These days, most games are streamed online. That way, payers worldwide can employ virtual assets to satisfy specific goals and make their dominance visible. Moreover, gaming is gaining popularity as a global sport. And, the gaming industry was worth $138 billion in 2019.
On the other hand, Blockchain technology has made significant development in recent years. However, blockchain isn't all about money. Rather, it has plenty of applications as well. And, gaming is one of them. This post explains why Blockchain-based games are the future.
There is no denying that blockchain provides its users with value when it comes to digital rights. As such, gamers can share items with others. Moreover, they can trade it for a virtual currency in the marketplace. Also, they can utilize the games in a completely different gaming environment.
The best part is that it keeps the gamers interested for a long time because of the cross-game compatibility. Furthermore, the platform allows in-game assets and virtual currency to be used on a variety of games. Additionally, blockchain confirms the legality of the gamers and ensures fair rules are in effect always.
NFT's can't be forged and can be transferred to a certain wallet address in the same way as currencies. Hence, an NFT in gaming could be a portion, a staff, a shield, or a sword. In short, they could be anything. Such kinds of digital assets could be yours if you own them.
Also, the scarcity that attaches with the blockchain technology can't be ruled out either. It means that only a handful of those products are available. For example, in World of Warcraft, some things are common, legendary, epic, or special. And, certain items are the rarest like the legendary items.
In blockchain-based games, you can see the number of available legendary items in the game. Also, there could be more of these items available after a certain number has been established. These items could be identical and each of them could be distinct in its way. Moreover, it could be owned by someone who is considered the finest player.
And, the item remains with them always, even if someone purchases it later. But what will happen if the game stops working? If it happens, your items won't perish. The items will get transferred from one blockchain to another in the space called metaverse.
You will still own it and can even utilize it on a new game. Also, you can keep it inside your cryptocurrency wallet. This is what you get with NFTs. Also, they are a special type of content that tends to live in the metaverse.
The implementation of cryptocurrencies used for in-game assets includes the utilization of NFTs. It allows the users to possess unique attributes that they can exchange with other gamers playing the same game or between other platforms. The play-to-earn concept helps generate money from different exchanges in blockchain games.
This is similar to what you can get in genuine economies. Gamers who have a creative inclination can generate and sell collectible items. On the other hand, gamers with the finest experiences can win remarkable rewards for their specific ideas. The potential for play-to-earn is enormous and game developers are just starting.
Because of the liquidity, blockchain-based games are a piece of cake. Blockchain addresses plenty of long-standing challenges that the gaming industry faced until now. And, it is believed that it will create a positive interaction between video games and cryptocurrency. Here are the reasons why blockchain-based games are the future of the internet.
For hackers, it is near impossible to access the data across servers because of the decentralization provided by Blockchain technology. It has an effective data encryption technology in place.
As such, it creates a more secure environment both for the game developers and entrepreneurs. That way, it results in increased productivity as well. Hackers can't knock down a decentralized network because there are no servers that they can damage.
Certain gaming networks like GameFi are built on Blockchain technology. It means that is not mutable as well. Also, it implies that the game programs deployed by the network and the entire series won't change in the future.
Because of this feature, you get to harness some benefits. The system allows you to download and install your favorite video games regardless of the versions you need. Also, you can access them from any location without compromising your gaming experience.
Whenever an exciting video game is developed using Blockchain technology, gamers tend to prioritize intangible collectibles. And, this is evident after the release of the popular game Crypto Kitties on 28th November 2017.
Gamers have invested nearly $6.7 million in the game to improve their gaming experience. Players worldwide are always willing to put a real value on intangible collectibles when developers create an interesting Blockchain game. Combining cryptocurrency with interactive games results in the growth of investments.
By implementing legislation and transparency to the gaming industry, blockchain technology helps the owner when it comes to having in-game assets. One of the most important characteristics of blockchain-based games is that they allow digital ownership for the players.
That way, the gamers can exchange goods and profit from them. Blockchain-based games utilize smart contracts to take care of all transactions. Smart contracts are irreversible and run on a set of pre-programmed parameters. So, when you launch these games, the assets that are purchased by using smart contracts get transferred to the player's accounts.
Blockchain-based games are more secure, enjoyable, and provide you with a smooth gaming experience. Because the cryptocurrency gaming industry is still in progress, users can try a lot of games in the future. Blockchain will become the backbone of the gaming industry in years to come.