The extravagant evolution of the gaming industry is commendable. We today are a part of such advanced gaming options wherein we can experience a myriad of emotionally-charged, appealing VR, NFT games & blockchain games based on real-life situations that reward precision and preparation.
It’s no news that the gaming industry has come a long way since its inception. Do you remember playing Super Mario on a 16-bit gaming console? While we were playing Mario and saving the princess, did we ever think of a time when we’ll be playing multiplayer online games (MMOs) like PlayerUnknown’s Battlegrounds (PUBG) where we could personalize our gaming personality and not follow the same goal?
The Gaming Market forecast hints at USD 339.95 billion by 2027 and a CAGR of 8.94% throughout 2022-2027. The continuous technological advancements in the gaming industry are significantly propelling the industry’s growth, enhancing the game creation process, and improving the overall gaming experience for the users.
In addition to the gaming industry, one more industry dominates the market. Yes, you guessed it right, we are about to discuss blockchain games. Blockchain technology has exploded in the last few years. It’s not only about money, but it has become one of the most crucial parts of the gaming industry.
How & why we’ll get to that in this article. Let’s unveil what blockchain is all about, the benefits of blockchain implementation in the gaming industry, figure out the challenges blockchain games still have to overcome, and look at real-life examples.
A Brief Introduction to blockchain
IBM defines blockchain as a shared, immutable ledger for recording transactions, tracking assets, and building trust. In simpler terms, a blockchain is a shared database that stores data in blocks that are then digitally linked together via cryptography.
Blockchain technology has evolved into a revolutionary tech applicable to various industries and sectors. Especially in gaming, blockchain has successfully offered a new gaming experience for both blockchain gaming businesses and players who use NFTs and cryptocurrencies to make in-game purchases that one can trade as real-life money.
But, how does gaming cryptocurrency work in the industry? Let’s understand!
Role of blockchain Games & Cryptocurrency in the Gaming Industry
To begin with, let’s understand the essence of gaming cryptocurrency.
Cryptocurrency is primarily a digital currency utilizing cryptography to facilitate secure online transactions without banks and credit card companies, making it nearly impossible to counterfeit or double-spend.
When it comes to playing blockchain games, Bitcoin and Ethereum are two well-known gaming cryptocurrencies that enable fast and secure in-game purchases, like avatars, unique artifacts, power-ups, and themes, while rewarding players with crypto tokens while playing the best crypto games.
Also Read: Things to know before developing a Great Cryptocurrency App.
With the significant boom in the gaming industry and the rise in crypto games and blockchain games, we can’t ignore the dynamic gaming cryptocurrency trends dominating the entire gaming market. Moving forward, let’s look at the various ways in which the blockchain gaming companies are leveraging blockchain technology:
If we go by definition, Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata. These tokens can be utilized while playing blockchain games and crypto games to own their digital possessions like gaming characters, memes, videos, and other digital assets. Using NFTs equips players with more control over what happens to these digital assets and makes it easier to trade and sell since there’s no need for an intermediary like another player.
Also Read: Developing and Launching an NFT Marketplace 101
Play & earn
The increased use of blockchain in the gaming industry has given rise to a new sub-genre of blockchain games called “Crypto-Games.” These top crypto games are built to encourage players to indulge in games wherein they can earn Cryptocurrency by playing the game. And then further redeem Cryptocurrency into real money for real-world goods and services within the game.
Virtual events and tournaments
Another critical component of the gaming industry is Virtual events and tournaments. Virtual gaming events have been organized globally for over a decade now, and organizing these large-scale gaming events employs numerous resources to manage teams, prize pools, and event venues. In addition, the challenges encountered in this process are high registration costs, ticket prices, bandwidth to verify the rewards participants earn, and cybersecurity.
This tedious process of tracking and verifying the reward receivers becomes easy using blockchain. Blockchain, a decentralized technology, can provide the ability to track and demonstrate the reward winners for their match. Blockchain technology offers secure transactions among users and tracks data from any network, making it easy for the players to participate and win using blockchain technology.
Now that we have looked at how users can earn digital assets cautiously, there’s no doubt that the gaming industry has transformed since the inception of blockchain technology. How? Let’s find out.
How are blockchain Games Transforming the Gaming Industry?
Due to the rise of tokenization, numerous gaming companies have adopted blockchain technology in gaming to gain traction. Especially when innumerable competitors started to encourage the purchase of in-game items with virtual and real money, experts agreed that blockchain could be one of the best ways to track these online transactions.
Increasing the security of the gaming market
We are all well aware that blockchain technology has enabled a positive interaction between Cryptocurrency and blockchain games while addressing some of the most significant long-standing challenges of the gaming business. How; let’s have a look!
One of the most critical gaming challenges that blockchain addressed was the vulnerability of blockchain games. For example, when blockchain gaming companies started leveraging blockchain’s decentralized and highly effective data encryption measures, it became challenging for hackers and network breachers to break into data across the server.
As a result, gaming enterprises and players were equipped with a secure environment, increasing engagement and productivity.
Improving the ownership of In-Game Assets
Another critical transformation that blockchain games brought to the gaming industry was improved in-game asset ownership and allowing players to exchange scarce goods and profit.
Blockchain games gave rise to irreversible smart contracts run on pre-programmed parameters that handle online transactions. Smart contracts are operated without a central authority. Thus no one can change or replace the ownership or public address where the assets are stored. Everything will remain the property of the game player who owns them.
Control Over Favorite Video Games
Another advantage of blockchain games is that the gaming networks built on the blockchain are not mutable. This signifies that any change or improvement in the future game series will not hamper the game’s deployed network, thus enabling the player to download and access their favorite video games in various versions from any location without hindrance in the gaming experience.
Improving payment methods
Most blockchain games and chain games crypto utilize cryptocurrency to trade because it is the most secure and private currency to deal with. Using local crypto tokens or other similar tokens results in a better transaction experience and escapes the network breach or any information disclosure. Thus it’s undeniable that the collaboration of cryptocurrency with blockchain games has improved payment possibilities for gamers.
Integrated Gaming Profiles
Earlier, most gaming platforms mandated the creation of multiple gaming profiles before letting them access the platform’s games and features. But with the introduction of blockchain technology in the blockchain games and top games crypto, users can access and run across numerous gaming portals by creating and using a single integrated gaming profile, which ultimately resulted in an improved gaming experience for gamers.
Wrapping it Up!
With all that read, we know that blockchain has given rise to many innovations in the gaming industry, be it decentralization, introducing a play-to-earn [crypto] model, NFTs, or the absolute ownership of in-game items. As a result, blockchain technology is becoming critical to the gaming industry, has the potential to grow, and can carve out a niche in the gaming field.
Suppose you wish to step into the blockchain world. In that case, experts at renowned mobile app development company CopperMobile can help you learn more about blockchain and how your business can undergo a digital transformation by leveraging blockchain technology. Reach out to us today, and let’s explore the opportunities to take your business to new heights.