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July 22, 2022

The Future Of Blockchain Gaming

The gaming industry has developed exponentially and is continuing to evolve with the ever-popular rise of the blockchain. Blockchain technology is bringing a revolution to the gaming industry and is already changing the perspective of playing and developing games. But what exactly is all this hype about, and is it here to stay?

Blockchain Gaming

A chain of data blocks in gaming technology that lies at the core of cryptocurrencies, such as Bitcoin or Ethereum, is blockchain gaming. Blockchain gaming technology can neither be altered nor relocated.

Data is wholly preserved and transpired at the network which helps players create value for their digital assets. Players can add digital assets like NFTs on gaming blockchain networks similar to cryptocurrency blockchain.

Gamers can also trade their digital assets on virtual marketplaces. These digital gaming assets are transferable to other digital assets. Not only that, but users can expect to have the ability to use their assets outside the games.

How Do NFTs Work In Blockchain Gaming?

An NFT is a non-fungible token that is a form of a digital asset. It can be easily traded on the marketplace. Just like cryptocurrency, you can attach NFTs to your wallet. An NFT can have different uses in games, accessories like swords, bows, and shields, or the ability to deck out your avatar.

The best players of the game only own these items. Even after selling their items, the knowledge remains with them in the game. Suppose your game stops working; even then, these stay with you. NFT’s always remain on metaverse.

Players can quickly transfer items from one blockchain to another blockchain within the metaverse. Owners can use their NFTs in another gaming blockchain, or move into a wallet anytime.

What Other Benefits Does Blockchain Gaming Offer?

Blockchain gaming has many benefits within the world of gaming. With blockchain gaming, players and developers are on the same side. Nobody controls the game’s outcome, and anyone can analyze the code used in most blockchain-based games. This transparency means that if a developer adds an update the community doesn’t like, the game can be split and different versions built. Other benefits of blockchain gaming include:

  • You’ll be granted immutable ownership of in-game items
  • Solves item theft due to hacking
  • Blockchain ties assets with players instead of games, which protects the investments made by a player
  • Every sale is recorded
  • With the help of blockchain, a decentralized distribution network can be created
  • Creates a natural economic system through simple games

Revenue in Blockchain

In 2013, people started to invest in blockchain, and in 2017-18, the investment rose by 280%. In 2019, total revenue of $100 million was created by the fusion of blockchain into games. In 2020, the gaming sector hit $143 billion in revenue. The blockchain industry has been very thriving, and now due to gaming, it’s evolving day by day. Mobile gaming will bring advancement to blockchain gaming. Once it’s fully developed, this will become a mainstay in gaming. Now’s your chance to shift to Blockchain gaming and level up your game.

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