Is Blockchain Gaming the Future of Gaming?
Blockchain technology is not a new concept. It has been around for decades. However, it recently gained global attention because of bitcoin and other cryptocurrencies.
One industry influenced by this technology today is the gaming industry. A number of game developers have already adopted blockchain technology in developing their games.
So, is blockchain technology the future of gaming or a gimmick that will fade over time? Read on to learn about blockchain gaming, how it works, and more.
What Is Blockchain?
Before we can define blockchain gaming, let’s first understand blockchain technology. It’s the technology that makes the existence of cryptos like Bitcoin and Ethereum possible.
A blockchain is a decentralized database of all information shared across a network of computer systems. Once data gets added to the blockchain, it can’t be modified or deleted, making the peer-to-peer network secure. All the members connected to the network can access and track the data, meaning the technology is transparent. Also you can find yourself a blockchain jobs and get paid in crypto, using many cryptocurrency services online. Thanks to the use of Smart Contracts, crypto jobs is one of the most reliable services for freelancers
Blockchain Gaming Definition
By now, you already know that traditional games are centralized. This means everything gamers secure in-game including, in-currency, assets, and skins, are stuck in the game forever. There are confined to the game -you can’t move them freely in and out of the game. The game developers are the sole owners of the games, and no one can design substitutes.
However, blockchain gaming brings new development to the gaming world. It allows gamers to own a share of the game. They can verify the items they secure while playing and move them in and out of the game. So, players don’t have to jump through hoops anymore or sell their accounts to move one item a buyer needs.
The technology allows you to become the owner of every in-app purchase you make in a game. Also, you can transfer your winnings to another game. Blockchain gaming creates a player-driven economy. This is where gamers don’t need to concern themselves about shady DLCs or new game updates. Instead, they can make new content that they can trade or hold to.
In blockchain gaming, you retain the ownership of all the assets you gain while playing the game. These include weapons, skins, in-game currencies, and XP. Keep in mind these assets have real-world monetary value, and you can sell them to other players for the money.
Blockchain gaming allows players and game developers to be on the same side. Neither the player nor the developer has control over the outcome of the game. Also, they can analyze the crypto game code via the blockchain network hassle-free.
How Blockchain Gaming Works
Unlike traditional gaming, blockchain gaming allows players to own one-of-a-kind non-fungible tokens (NFTs). An NFT is a unique data unit that exists on the blockchain. NFTs include rare skins, weapons, characters, artwork, cars, or any other digital asset you can’t replace with another.
Blockchain games allow gamers to play games and earn unique NFTs. They can exchange their NFTs in digital marketplaces for real money. As you can see, blockchain gaming is based on the aspect of “play to earn.”
Furthermore, they’re only a few quantities of NFTs available and can’t be altered or faked. That’s because they get stored on the blockchain.
In traditional games, you can lose all your in-game assets once the server is switched off, even if you spent real money on purchasing them. Both the game developer owns your money and the game assets. So, you can see why blockchain has huge potential in the gaming industry.
Basically, blockchain games work in two ways. First, game developers can use the blockchain for the in-game economy. Here, NFTs represent game assets, and players can buy, sell or trade their NFT for real-world money. Secondly, they can design the entire game on the blockchain. As a result, every game interaction gets verified and stored as a new block.
Most Popular Blockchain Games
Developed by Dapper Labs and launched in 2017, CryptoKitties is perhaps the most popular blockchain game today. It runs on the Ethereum blockchain network. Gamers can use Ethereum to purchase CryptoKitty (an NFT) with a specific set of traits. They can then bread the pet to produce new unique offspring. The rarer the traits, the higher the value of the CryptoKitties. A cat cartoon can cost about $170,000 or more.
Sandbox is another massive blockchain game created by Pixowl. Compared to CryptoKitties, the Sandbox is a more traditional game that mirrors Roblox or Minecraft. Its blockchain technology creates a unique cryptocurrency called SAND. Furthermore, the Sandbox comes with a limited number of real estate called LAND. This unique feature has led to the biggest ticket purchase from Atari.
Other Games Include:
- Axie Infinity
- The Six Dragons
- My Crypto Heroes
With more money being invested in blockchain gaming, there is no doubt it’s here to stay. Companies are already jumping to the blockchain gaming bandwagon to take advantage of this latest trend.
On that note, the online gaming industry should seek to exploit this new market. It presents several benefits to players and game developers, and there’s a good chance it’s the future of gaming.