Will Blockchain technology revolutionize the gaming industry?

GameFi offers online gamers an exciting and new way to earn money while playing fun online crypto games. This new model based on blockchain technology provides a decentralized and more transparent marketplace, where players have more security and influence over their own gaming experience.

GameFi is a new and powerful combination of video games and blockchain technology. The term is used to describe “gaming finance” as it blends traditional gaming with decentralized finance through the use of blockchain technology. GameFi is used to develop decentralized gaming marketplaces that can offer players many different financial opportunities. Here, online players are awarded tradable tokens in the form of cryptocurrency when they play these play-to-earn games and participate in various gaming activities. Game Tokens can then be used to obtain in-game features and items such as avatars, virtual land, costumes and weapons. Or it can be used to trade with other players.
GameFi is a new wave of game innovation and it stands in stark contrast to the traditional game industry, with more and more blockchain and game companies collaborating.

What does Blockchain mean for gaming?

Blockchain technology is the advanced technology that underpins all cryptocurrency, and other products such as NFTs (Non Fungible Tokens). This new model can give players more control over their overall gaming experience, for example by offering a safer and more efficient way to engage in online crypto games and other online transactions, such as purchasing virtual assets. Players can play their favorite games, such as slots and table games, simply by using cryptocurrency or fiat as payment. Transactions based on blockchain are immutable, which means that cybercriminals cannot cheat the system so easily. And it provides a decentralized and transparent ledger, which also means players can track their transactions and assets much better. In a decentralized marketplace, there is the possibility of a more transparent economy where players can sell or buy goods in the game without intermediaries such as game developers. Much of online crypto gaming is based on a community of players, where decisions about features, updates, and so on can be made collectively. Upcoming market players such as 0xBattleGround, CryptoBeast and DeFI Kingdoms are based on decentralized ownership, which helps improve player participation and engagement.

Some of the benefits of this new model

In recent years, there has been a growing interest in crypto games and blockchain technology, where players can earn while playing. And it is very possible that blockchain games will continue to grow in popularity. As more and more businesses support this new form of technology, the traditional gaming industry may also be influenced to adapt and incorporate blockchain. In particular, blockchain-powered NFTs have the potential to greatly impact the future of the gaming industry. NFTs can be used to either verify players or block bad players from various games, improving the gaming experience for many. When you use blockchain to secure digital identities and reputations for players, it improves your chances of preventing fraud. Another big advantage is transparent and secure transactions and the players’ online security. In crypto games, players own their in-game assets and can monetize them more easily. It also makes assets less vulnerable to attacks by cybercriminals, and players can store their gaming earnings more securely.

The Potential Drawbacks of Blockchain Gaming

Recently, various blockchain and gaming companies have formed The Blockchain Game Alliance with a focus on advocating the use of blockchain in the gaming industry. Some of the companies include Gimli, Ubisoft, Alto and Ultra. Despite the many advantages of blockchain technology used in online gaming, there are also a few disadvantages and risks for players and companies to consider. For some game developers, it may be difficult to implement blockchain technology if they do not have the necessary technical skills required for this type of advanced technology. Currently there is also a limited number of online crypto games available to players and this could potentially prevent other players from joining the community. Another major issue with blockchain technology is focused on scalability. Networks based on the blockchain may experience difficulties in handling the high transaction volumes required for online gaming.