Gaming is estimated to grow to a total market size of 175 Billion dollars in 2021 and is projected to surpass 200 Billion by 2023. By the end of 2021 gamers across the world will be nearing 3 billion.
At the same time, the growth of the cryptocurrency industry does not need any description for anyone that has been following it for the past few years. The crypto gaming industry has been experiencing equally tremendous growth. According to DappRadar, unique wallet addresses for crypto gaming projects reached 800 thousand in July. This growth was spearheaded by the success of play-to-earn games that, along with NFTs, are rapidly establishing themselves as the blockchain gaming industry’s main foundations. Games such as Axie infinity have acquired a dominant position in this segment and have even received lots of mainstream attention. Every week there is news about NFTs, selling for hundreds of thousands or even millions of dollars. An Axie NFT named Alsace was valued at around 2 million dollars. A few weeks ago an EtherRock NFT was sold for 1.3 million. Back in March an NFT from famous artist Beeple was auctioned at Christie’s for 69 million dollars. These are just examples that serve to show the gradual inclusion of digital assets into mainstream investment opportunities.
This process is enabled through the concept of tokenization. Tokenization allows holders to own digitally scarce goods. In the context of blockchain gaming, these goods could range from anything between unique characters, to weapons and even skills and upgrades. Players can now be sure that the assets they have won or bought belong to them and they cannot be taken away from the developers of the game.
What exactly are play-to-earn games one might ask? The play-to-earn model rewards players for simply playing their favorite games through microeconomics, or in-game transactions. This allows players to generate passive income. The exponential growth of this genre of games shows the potential of combining the crypto and the gaming universe. The popularity of in game assets, an industry that is worth several billion dollars itself and the possibility of actual ownership of these assets that NFTs allows, may very well prove that gaming might be among the biggest use cases that blockchain can offer.
The rising hype surrounding the blockchain gaming scene over the past year, combined with the craze around NFTs and crypto collectibles, is not just a passing fad. It shows a much deeper trend in the world of crypto and is a sign of what’s to come. The reason gaming is the biggest use case for crypto is that we are dealing with two digital native sectors. As the gaming space has shifted more and more to in-game micro transactions, that are a billion dollar industry themselves, the advent of blockchain and, by extension, of ownership of digital goods, marks the start of a new era.
GG DApp — Gaming platform and ecosystem
GG Dapp is an upcoming crypto gaming platform and DeFi ecosystem, with NFTs at its core, that aims to reward players, developers and liquidity providers. GG DApp will also act as a gaming launchpad, first incorporating our own projects and later opening to external projects. When staking goes live, holders of GGTK will be able to multiply their holdings. The process is very simple. Holders will be able to put some or all of their GGTK in a pool and lock it inside. These tokens will not be able to be used for a period of time thereby reducing supply and increasing scarcity. When the pool re-opens, the stakers will be rewarded with more tokens, based on which pool they chose and the duration of the lock-up.
There will be a general pool where holders will be able to earn GGTK from the rewards mechanism and other specific pools for each gaming project, where GGTK holders will be able to stake their tokens to earn each project native token, getting early access to potential gaming token ‘gems’.
GG DApp Ecosystem
The first integrations to GGDApp will be our blockchain game Pirates 2048 and the sim racing assets marketplace Simthunder, being developed in partnership with Cartesi. Pirates 2048 is browser based multiplayer, retro-futuristic pirate ship battle game, with elements of action and strategy. SimThunder is one of the core features of the Simracer Coin project that aims to make sim racing more fun and dynamic by providing an incentivized market for NFTs, as well as a racing management game that distributes prizes according to racing season results. We also have plans for a futuristic football manager to be launched in 2022.
In addition to the games produced by our own team we plan to enable other game developers to integrate their own games with the GGDApp ecosystem. In the same way that Ethereum acts like the protocol layer that allows building apps on top of it, GGDApp will enable game developers to find a pre-existing microtransaction infrastructure that rewards players for playing their game. Besides the game devs benefiting from finding an already existing community of gamers, they will also earn from the investors that stake their GGTK in their game pool.
GG DApp Beta
Besides the first two gaming integrations we’ve been also working in GG DApp itself and we’ll launch it’s first beta version next week, October 27th! Our users and fans will be able to test the platform and have a sneak peak of what’s coming.
The beta of course is the prelude for the main launch of GG DApp into mainnet that is planned for December.