Blockchain Games – Transforming the Gaming Industry! | by Gwen Stefani | July 2022

Blockchain gaming transforms the gaming industry! A comprehensive overview.

When it comes to gaming, we think of the gaming industry’s humble origins, the 16-bit version of Super Mario that we all played. But where are we today? Decentraland, Sandbox3D, Axie Infinity, The Last Will, Zed Run, Gods Unchained, and more! The gaming industry is moving from playing for fun to playing to earn as technology advances to new heights.

For some years now, blockchain games have been popular everywhere. In particular, the number of blockchain games released in recent years has increased sharply. Businesses interested in developing decentralized gaming applications can now use this technology.

In addition, the gaming market is expected to expand USD 125.65 billion between 2020 and 2025. What drives this expansion? What changes will the blockchain bring to the gaming sector?

It is important to know!

What are blockchain games?

The gaming industry is constantly hungry, and with blockchain by its side, we can only expect changes. The three billion players worldwide are ready to take more advantage of this technology which is able to handle multiple pain points, from ownership to royalties, from discovering rare things to acquiring ornaments. Consequently What is blockchain gaming?

Blockchain technology is used in games to ensure that everyone, not just one device, owns a copy of what they play. To do this, we will require a smart contract, which governs how things are done on the blockchain. Blockchain games actually create product ownership by using the same technology that cryptocurrencies like Bitcoin and Ethereum. Players who are often involved with devices in the game see it as a blessing.

There will be more!

Blockchain game technology allows players to create their characters, add them and make them stand out from other players. In addition, they can trade them on the platform and transfer them to other individuals. Due to this characteristic, players are drawn to blockchain games since they can play independently while owning the assets of the game.

Players are likely to be attracted to blockchain technology. The gaming sector is a good example of this trend, and exchanges many valuable and rare NFTs. Blockchain will be fundamental to financial technologies in the future. Beyond bitcoin discussions, corrupt accounts are becoming more popular. Blockchain technology, which is essential for supporting a decentralized banking system, can be used by game developers who want to expand their games to include user-friendly features.

P2P transactions

The gaming industry incorporates blockchain technology into its systems to speed up peer-to-peer trading and allow players to sell in-game digital items. Businesses and console manufacturers are embracing this paradigm shift. Most recently, Microsoft revealed its intention to integrate blockchain technology into the Xbox.

Revenue generation

Blockchain technology will enable developers to quickly and securely establish payment networks while effectively monetizing their gaming services. Another motivating aspect is the prospect of significant growth potential for gaming companies during the estimated period.

Players can actually control their digital assets, thanks to NFTs. Players can regulate and control their assets by removing an intermediary, such as another player.

Play and earn

Crypto-Games, a new subgenre that is now popular, allows players to earn cryptocurrencies (or digital currency) by participating in the game. Players can either use real money or cryptocurrencies to buy items in these games. How? A cryptocurrency is awarded to participate in these cryptocurrencies, which can then be redeemed into the real world.

Virtual competitions and events

Virtual events and competitions are crucial for the gaming industry. By tracking and confirming competition winners, blockchain technology can simplify a variety of operations. In addition, decentralized and secure user transactions, as well as automatic data monitoring from all networks, make it easy for players to take advantage of blockchain games.

Skyspilling

The market share of video games is also increasing for this reason. Cloud gaming technology now makes it possible to stream video games online. Social networks and mobile games are increasing it further. The affordable price structure for cloud games allows casual gamers to enjoy games on social media and mobile devices. Games are stored and streamed via a cloud-based platform. PCs can access it as a result with less processing and storage capacity. Sky gaming enables cross-platform gaming and eliminates the need for expensive graphics cards and PC updates.

Blockchain gaming’s high-profile investors shot hundreds of millions of dollars into blockchain games and non-fungible token projects during the first quarter of 2022. An example is that Yuga Labs, the company responsible for the NFT line Bored Ape Yacht Club (BAYC), managed to secure a $ 450 million fundraiser led by Andreessen Horowitz.

Many games played a significant role in the growth of blockchain games and earned a million dollars. One such is Gods unchained and the Guilds of Guardians, which totaled $ 2.5 billion. The blockchain games have earned $ 2.5 billion since the beginning of the year and could reach $ 10 billion by the end of the year.

