Are you curious about how blockchain technology can enhance video games? It is a wealthy market with many places to look into.
Experts think that the first big use of Blockchain will be in the gaming industry, which it will change and make more fun than ever before.
How gaming gets past the last few problems will eventually be a model for other businesses that want to use Blockchain in a big way.
The gaming business is growing faster than ever. There are signs that the gaming business will be worth more than $300 billion within the next five years.
This is because there are more new players, especially on mobile devices, which make gaming easier and more accessible for the 2.6 billion gamers in the world.
What is Online Gaming based on the Blockchain?
Blockchain games, also called NFT games or crypto-games, are video games that use blockchain technology based on cryptography. Cryptocurrency, also called non-fungible tokens (NFTs), that players can buy, sell, and trade, with the game’s creator getting a cut of each transaction as a way to make money, is usually made possible in these types of games by the Blockchain.
Some blockchain-based games are called “play-to-earn” or “play-to-win” games because players can earn enough money to cover their daily expenses.
If you want to invest in cryptocurrencies or have thought about it but don’t know where to start, reading the most popular blockchain books by 2022 could be helpful.
The Idea Behind Blockchain Gaming
Blockchain technology, especially non-fungible tokens (NFTs) and cryptocurrencies could be used to make money in games. In many live-service games, you can change your character’s appearance by buying skins and other in-game items with game currency and trading them with other players.
Most of the time, players can trade game items for cryptocurrency in blockchain games. This can then be traded for cash. Blockchain’s openness could help eliminate some of the grey market’s problems.
How did Games based on the Blockchain Become so Popular?
Blockchain-based games have been around since 2017, but the video game industry didn’t start paying attention to them until 2021, when a few AAA publishers said they wanted to look into their potential and creators, gamers, and businesses in the gaming industry gave their opinions on that potential.
Since blockchain-based games are becoming more popular, the rules of the gaming industry have changed. Now, gamers make the most important financial decisions instead of game developers.
Play-to-earn (P2E) bitcoin games are becoming popular and can’t be ignored. It’s important to understand how it works before getting into the details. The number of games played on blockchains jumped by 22,000% in the first quarter of 2021. According to the most recent report from DappRadar and BGA Games, this makes up 52% of all blockchain activities.
At the end of March this year, blockchain games attracted 1.22 million wallets with a unique active status (UAW). Even though there was an estimated $615 million security breach on the Ronin Bridge, Axie Infinity was behind 22,000 of them.
The rise in popularity of play-to-earn, non-fungible token (NFT) games played on the Ethereum chain has been a major factor in the growth of the platform on platforms like Crazy Defense Heroes, Pegaxy, Arc8, and A tamagotchi, which led to a 21% increase in gaming activity on Polygon at the start of 2022.
Key Terms for Games Based on Blockchain
Most blockchain games have a ” play-to-earn feature,” which lets players earn money and participate in game-based economies that let them buy and sell game-related goods.
In contrast to traditional game concepts like free-to-play games with in-game purchases or pay-to-play games, Blockchain-based games give users full ownership over their online assets.
Whenever the system works well, gamers are given guns, skins, and other products related to gaming.
Players must buy their first asset right away. This is usually a non-fungible token (NFT), a pay-to-earn method similar to play-to-earn.
Play-based learning is a similar method. The item’s value will go up over time, and the chance of making money will be a reason to stay.
Pay-to-earn and play-to-earn methods are sometimes called “GameFi,” which is a word that emphasises how video games can be used to make money.
A stable blockchain with high transaction rates and low fees is needed for a blockchain-based game to work well. When buying or selling products that are hard to get, consumers won’t (and shouldn’t) pay huge transaction fees.
Asset Ownership In-Game
Gamers are hesitant to buy game assets that can’t be traded and are under the control of the developer. When an online gambling site is shut down, the players lose all of their money.
Tokenizing game assets means making tokens that can’t be changed into anything else. This gives developers full ownership of the assets.
What Effects does Blockchain have on the Gaming Business?
Blockchain technology can be used in games because it can be changed easily. We’ll look at a few of these possibilities below.
It makes games more secure.
Cybercriminals can’t shut down a network that isn’t centralized because there are no servers and no good ways to encrypt data.
It lets you own things in the game.
Blockchain also makes it possible to store gaming assets outside of games safely and transparently. One of the essential things Blockchain makes possible in gaming is digital ownership in its original form, which lets players trade valuable items and make money from their wins.
It lets gamers change how their favorite games work.
