Are you curious about how blockchain technology might change the gaming sector? There are many options to investigate this profitable business. The first blockchain trend, according to experts, will be gaming, which will completely change the gaming business and help it more fascinating than before.
But,
With the growing use of blockchain development services, other sectors may ultimately look to blockchain gaming for guidance on how to overcome remaining obstacles.
Let’s find out!
In this article, you’ll know all you require to realize regarding involvement of blockchain technology in gaming.
So, without any further ado, let’s begin!
More individuals are playing games than ever before. The gaming business is now valued at $173 billion, but promising trends suggest that it will surpass $300 billion in the following five years. The 2.6 billion gamers worldwide now have a more comfortable and approachable gaming experience thanks to a growth in new players, particularly on mobile devices.
But,
What Does “Blockchain In Gaming” Mean?
Video games incorporating blockchain-based elements are referred to as blockchain games, also recognized as several names such as NFT games, crypto-games, play-to-earn, play-to-win games. These games often leverage blockchain functionalities to provide non-fungible tokens (NFTs) or cryptocurrencies that players may buy, sell, and trade in exchange for a percentage of each transaction going to the game’s owner.
Now, let’s talk about,
Blockchain Gaming: What Is It?
These games usually permit players to trade game items in exchange for cryptocurrency. This can later be exchanged for cash by the players, playing games based on the blockchain technology. According to the most recent Technavio analysis, the worldwide gaming market is anticipated to increase by $125.65 billion at a CAGR of 12.40% from 2020 to 2025. Blockchain technology in gaming is a key driver fueling the expansion of the gaming industry.
As you’ve seen an overview of blockchain gaming; now, let’s move forward and discuss,
Blockchain Gaming: How Did It Become Popular?
Since 2017, there have been games built on the blockchain. And AAA developers started showing their interest in investigating their potential after 2021. The emergence of blockchain-based games has altered the rules of the gaming industry, placing the players in charge of determining the majority of the financial decisions.
Blockchain gaming is a development that is simple to overlook. The total number of games continued to play on blockchains has surged by 22,000% during the initial quarter of 2021, according to the most recent DappRadar x BGA Games study. By the end of March 2021, 1.22 million wallets with a unique active status (UAW) had been attracted by blockchain-based gaming.
Dazzled with the numbers? Now, let’s talk about,
Blockchain Technology: How Far Is It Beneficial For The Gaming Industry?
Due to the intrinsic flexibility of blockchain technology, it’s possible to use it for in-game creation services. Let’s now look at a few advantages of implementing blockchain technology in the gaming sector.
Increases gaming security –
Hackers cannot take down a decentralized network since there are no servers and strong data encryption methods. It’s possible only with the securest, most transparent, and immutable technology, namely blockchain. It ensures no fraud and also adds a layer of confidence to gamers. This way, the players can share sensitive data or virtual assets such as NFTs more conveniently.
Blockchain technology offers an additional layer of security to gamers via using encryption systems, namely-” Secure Messaging & Two-Factor Authentication. It’s one of the best technologies for protecting information like- player information, user transactions, and game data from being tampered with or hacked by cybercriminals.
Enables actual asset ownership in games –
Blockchain game development services allow for the safe and open storage of game assets even when the players are not playing the game. One of the fundamental tenets of gaming that blockchain maintains is original digital ownership. It enables them to trade valuable products and profit from their victories.
Gives gamers the ability to manage their favorite games –
Most blockchain-based games are decentralised and community-controlled, so players decide on additional features, software upgrades, and overall game strategy.
Empowers gamers to accumulate rewards while they compete –
Blockchain-based games are the initial of their kind to let players monetize their game progress and other products directly, without the aid of a middleman. Players can earn rewards after accomplishing quests and missions in the form of cryptocurrencies. In conventional games, players were rewarded with points that had no monetary value outside the game itself.
But, with blockchain-based games, the players can now able to earn cryptocurrencies that they can use as real money to buy items from other players or even purchase products on eCommerce websites.
Securest payment option –
Since all transactions are registered and validated using blockchain technology, a large percentage of blockchain-based games use their own native crypto tokens for payment. These tokens are not just down to earth and helpful from a speculation viewpoint, yet they are additionally consistently protected.
Adds Value-
Blockchain technology assists gamers in earning money through gaming. It provides them with a greater level of assurance as well as flexibility. It creates a digital market for gamers.
If gamers have the desire to improve their value and boost their gaming collection, no other technology is as helpful as blockchain technology. In addition to this, blockchain technology is the greatest alternative for all those old items that gamers generally want to own because of their long-term value.
Grants players ownership-
With blockchain technology, gamers may sell Non-fungible tokens anytime they wish and even make money from the resale of their items. It demonstrates each NFT’s individuality, which gamers who value authenticity and rarity value.
Allows to create integrated gaming profiles-
As blockchain technology in the gaming industry is the new talk of the town, it’s possible for the players to create a centralized community where they can access different games. It enables players to have one profile that they can utilize across several platforms. This way, they can enhance their experience and access a plethora of games as well as purchase items easier than before.
Upon Consideration,
You can now see how combining blockchain technology with video games can result in a more secure, enjoyable, and smooth gaming experience. This technology in the gaming business is still in its infancy. But, blockchain technology assures that players will be able to try new games in a few coming years. It helps the gaming industry advance and keeps crooked individuals & unethical players out of the game.
Luckily, the involvement of blockchain technology in the gaming industry is a crucial step for protecting video games and establishing a high-standard gaming business for the long term. As a consequence, blockchain technology and video games have the potential to transform the whole gaming industry in a variety of ways.
