Nowadays, the explosion of blockchain technology around the globe has brought a lot of attention to other aspects of this technology, including practical applications in many different professions such as economics, education, health, and of course, it’s such a waste not to mention the blockchain gaming industry.
It’s an excellent market with many opportunities waiting to be explored. Find out about blockchain gaming as well as its potential with this article.
BLOCKCHAIN AND GAMING? IS IT EVEN RELEVANT?
As said earlier, blockchain technology is becoming the next big thing in the gaming industry recently. This technology has brought a lot of new offers to the table when it comes to gaming industry, creating a lot new opportunities for businesses that want to create decentrallized gaming apps.
Blockchain gaming (also known as NFT game) are video games with elements that use the cryptography-based blockchain technologies. These elements are mostly the use of cryptocurrency or NFT (non-fungible tokens) to create the economy where players can buy, sell and trade with each other using the in-game items. These transactions will usually be taken some fee by the game publishers as a form of monetization. By trading these NFTs, players can make profit, making these blockchain gaming also known as play-to-earn games since these game include systems that allow players to earn tokens through gameplay.
SO WHAT’S IN BLOCKCHAIN GAMING?
There are various ways for blockchain technology can be used in the gaming industry as mentioned, includes:
NFTs are the non-fungible token that can be used or traded in blockchain gaming such as characters, weapons, skins, items like digital assets. These NFTs create a way for players to actually own these in-game items and give them more control over these items. It also helps the process of selling and buying these items more easy and accessible since there is not need for an intermediary.
With the help of blockchain technology, players can now earn cryptocurrency by playing the game. These cryptocurrency can be converted into traditional money or even buying new items in game. Exciting, right?
This idea is to encourage people to continue playing the game, which rewards them cryptocurrency that can be traded in the outside world, which, in the end, also help maintaining and developing the game itself.
WHAT CAN BLOCKCHAIN BRINGS TO THE GAMING INDUSTRY WITH BLOCKCHAIN GAMING?
With all of its technologies and advantages, Blockchain has been seen as one of the best assistance to enhance anđ improve the gaming industry. Let’s take a look at some benefits that blockchain has brought to gaming world:
- Security: blockchain offers an additional layer of security, which will help and prevent users from harmful parties.
- Transparency: the nature of blockchain technology is its ability to not be tampered with and modified. It will record every transactions of users publicly and can be tracked anytime, bringing confidence in users when engaging their digital assets.
- Better user experience: with high speed and easy-to-approach, accessible feature, user can connect to their Crypto wallet easily anytime, anywhere.
Data has shown that in recent years, blockchain gaming is getting more and more popular. With all of the benefits that blockchain technologies can offer to the gaming world, what is your take on this topic?