- Blockchain’s transformative potential extends beyond finance to revolutionize industries like online gaming.
- Presently worth an estimated $178 Billion, it is forecast to hit a value of $268.8 Billion in 2025.
- Online gaming enters a new era with blockchain technology promising transparency, ownership, and fascinating possibilities.
Initially, blockchain was regarded as a synonym for cryptocurrencies; in time, it became a multifaceted instrument useful for different industries. While many individuals link blockchain with financial deals, it’s possible, and the scope of blockchain goes further. One such area is online gaming. The gaming industry is anticipated to change significantly with its growth potential, estimated to be currently worth $178 Billion. By 2025, the figure will rise to $268.8 Billion. This progress will be a result of the blockchain revolution within the industry.
Blockchain Games
Blockchain is an immutable system that decentralizes data and makes it accessible to all network participants, preventing data alterations. Blockchain gaming uses a decentralized blockchain, with users owning digital assets and game objects. In this game, players possess NFTs, akin to cryptocurrencies, stored in wallets, but they can also be moved outside the game
Role Of NFTs (Non-Fungible Tokens)
NFTs are vital in blockchain-based gaming, securing ownership of in-game assets. NFT-associated items are irreplaceable and unaffected by server disruptions or game discontinuations. Unlike traditional games, where items lack intrinsic value, blockchain games grant value to in-game assets. Take in-game skins, for instance. In non-blockchain games, they lack intrinsic worth and are hard to resell. But in blockchain games, skins become NFTs, ensuring true ownership and the ability to trade or sell for real value.
6 Ways The Gaming Industry Is Being Transformed By Blockchain
- Enhancing Security
Blockchain’s decentralization and robust data encryption thwart hackers’ attempts, resulting in a secure gaming environment.
- Immutable Gaming Content
Blockchain gaming networks are immutable, meaning games will remain unchanged in the future, providing gamers with stability.
- Trading Resources and Earning Rewards
Gamers and developers can now create resource-rich games and apps, update game versions, and earn tokens, enhancing their experience.
- In-Game Asset Ownership
Blockchain technology promotes in-game asset ownership with transparency and regulations, enabling players to trade rare items and profit.
- Value Projection of Intangible Assets
The success of games like Crypto Kitties shows that players are willing to invest in intangible digital collectibles in engaging blockchain games.
- Enhanced Payment Methods
Cryptocurrencies offer safer and more anonymous payment options for gamers, eliminating the risks associated with credit card information exposure.
Top Play To Earn In Blockchain Games
- CryptoKitties
This Ethereum-based game allows players to collect and trade unique CryptoKitties, each represented as an NFT.
- My Crypto Heroes
A multiplayer RPG on Ethereum that combines pixelated art, quests, and depth
- My Neighbor Alice
A multiplication game where players can construct and maintain virtual islands, introducing millions to blockchain gaming.
- Splinterlands
A trading card game on the Ethereum network allows users to play and trade NFT-based cards.
Conclusion
Cryptocurrency is interwoven with the world of gaming, creating immense prospects worthy of exploration. Although at a fledgling stage currently, blockchain’s application in gaming promises an increase in safety, transparency and rewards.
This paper seeks to provide an argument for why the gaming industry must undergo fundamental transformations as cryptocurrency and video games continue their developmental trajectories into the future. Blockchain will be the game changer in ensuring that video games continue to flourish, paving the way for a healthy and thriving gaming environment that is still emerging.