Gaming has been one of the most competitive and hypercharged businesses in the previous decade. The sector, like bitcoin, is so alive that there is always a new trend to jump on. To avoid the ongoing FOMO trends, a few stakeholders have gone a step further and integrated blockchain into the gaming sector.
So, what does all of this mean?
Soon, you could be able to monetize all of your video gaming time! Yes, there is a good chance that your next large buy will be supported by something sold in a video game.
You may be wondering how.
Blockchain gaming is the answer. Users may now earn bitcoin while playing video games thanks to blockchain gaming. The blockchain is expected to dramatically transform the gaming industry. This transition will affect the user experience of video games, as well as how they are produced and handled.
If you, too, are a video game fan or have a lot of free time and would want to benefit from it. This is the article for you. Come along with me.
What Is Blockchain Gaming?
Before delving into what blockchain gaming entails, it is critical that we first grasp what blockchain is. Even if the word is pretty self-explanatory, consider a railway track for the sake of illustration. Its wooden sleepers each depict a block. A blockchain is a network of data blocks, similar to the train chain of wooden sleepers. This chain is totally transparent to all of its users, and no one can alter the data contained inside it. To remove one block, you’d have to work your way through the entire chain.
On a blockchain-based game, participants may possess a set amount of collectibles, which would be recorded in a shared ledger. These might be non-financial assets (NFTs).
Their ownership of assets would be altered unprecedentedly with the introduction of blockchain gaming. Players accustomed to having assets perpetually trapped within the game may now move them outside of the game! The industry has seen several fascinating innovations as a result of this. In other words, players may now keep gaming stuff without relying on the game and transfer anything to anybody. They can conduct basic transactions without sprinting, dancing, or jumping through fires.
Blockchain gaming enables a driven economy where businesses do not have to worry about new releases or game developers’ whims and fancies. They may obtain marketable content while also retaining gamers. In the end, it is a win-win situation for both gamers and gaming corporations. While the former may spend more money on the game without breaking the bank, the latter can amass more gaming hours in its honor.
Benefits of Blockchain Gaming
#1 Improved Gaming Experience
The gaming business is quite international. It involves a million people and businesses. Integration with payment gateways at a high cost is an issue that should have been solved long ago in such a large sector. Such unnecessary expenditures may be virtually avoided with the incorporation of blockchain technology in gaming. This makes it cheaper to trade on games and improves the entire user experience.
#2 Increased Security
The gaming industry has always been plagued by fraudulent practices and criminal activities, from dangerous cyberattacks to phishing efforts. To be honest, it is one of the industry’s most critical issues.
This comes as no surprise. After all, online gaming generates a lot of money, making it a popular target for hackers. These crimes can range from identity theft to account hacking and even the creation of fictitious virtual assets. Players are constantly worried about getting deceived. With the incorporation of blockchain, such illicit actions may be put on hold since the assets would stay on the blockchain, which no one could alter.
#3 Decentralized Ownership
The ownership of virtual assets has resulted in several cold wars between creators and gamers in the gaming industry. With the introduction of blockchain gaming, a revolution may be on the horizon.
#4 A Brand-New Gaming Economy
Blockchain gaming may be responsible for ushering in a whole new level of decentralized gaming, which will see the use of virtual assets in the real world.
Consider the Ejinn coin available in the game Age of Rust. Space pirates created the game using virtual cash based on the ETH blockchain. As a consequence of its business agreements, players may now receive credit for Ejinn coins in the form of gift cards or even Uber credits.
To Get You Started, Here Are Some Promising Blockchain Gaming Options.
The Spinterlands
Spinterlands is a deck-building card game. It provides its customers with prizes in the form of NFT and bitcoin.
At the moment, the game has the most users documented for a blockchain-based game. It gets 283,950 daily visitors. This user figure is much larger than that stated by most of the country’s exchange platforms.
Axie Infinity
Axis Infinity is a trade and battle game that saw a one million user increase in August 2021. This is more than 33 times the number of users it serviced until April. Axis allows gamers to create, trade, grow and combat Axies. The game’s users are rewarded in AXS, an Ethereum-based currency.
What Does the Future Hold for Blockchain Gaming?
Several sectors utilize gaming to indicate trends, consumer spending, and even technology. With the incorporation of blockchain in gaming, large sums of real money are now at stake, which might be a portent of things to come. Yes, these advancements are still entwined with the virtual game world, providing a perfect context for the first broad adoption of blockchain.
But, when our virtual and actual worlds merge, gaming will be where the action begins. Who knows where we’ll go from here?