You may have heard of NFTs already, right? Think of them as valuable digital assets with proof of ownership that makes them almost impossible to fake or copy. But you should know that nothing on the Internet really belongs to you.
Every digital asset you own is just a bunch of data points on the company’s servers that can be deleted. When it comes to NFTs, or Non-Fungible Tokens, users “mine,” or create, unique on-chain assets that they keep full ownership of.
Because every record is highly encrypted, trust is spread out, which keeps ownership safe from damage. In terms of blockchain gaming, this is good for every company that makes blockchain games.
People are more interested in the idea of adding permanent in-game assets to the blockchain. Now, players can trade items they have found for money. In the meantime, every company that makes games likes it when its assets become platforms where other NFT game developers can build and improve experiences.
Even though these ideas and concepts sound interesting and appealing, the space is still new and has some problems. Still, there are a few things you need to know before you jump into the world of blockchain games.
So, let’s start. Before we get to the important parts, let’s find out what blockchain gaming is.
What Exactly Are Blockchain Games?
Due to the centralized nature of the majority of gaming systems, players can only use their in-game assets, XP, or gold in a single game at a time.
However, blockchain games utilize decentralized structures, allowing players to have complete ownership and control over their game data. It allows them to use the data (assets) of one blockchain game in another.
For instance, when a player gains armament or winning XP in a blockchain game, they have the option to employ these rewards in the following or a different game after logging out. In addition, they can share, trade, or sell these items to other players.
How Does Blockchain Gaming Revolutionize the Gaming Industry as a Whole?
There is no denying that Blockchain technology has been prominent for a considerable amount of time. However, due to its capacity to revolutionize and transform a number of industries, its popularity has recently exploded.
In recent years, it has become the top-tier, perfect option for the gaming business due to its exceptional benefits:
A. Blockchain may safeguard and protect sensitive and confidential data such as game data, player identification, and user transactions from malevolent hackers or system damage by employing state-of-the-art encryption techniques, such as Two-Factor Authentication and Secure Messaging.
By maintaining optimal security and transparency, Blockchain avoids double purchases and other transaction record frauds.
It provides people with a sense of protection, security, and confidence when making digital purchases. In addition, it is suitable for blockchain games in which players can send/receive virtual products or private information, akin to NFTs.
C. Blockchain facilitates highly efficient, extremely transparent, and secure online transactions for accessing any digital asset, hence enhancing the overall user experience.
Gaming on the Blockchain Is Well-Funded!
It is crucial to understand that the blockchain game development industry is relatively new and fraught with scaling issues. The reputable play-to-earn game Axie Infinity was hacked in March, and around $622 million was stolen. As a result, 17% of its users were lost within 24 hours of the breach.
These kinds of scams, hacks, and volatility have made it difficult for major platforms such as Steam and Twitch to adopt cryptocurrency games.
As the validity of blockchain-based gaming evolves slowly but steadily, mainstream media and platforms are unlikely to offer assistance and support to any developers attempting to enter this market.
During such a period, it is essential to remain committed to three factors: ensuring excellent user security, cultivating a devoted community, and offering an enjoyable game. The creation of a game product feedback loop is essential.
The good news is that massive funding sources are on the horizon for blockchain games. This year, over $2.5 billion was invested in crypto games, a figure that is expected to reach $10 billion by the end of the year.
Play and Win Blockchain Games Are More Alluring.
The rise of the subgenre of video games known as ‘crypto-games’ was facilitated by blockchain technology. These games are distinct variants of traditional games since they enable players to earn money in the form of bitcoin by playing.
The bitcoin gained through these games is easily convertible to fiat currency. Alternatively, you can use the cryptos to purchase additional goods within the game. The decision is yours to make. This operates in an easy manner.
When playing a blockchain-based crypto game, the player receives a coin that can be used in the “actual, physical world” in addition to the virtual world.
Discover the Virtual Tournaments and Events
Virtual tournaments and events stand out as two of the most significant aspects of the gaming industry as a whole. Global virtual events have been arranged for a number of years, necessitating several resources for managing teams, event sites, and prize pools.
Nonetheless, this technique presents numerous obstacles, including ticket pricing, cybersecurity, costly registration fees, bandwidth, etc. In addition, it is impossible to validate the benefits each participant receives for winning.
This process is simplified and streamlined by blockchain technology, which includes the capacity to track and authenticate who received the prizes for winning competitions or matches. Blockchain technology adheres to the decentralized paradigm and assures the security of user transactions.
Additionally, regardless of which network it was built on, it automatically collects data from that network. Thus, it is straightforward and uncomplicated for participants to participate in any virtual tournament or event utilizing blockchain technology.
A Brief Overview of the Blockchain Gaming Industry’s Future
Without a question, the future of the blockchain gaming business is bright and brilliant. As a growing number of businesses enter the blockchain area, it is probable that additional platforms and games will be created that employ blockchain technology.
The head of Quantum Economics asserts, “Crypto is the future of virtual gaming.” The games you play now will evolve into real-time experiences, and in-game elements will function as real-world assets. Thus, investing in blockchain gaming today is a method to increase future earnings.
