Blockchain gaming is the upcoming big thing in the gaming industry. Over the past few years, blockchain-based games have become increasingly popular, and during this time, the industry has seen an increase in the creation of new blockchain games. Due to the growing adoption of web3 and blockchain protocols, companies looking to create decentralized gaming apps now have more options.
Blockchain-enabled secure transactions and records have created new gaming opportunities for players and companies that trade in-game items using NFTs or cryptocurrencies. For instance, Axie Infinity has millions of users who use its Ethereum-based cryptocurrency, which can be converted into actual money at any time. Payments for in-game purchases like avatars and power-ups can be made securely and quickly using cryptocurrencies like Bitcoin or Ethereum. By participating in some play-to-earn games, you can also gain rewards and cryptocurrency tokens.
NFT marketplaces can be utilized in blockchain gaming to trade characters, memes, and other digital assets. The NFTs allow gamers to own their digital assets fully, allowing players to have more control over their items. It makes trading or selling them easier since there is proof of ownership.
What is gaming on blockchains?
A distributed ledger technology is blockchain technology. It serves as an information record and storage system. Because of this, it cannot be hacked, interfered with, or changed in any way. In theory, a Blockchain network's transaction history is accessible to everyone.
In addition, cryptocurrencies like Bitcoin and Ethereum are powered by blockchain technology. This presents virtual economies with a completely new range of opportunities. This potential has already been recognized by game developers.
The majority of conventional games feature a marketplace where players can trade and buy goods like avatars, weapons, and loot boxes. Even if they pay with real money, they might still be unable to purchase it. This is due to the fact that game developers have total control over every aspect of blockchain game development, from creating the plot to gathering the assets.
Due to the fact that all of the accounts and items belong to the same company, players have no ownership rights to them. Other drawbacks of this model include its lack of transparency and vulnerability to manipulation of game mechanics.
The first decentralized, fair virtual market for gamers was created by blockchain. Since gaming companies no longer have complete control over the gaming experience, players actually have control. Beyond virtual economies, blockchain technology has a lot of potential for the gaming industry. Blockchain-based games let players fully own and manage their assets. In this context, non-fungible tokens (NFTs), which are distinct, are typically used to represent assets.
For instance, this revolution in 2017 was propelled by the game CryptoKitties. Users are able to use NFTs to create, purchase, and sell various kinds of virtual kittens. Every digital kitten turns into a collectible item. The value of the kitten increases with its rarity. (The highest-priced CryptoKitties were sold for $172,000.)
The advantages of Blockchain gaming are numerous. These are listed below:
Players can trade their in-game goods using Blockchain tokens that connect them to other game markets as part of the interoperability and metaverse features.
Fair experience - Blockchain makes it possible to build transparent, open, and distributed ecosystems. The dynamics of a game are typically out of the control of both gaming companies and players. Gamers can vote for changes using Blockchain. This keeps the experience from being ruined by cheaters and other players.
Unlimited imagination - A game's developers are free to end it at any time. Blockchain enables players to carry on playing games even in the absence of the developers. Additionally, it enables them to naturally expand their games by incorporating new assets.
How might the gaming industry be altered by blockchain technology?
The gaming industry is changing as a result of blockchain in the following ways:
Transparency and security in business
Blockchain technology is reliable, secure, and unchangeable. When users engage in a digital transaction, it adds an extra layer of security and prevents fraud in transaction records. This makes it perfect for games that ask players to share private information or virtual resources (e.g., NFTs).
Through encryption technologies like secure messaging or two-factor authentication, blockchain adds an additional layer of security. It guards against the alteration or hacking of sensitive data, including player information and user transactions.
Increased user satisfaction
Blockchain enhances user experience and makes using digital assets and conducting digital transactions more secure, effective, and transparent. Gamers have more control over the gaming experience thanks to blockchain technology. This trend can be seen in a variety of ways, like the ability for players to both play and create their own stories and characters. Additionally, they are able to download from various locations without endangering their gaming experience.
Blockchain gaming platforms aid in ensuring the legitimacy and verification of transactions and interactions between parties. This eliminates fraud, which is a significant issue with modern gaming platforms. Businesses can use Blockchain to verify transactions and guarantee that no person or party is paid twice for the same services or goods because every transaction is recorded.
Exchange of resources
Players can trade with each other for money or other resources. Since every item and its owner are recorded on a blockchain, players can trade with confidence knowing that their possessions won't be misplaced or stolen. They can also buy or sell other players' in-game assets.
Rewards in the form of cryptocurrencies are sometimes given for completing quests or missions. Players who participate in traditional games are rewarded with points, which have no value outside of the game. Blockchain-based games give players the ability to earn cryptocurrency to spend on goods from other players and from online retailers.
Top games using blockchain
There are a lot of games based on Blockchain on the market. Here are a few of the most well-known:
- Axie Infinity
- Bomb crypto
- DeFi Kingdom
- Nine chronicles
- Gods Unchained
Note: NFTs are a very important part of blockchain gaming. Since game studios won't be able to completely control how players use their in-game assets, new gameplay features must be made to keep players interested and increase NFT activity. With NFTs, gamers will be able to trade, buy, and sell digital items in a way that wasn't possible before.
With this decentralized ownership and the rise of metaverse, IoT, AR, and VR technologies, gamers will find it hard to say no to blockchain games. With 5G networks, speeds will be so fast that immersive 3D game environments will load quickly and make for an exciting experience. It gives game developers an exciting chance to invest in and build blockchain gaming capabilities.
If you are looking for Blockchain Game Development Services, then we are happy to work with you. Please talk to our Blockchain experts and tell them about your idea.