How Gaming Industry Is Evolving With Blockchain Technology

Table of Contents

Introduction.

The technology of the age that stood out as being most innovative was blockchain. Blockchain is frequently considered a financial technology utilized primarily for safe international transactions and cryptocurrency investment.

The blockchain gaming revolution has been welcomed by crypto aficionados, but the wider gaming industry has been resistant.

Blockchain gaming was estimated to be a $198.40 billion market by 2021. By 2027, experts project that this amount will rise to $339.95 billion.

What are Blockchain Games?

NFT games or Play-to-earn games are other names for blockchain games. Axie Infinity, Decentraland, Sandbox, and other NFT games have grown to become well-liked metaverse development platforms.

These games’ fundamental concept is play-to-earn or play-to-win. The prizes come in the form of expensive NFTs or tokens that gamers can exchange for cash in the markets.

The previous online gaming system was riddled with problems before the advent of blockchain.

The gaming characters, possessions, and incentives that the players earned in the game were not under their control.
The platform was entirely under the control of the game designers.
To succeed in combat or finish game levels, players had to purchase weapons and accessories.
On another gaming platform, the resources of one were useless.

Blockchain has changed the gaming industry:

Players now have complete control over their virtual characters, resources, and awards.
Their in-game assets can be tokenized, and trading is safe.
Players can now make money from their online games by monetizing them.
Players receive NFTs, tokens, and assets in blockchain games that they can exchange for cryptocurrencies or fiat money on the market.
Some blockchain gaming sites use DAO as their governance system. Instead of developers making all the decisions, the community members vote on important platform development suggestions.

What Is The Purpose Behind Blockchain Gaming Investment?

Blockchain games have been around since 2017, but the pandemic years saw a considerable increase in their market. The year 2020 and 2021 saw a global shutdown. People were bored and cooped up in their homes. Many had been laid off.

Here are a few explanations for why you ought to think about creating your own blockchain game development platform.

Players interacting with blockchain gaming platforms account for 52% of all blockchain activities.
The amount of gaming on the Polygon rose by 21% in the first three months of 2022.

How Can Game Developers Benefit From Blockchain Technology?

Games now benefit both gamers and game producers thanks to blockchain.

1. Increase In Intangible Asset Value

Vancouver, British Columbia, Canada is the location. Axiom Zen unveiled CryptoKitties to the world on November 28, 2017. As of December 6th, 2021, players had already spent $6.7 million on this game.

2. Using Cryptocurrency To Make Quick In-Game Purchases.

Instead of needing to wait for third-party payment processors to finish their fiat cash transactions, players can purchase game collectables right away.

3. Making a Secure And Safe Environment

Blockchain platforms employ extremely powerful data encryption methods like the private key-public key to safeguard crypto token transactions.

Using the computational power we now have, these data encryption methods are impenetrable.

An established network’s blockchain transaction history cannot be changed or removed by hackers, and DDoS assaults cannot be made against these networks.

Blockchain networks use “Proof of Work” (POW) or other consensus methods to maintain network security.

As a game developer or entrepreneur, you have a secure environment when you construct your game on the blockchain.

4. Secure In-Game Asset Trading

If you construct your game on the blockchain and allow players to swap Bitcoin for in-game products, the players will have sufficient secure means to conduct transactions.

5. Interactive Game Profiles

Cryptocurrency traders and investors have access to the public address and can use it to complete transactions on different blockchain networks.

If you create your games on the blockchain, your players can move their specific public addresses from one game to the next.

They can conduct cryptocurrency transactions on many gaming sites using the same public address.

6. Safekeeping of Game Assets.

You may give your gamers a secure way to store, transfer, and manage their cryptocurrencies and assets by connecting your gaming platform with crypto wallets.

7. Permit Players To Work Together.

A player or another developer can make changes or upgrades to a game. If the community is in favour of the improvements, they will be made.

Conclusion.

Although blockchain gaming is still in its infancy, during the past ten years we have already witnessed several fascinating innovations. For instance, Sony recently submitted a patent for a framework for NFT gaming.

According to the patent, “the digital asset may be used, via the NFT, across different computer simulations and/or across multiple different computer simulation platforms.”

We don’t yet know how Sony intends to make use of this patent. However, it can be a sign of their enthusiasm for the compatibility of gaming items.

Despite the weak market, 2022 was a significant year for funding in the blockchain gaming sector, claims Block Data.

According to the article, Animoca Brands, a gaming company and venture capital firm, raised about $565 million in 2022.

It can take some time before blockchain games are widely adopted, despite their success in the Bitcoin industry.