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The gaming and esports industry’s authenticity has improved dramatically compared to the past. It is a fast-growing, vibrant sector and provides a multitude of opportunities. After creating endless innovations in the Web 2 sphere, gaming and esports companies are systematically revamping the existing games. One of the ways to modify the current ecosystem is to adopt blockchain.
Among many blockchain platforms, Polygon is one of the leading platforms for Ethereum scaling and infrastructure development. Further, the network is a strong player in crypto gaming and the NFT ecosystem. The migration from free-to-play to play-to-earn (P2E) is lucrative. P2E is the current wave in the gaming world. Gamers have the advantage of earning rewards and trading assets in the ecosystem. Subsequently, one can convert money into real-world income.
However, there are several challenges that both the gaming companies and the gamers are dealing with. With the adoption of blockchain, trust and transparency will enhance manifold. In the following article, we will understand a bit about Polygon, more about play-to-earn gaming, esports that are a part of Polygon, and its benefits.
An Introduction to Polygon
The India-based crypto & blockchain scaling platform, earlier known as Matic Network and now known as Polygon, is a Layer-2 scaling solution. In recent years, there has been mass adoption of the Polygon network, the reason being it is easy to use, provides Ethereum scaling, and infrastructure development. Polygon has a presence in a sizeable portion of the market.
Polygon will extend $100M to fund the NFT gaming projects. The company provides plug-and-play software development kits for developers. Has better technology, marketing, and overall community support. More than 60% of game companies strongly believe in Polygon and have chosen the blockchain network for expansion. Polygon is home to a vast range of gaming and esports platforms. An Ethereum developer can switch to Polygon RPC to get started.
The Trend of Play-to-Earn Gaming
P2E gaming is the future of the gaming world. Built on decentralized networks, powered by smart contracts. The tokenization of the in-game assets is done to improve trust among the players. The operations are more streamlined and are best for crowdfunding.
With more than 100,000 gamers on the blockchain and top Web3 games, Polygon is providing a high-quality gaming experience. The network is already working in Web2 with the game Draft Kings. Now, the main goal is to go for Web 3.0. The major gaming platforms associated with Polygon are Decentraland, Animoca, and Sandbox. Also, connected with Open Sea, Metamask, and Forte therefore a big part of NFT gaming as well.
Top 5 Games and E-sports Joined Polygon in Recent Years
Here are the top 5 games and esports that partnered with the Polygon network to expand the horizon of the gamer community and developers.
Magic Eden announces collaboration with Polygon to support the NFT gaming ecosystem in Nov 2022. The company aims to provide tools to creators, and a launchpad for the debut. Magic Eden wants to leverage cross-chain interoperability to reach a wider set of audience. The company will also promote more multi-chain NFT trading.
FootEarn has done a strategic partnership with Polygon. The first online 3D e-sports game has engaging gameplay. In addition, there isn’t any mandatory fee required to play the game. In April 2022, there has been a strategic partnership between both FootEarn and Polygon. The company wants to take the esports game project to a top-notch level.
House of Gaming, an endeavor to redefine esports, partnered with Polygon in March 2022. Hefty Games are the collaboration between House of Gaming and Polygon. Hefty Games was about to launch NFT. Therefore, to commemorate the announcement, it joined Indian Gaming League.
Turnt Gaming a disruptive model for NFT-based gaming joins forces with Polygon. In Dec 2021, the company announced the collaboration with Polygon Studios. The merge is to take engage-to-play gaming to a next level. Now, users will be able to earn by watching and predicting as well.
Community gaming, a leading esports gaming platform, joined hands with the network. On July 2021, Polygon announced an alliance with Community Gaming to initiate esports tournaments on the Polygon network. It allows you to create custom esports tournaments and earn easily. With Polygon, the gamers of Axie Infinity Squad received payment in 3 seconds. That’s the speed that Polygon offers. Thus, platforms partnering with Polygon receive many benefits.
Advantages of Polygon in Gaming
Polygon has compounded the benefits for the gaming and esports industries. Here are a few of the benefits that polygon offers to gaming and esports companies.
Speed: Polygon has fast confirmation times. The 65000 TPS, profits, and security are the same as those that Ethereum offers. The overall gaming experience refines.
Scalability: The scalability is immense as the polygon network is compatible with all the ERC-20, ERC-1155, and ERC-721 standards. The transactions on the network are verified which helps in preventing fraud.
Flexibility: There is an easy transfer between the wallets. Due to flexibility, the players can play games of their choice. Gaming and esports platforms will be able to bring more gamers.
Cost: The average cost is $0.002 per transaction. Due to fewer transaction costs, many gamers can become part of the network. Players can trade the profits and resources within the community.
Established Community: The Polygon has a total of 19k dapps to choose from and scale. A stronger community increases participation and engagement in the games.
Tools used By Polygon Network in Gaming Market
Polygon has a suite of tools for gaming developers and platforms. Every type has its own set of unique properties.
Polygon Edge
Polygon edge is known for customization it has a modular and extensible framework for building sidechains. The primary goal is to bootstrap a new network and provide compatibility with Ethereum smart contracts. Gaming and esports companies can opt for Polygon Edge to form a customized blockchain for specific games.
Polygon ID
Polygon ID is a private identity that is self-sovereign and decentralized. It is safe and secure, with no threat to privacy. The polygon ID is powered by Zero-knowledge (ZK) cryptography. Along with providing the ultimate user privacy, it is also scalable and has private on-chain verification for dapps and games.
Polygon Studios
Polygon Studios is home to the metaverse, NFT, and gaming projects on Polygon protocol. They provide best-in-class solutions for platforms looking forward to scaling on the blockchain.
The Polygon Studios are working to support developers to build Dapps. They are helping both Web2 and Web3 teams with a variety of services. Polygon studios is a dedicated unit bringing together Blockchain Gaming and the NFT industry. The aim is to bridge the gap between Web2 and Web3 gaming.
Some of the Potential Risks in P2E Gaming
P2E gaming is booming and has a wide range of perks associated with it. However, there are a few problems as well. Sometimes, bots start to play and mostly they play better than a real player. If the bots keep winning and earning money, the real players will miss out on profitability.
Some of the P2E games have a high cost to access, and thus the amount of money earned is less compared to the investment. Big investors many times hoard resources, and the game is more prone to scams. Other than solving a few of the key challenges, the overall focus should be to make games and esports rewarding for the participants.
Summing it all Up
Polygon network has many use cases, and it supports several industries. However, in the gaming sector, they are more recognized, progressive, and visionary. The blockchain network envisions bringing more and more gaming platforms into the decentralized networks.
Blockchain immersive games take the entertainment quotient to a new level. Gaming and e-sports will foresee substantial growth in the upcoming years. Polygon will cause an improvement in gaming and esports due to — scalable infrastructure, minimal gas fees, and faster transaction times. Larger than life gaming ecosystems will notice a bright shift in the future.
Want to know more about how blockchain has powered the gaming economy?
About The Author
Dr. Ravi Chamria is co-founder CEO of Zeeve Inc, an Enterprise Blockchain company. He has an experience of 18+ years in IT consulting spanning across Fintech, InsureTech, Supply Chain and eCommerce. He is an executive MBA from IIM, Lucknow and a prolific speaker on emerging technologies like Blockchain, IoT and AI/ML.
Passionate About: Blockchain, Supply Chain Management, Digital Lending, Digital Payments, AI/ML, IoT
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