Blockchain technology is not only altering the finance world but also revolutionizing the gaming industry. Blockchain future of gaming is an emerging trend that fuses the advantages of decentralized ledger technology with the amusement and thrill of video games. This article aims to examine what is blockchain gaming, how it works and why it is transforming the gaming industry?
What is Blockchain Gaming?
Blockchain gaming is an online gaming format that uses blockchain technology to create, store and manage digital assets & transactions. Blockchain technology is a decentralized database system that records data in secure, transparent and immutable manner meaning that once recorded on the blockchain no one can modify or erase the data.
Blockchain gaming allows players to possess, trade and vend their in-game items and currencies without intermediaries or centralized platforms. This confers greater autonomy, control and value to players over their gaming experience. Furthermore, blockchain gaming enables new kinds of gameplay and monetization that is unfeasible in conventional gaming.
How Blockchain Games Work? Future of Gaming
Blockchain gaming operates by utilizing smart contracts and tokens to represent digital assets and transactions in games. Smart contracts are self executing agreements that operate on the blockchain and enforce the rules and logic of the game. Tokens are unit of value that can be exchanged and transferred on the blockchain.
For instance, a game developer can formulate a smart contract that outlines how a sword can be utilized, improved or traded in a game. The developer can then distribute tokens that represent the sword on the blockchain. Players can use these tokens in the game for buying, selling or trade gaming items. The smart contract guarantees that the sword behaves in accordance with the game regulations and that no one can cheat or manipulate it.
Advantages of Blockchain Gaming –
Some of the advantages of blockchain gaming include –
- Ownership – Players can genuinely own their in-game items and currencies and utilize them across multiple games and platforms. They can also authenticate the ownership and legitimacy on the blockchain.
- Value – Players can monetize their gaming assets and skills by leasing or selling them to other players or by participating in tournaments or contests. They can also receive incentives or rewards for playing or contributing to the game’s development.
- Innovation – Developers can create novel types of games and experiences that exploit the possibilities and features of blockchain technology. They can also collaborate with other developers and players to co-create and crowdfund games.
- Security – Blockchain technology ensures that the game data and transactions are secure, transparent and verifiable. It also prevents fraud, hacking or censorship by third parties.
Crypto Gaming – How Crypto Games Work?
There are several instances of blockchain crypto games such as –
- CryptoKitties – A game that enables players to gather, breed and exchange digital felines on the Ethereum blockchain. Every cat is exceptional and has its own traits and worth.
- Axie Infinity – A game that enables players to fight, collect and rear fantasy creatures named Axies on the Ethereum blockchain. Players can also earn tokens by participating in the game or by selling their Axies on the marketplace.
- Gods Unchained – It is a game that permits players to accumulate, exchange and play with digital cards on the Ethereum blockchain. The cards are uncommon and have distinct rarities and capabilities.
- Decentraland – A virtual world where players can create, discover and socialize on the Ethereum blockchain. Players can also purchase, trade, lease land and assets in the world.
Blockchain for Gaming –
Numerous blockchain gaming coins and platforms endeavor to address these issues and provide enhanced gaming experiences for players. Some of the top blockchain gaming coins and platforms are –
Ethereum – Ethereum is the most prevalent and widely adopted platform for blockchain gaming. It is a decentralized network that allows individuals to create and run dApps, smart contracts and NFTs. Ethereum has hosted some of the most successful blockchain games including CryptoKitties, Gods Unchained and Decentraland.
Binance Smart Chain – Binance Smart Chain is a rapid and low-cost platform for blockchain gaming. It is Ethereum compatible but offers increased scalability and reduced fees. Binance Smart Chain has hosted some of the most well-known blockchain games such as Axie Infinity, CryptoBlades and My DeFi Pet.
Polygon – Polygon MATIC is a layer-2 solution for blockchain gaming. It is a network that connects to Ethereum but provides faster and less expensive transactions. Polygon supports some of the most popular blockchain games such as Alien Worlds, Aavegotchi and Zed Run.
Solana – Solana is a high performance platform for blockchain gaming. It purpose to be capable of processing over 50,000 transactions per second with low fees and high security. Solana hosts some of the most pioneering blockchain game, including Star Atlas, Aurory and SolChicks.
How Crypto Games Make Money?
Blockchain games differ from traditional games in various ways including how they generate revenue. In crypto games revenue is generated through –
- Selling non-fungible tokens NFTs – Crypto games sell NFTs to players who wish to own unique and valuable assets in the game. These NFTs can represent characters, items, land or any other asset that can be stored on the blockchain.
- Charging fees – Crypto games can charge fees for specific transactions or actions within the game. These fees may be paid using cryptocurrencies or in-game tokens.
- Subscriptions – Crypto games can offer subscriptions to players who wish to access premium features or content within the game. These subscriptions can be paid for using cryptocurrencies or in-game tokens.
- Sharing revenue – Crypto games can share revenue with players who contribute to the game’s development or growth. For instance, players who produce content can refer new players or stake tokens may earn a portion of the game’s revenue.
Blockchain gaming is still in its early stage. It has the potential to disrupt & revolutionize the whole gaming industry. It also gives players and developers more control, value, innovation and security. Blockchain gaming is introducing a new era of gaming that is more enjoyable, equitable and fulfilling.