Most blockchain-based games are run by the community and don’t have a central authority. This means that users decide on new features, improvements, and the program’s overall direction.
It enables gamers to gain points while playing.
Blockchain games are the first in the industry to let players make money from their game progress and other products without a third party.
It makes payment easy and safe.
Most blockchain-based games use their own crypto tokens as a way to pay for things. These tokens are useful and good investments, and they are always safe because blockchain technology can track and verify every transaction.
What NFTs do in the gaming business
Non-Fungible Tokens, or NFTs, are a fairly new idea in the gaming industry. But there is no doubt about their importance and potential.
The NFTs stand for different digital currencies that have nothing to do with other NFTs. They are different from other fungible tokens because they are unique in some way. Knowing the differences between them helps them keep their value over time.
The main benefit of non-fungible tokens is that blockchain technology can be used to track and verify them.
NFTs can be used as data for Ethereum’s Blockchain, and an ERC721 smart contract can be used to track each token.
This means that goods like collectibles and event tickets can be sold freely on their marketplaces without the help of third-party sellers who are centralised.
Possible Benefits of Blockchain in Gaming
1. Add Value
No matter what gamers think, NFTs are not the same as microtransactions. Certain parts of the game can only be used by players who have the skin or the NFT.
Since there is proof of ownership for NFTs, the skin can be sold. Gamers have been able to make money by playing games for a long time, but NFTs are safer and more flexible. This could make a place online where people can buy and sell used video games and digital goods.
The value of gamers goes up because NFTs make their game collections better. NFTs are a great way for players to get old items with lasting value.
2. Who Owns What
NFTs are different from microtransactions in that they have a monetary value that gives players ownership. Players can sell their NFTs at any time and make money off of them. The immutable records of the blockchain network that was used to build NFT show that it doesn’t work.
This shows that each NFT is unique, which gamers who like authenticity and rarity like.
Interdependent Nature NFT is an asset based on Blockchain that can be moved between games that use the same Blockchain. Users can move assets between games because the skins they’ve bought now belong to them and not the game company. This can be helpful if the company stops making the game, especially if it is a collectible item.
3. Advantages of the body Help for your body
NFTs can also act as a bridge between the real world and the virtual world. When there are real events to promote, NFTs with a valuable NFT card or jersey could lead to the owner getting the real thing.
As the gaming community is split between those who support NFTs and those who don’t, we must be patient and wait to see if big gaming companies will start using NFTs.
The gaming industry is split on what to do with non-fungible and non-fungible tokens, so we must wait and see if large gaming companies bite the NFT bullet.
But NFT game creation services are important for gaming’s future. This is because they let you “virtually own” things in the game, like collector cards, magical items from the fantasy world, and the clothes and equipment of specific characters.
The NFTs will change how gamers talk to each other by letting them quickly and safely lend or trade gaming assets on a Blockchain.
Why using Blockchain in games is a good idea
Blockchain is a new technology that has changed the technology industry in a big way. It’s hard to find a place where blockchain technology hasn’t changed something, and gaming is no different.
If developers realise how useful it is to use blockchain technology in game development, there are no limits to what they can do.
It will also let players make money from their properties and assets, buy or sell virtual items with bitcoin, play games based on the Blockchain, and compete with gamers from all over the world.
Here are some ways that Blockchain Technology could change games:
- Using cryptocurrencies can make it easier to buy things in games.
- Blockchain gives people who make games and start businesses a safe and secure place to work.
- Blockchain in gaming makes it easy to buy and sell in-game assets safely.
- Blockchain lets players’ profiles work with each other in games.
- Intangible assets can be valued in blockchain games.
- Blockchain will make it possible to store in-game purchases safely.
- Blockchain gaming lets players own the things they have in the game.
- The Blockchain gives players more control over the game they want to play.
- Developer’s territory grows with blockchain gaming
- Players and developers can work together to improve a game with Blockchain.
- Blockchain makes it possible to make rarer in-game items.
- The Blockchain stops fraud.
Want to put money into the blockchain gaming industry?
The global gaming market is enormous; by 2022, the money made from virtual games will reach $253 billion. Blockchain-based games are becoming popular in the gaming world. The article How Blockchain is Changing the Rules of the Game has more information about this prediction.
Blockchain technology and games go together like peanut butter and jelly.
If you’re planning to make the next viral game, think about how blockchain technology can help with the distribution of games and other perks.
A top blockchain game development company can help you build a successful blockchain-based game if you need qualified blockchain developers. We are a team of expert blockchain developers who have made several blockchain solutions that are competitive in the market.