The amount of Unique Active Wallets (UAW) remains constant. In the first quarter, an average of 1.17 million UAW connected daily to blockchain games, a decrease of 2% from the daily average in the fourth quarter last year. However, the March figures were higher than 1.22 million UAW per day. As shown by Splinterlands, Alien Worlds and Crazy Defense Heroes, which saw an average of over 650,000 daily UAWs in March, popular games continue to appeal to their player bases. Decentralized gaming applications accounted for 52% of all blockchain activity in the first quarter.

Now, what are the characteristics of the gaming business that is paving the way for Blockchain?

Lage Making and making money on games ensures a safe, secure and isolated environment, even if players have to sell and buy assets in the game.

✔ For games you need a big pile of money. The majority of players pay money to buy items in the game.

✔ Interoperability: A feature that allows users to create different profiles while participating in multiple games.

✔ Set a monetary value on intangible assets. As individuals value intangible assets, we will see real money being spent on virtual games. When a sector enters this phase, disruptions are likely to occur.

✔ Virtual game resources must be secured when you are not playing the games to keep the hacker party in check.

Spillet Assets in the game and ownership of gaming companies are priorities for players now more than ever. Several technical disturbances are possible as a result.

Block With blockchain, games can no longer be stopped, or the rules are changed without the participation of players.

✔ The opportunity to work in fascinating professions will be made available to talented game developers.

✔ This will forever revolutionize gaming if technology allows players and developers to work more closely together.

Blockchain has the potential to completely change the gaming industry in a number of ways, including giving developers the freedom to design rare collections and block the paths to fraudulent transactions.

A safe environment

Nothing beats Blockchain’s decentralized mechanism for securing your data from hackers. Hackers can not defeat the algorithm since this system consists of blocks, each of which carries unique information. Establishing a safe and secure environment also increases the productivity of developers and entrepreneurs.

Enables secure trading platforms and resources

Blockchain technology enables game designers and gamers to create resourceful apps and games, earn in-game rewards, and update game versions. Players can also buy and exchange items in the game. Participants can benefit from exchanging goods and money. Since Blockchain keeps track of each item’s ownership, it is impossible to steal or duplicate items.

Integrated profiles

The functionality of the gaming platform must be available to create a gaming profile. Multiple games are made possible by blockchain technology through a centralized network. To make it easier to play games and make purchases, users can create a single profile that they can use on many platforms.

Better user experience

Blockchain technology enables users to engage in digital transactions more efficiently, securely and transparently. Blockchain technology gives players more discretion. Players can download games in various formats from a variety of sources without sacrificing the gaming experience. The ability for players to create characters, write their own stories and even play has contributed to this trend.

Value forecast for intangible asset

After the Crypto Kitties game was released, users invested nearly $ 6.7 million. In a smart blockchain game, it should not be shocking if players are willing to spend real money on intangible digital items.

The key is to design a fun game. When a new game hits the market, users will value intangible digital collectibles according to these trends.

Trade in resources and earn rewards

Players can receive cryptocurrency incentives to complete tasks and quests. In contrast, players in a typical game get points that have no real value. Earned cryptocurrency can be used by players to make purchases from other players or online stores. Players can also swap things in the games. Players can gain freedom from copying or theft thanks to Blockchain, which registers each item and its owner.

Given the good and future advantages, are there any disadvantages to the gaming business using blockchain technology?

However, Blockchain has presented new difficulties for a number of companies. What are the limitations?

Market competition

The gaming market is competitive, and new platforms and games are often launched. It can be challenging for blockchain-based games to compete with classic games as a result.

It is a matter of regulation

Some cryptocurrencies, such as MANA, Theta and others, have compliance issues because regulators still decide how they work and whether they can be used on blockchain games.

Systematic intricate

The challenge in crypto games does not lie in the story, but rather in the gameplay. The first step for a player is to easily create a user account. But after that, the challenge itself begins. These cryptocurrency wallets vary depending on the blockchain game. Therefore, it is a difficult task to buy a particular cryptocurrency to work with the game’s Blockchain.

Next step: What needs to be done next?

Although everything may sound perfect now, there is still a lot of adjustment left.

These platforms need to find a balance between various factors, including what can be purchased, how they can interact, security and sustainability.

They may be perfect for now, but there are many more adjustments and perfections that need to be made, thus making it a perfect start to the future. But making it a perfect place with the way they interact, safety and sustainability is their ultimate goal.