Blockchain: The Future of Gaming

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Blockchain is the word on the street at the moment, and it is on everyone’s lip from finance to healthcare and logistics. The world’s movers and shakers are adopting the blockchain and it’s the most revolutionary technology since the internet. 

Blockchain has a variety of uses, and one of them that is gaining traction is in the gaming industry. From virtual currencies to collectables and digital assets, blockchain makes the features and services found in gaming safer, secure, and well managed. Therefore it’s no wonder that the two have developed a symbiotic connection, with the gaming industry being one of the early adopters. Since individuals stayed at home and explored a world where they could earn and have fun simultaneously, blockchain technology was a crucial component that led to the growth in blockchain adoption. The majority of these blockchain games are referred to as “play-to-earn” games.

You may already be familiar with and might have even played some of the crypto games that are available today. Collectable games like Blockchain Cuties and Crypto Kitties, role-playing games like Light Bring Up, Lost Relics, world-building games like The Sandbox and Decentraland, and real-time strategy games like Dog Forest are all possibilities.

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What makes blockchain perfect for the gaming market?

 

The game model is suited to blockchain since it allows for the production and trade of unique and rare Non-Fungible Assets confirmed by the blockchain. It enables in-game asset purchases to be made quickly and securely without needing a third-party payment provider. It gives gamers control over in-game assets rather than the creators. While playing games, players may even earn Bitcoin. A cross-platform decentralized marketplace for trading and exchanging gaming assets. Players can take part in the consensus procedure and impact the game’s progress. Winners and losers are documented on an immortal ledger as proof of sophistication in-game results.

The development of non-fungible tokens (NFTs) is one of the most convincing reasons for gamers to utilize blockchain. NFTs, also known as crypto-collectibles, are one-of-a-kind digital objects that cannot be duplicated or shared.

Do you remember the collectables game Crypto Kitties, a major hit on the Ethereum blockchain? They were so popular in 2017 that they accounted for 10% of all transaction volume and caused the Ethereum network to become clogged. Players can purchase, collect, mate, and sell virtual cats in Crypto Kitties. Each crypto kittie is a non-fungible token (NFT) that is unique to the user, validated by the blockchain, and cannot be copied or transferred to another owner without the user’s permission. 

Enjin, a blockchain gaming platform known as the Ethereum of gaming, capitalizes on the blockchain gaming trend. The platform gives game developers and gaming communities a ready set of development tools such as wallets and apps. It is a wallet service to create and manage blockchain games without writing any of their blockchain codes or maintaining any blockchain infrastructure. 

With over 300,000 gaming communities and 17 million registered gamers, Enjin is presently the most popular blockchain gaming platform. Dapper, Horizon, and Cocos Blockchain Expedition are some of the other rivals.

 

Ownership

Blockchain is altering the game’s rules by addressing issues in the individual gaming sector, such as false ownership. In typical games, players buy in-game assets with real money but never possess them. They only have a license that may be revoked at any moment by the game creators. This implies that if a player is banned or locked out of a game, they will lose all of the assets or currencies they have worked so hard to accumulate.

With the introduction of blockchain-based NFTs, players will be able to acquire and own their assets while having the legitimacy of their assets validated and the transaction transparent on the blockchain for all to see. Assets can be safely held in a crypto wallet to avoid hacking attacks. Players can also hold and watch their assets rise in value or trade these assets on the open market as they please.

Centralization

In-game assets are exclusive to a specific gaming platform and cannot be transferred across games. Blockchain technology allows in-game assets to be swapped and sold like money between chains, bringing up a whole new world of asset trading and monetization.

Fees

Players and game creators must rely on third-party payment methods such as PayPal or Visa to buy and sell in-game assets without blockchain. These services charge extra or unnecessary fees, which might be abolished or dramatically reduced by employing a frictionless blockchain service with little or no expenses.

Creation of the gaming multiverse

Another exciting development in the blockchain gaming area to watch is building a gaming multiverse, a decentralized and virtual universe combining all game realms. Players may go to a separate planet to access and exchange their diverse treasures in this ultimate game, a multiverse powered by cryptocurrency. This is what the games “Crypto Kitties” and “Gods Unchained” have done with their game items, and it’s a game-changing step for the industry in terms of cross-platform. You may make a cross-platform called God Unchained for all of your crypto kitties and breed a special cat to generate an ultra-rare talisman card by breeding a special kitty.

Decentralizing the gaming business means that your favourite game will no longer belong to a single firm but will instead belong to and be shared by all of the game’s participants. In addition, game creators and other small businesses will work directly with players to create and co-own their games, resulting in a whole new ecosystem for the creative games community.

 

Is the gaming world ready to be decentralized?

Games are now being created and deployed on blockchain platforms including Ethereum, EOS, Tron, and V-chain rapidly. Each provides a distinct level of scalability, security, and performance. As blockchain technology becomes more accessible and sustainable for general usage, we expect more games to include it in gameplay development. Imagine a future in which gamers can effortlessly exchange, sell, and purchase multichain digital assets across multiple platforms and game worlds and complete all transactions using a single global gaming coin.

 

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Disclaimer: The views expressed in The Coin Times are solely those of the authors cited. It does not constitute The Coin Times recommendation to buy, sell, or hold any investment. Before making any financial decisions, it is recommended that you undertake your own research. Use the information supplied at your own risk. For additional information, please see the Disclaimer.

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