What is Blockchain Gaming? | Play to Earn Gaming

What is Blockchain Gaming? | Play to Earn Gaming

You might be hearing a lot of news about blockchain but there are not many people who realize that blockchain is disrupting different industries in the world From finance, entertainment, healthcare, logistics, and of course gaming. In this article, I'll take you to a whole new world in the blockchain.

Welcome to the future of gaming. From in-game virtual currency to collectible and ownable assets. With the use of blockchain technology The functions and features found in gaming today are made much more safer, secured, and manageable. Actually, the gaming sector is one of the earliest adopters of blockchain technology and we can even argue that they are almost completely tailor-made for each other.

But before we go on, let's talk a bit about the current pay-to-win gaming. There are 2 billion gamers worldwide who spends around 50 billion dollars on in-game assets like ng gems, skins, items, etc. And it's likely that 100% of the total revenue will go towards the gaming companies but with the rise of blockchain gaming, that will change.

WHY IS BLOCKCHAIN GOOD FOR GAMING?

How can we say that blockchain is good and a perfect match for gaming? Here are some of the reasons; Players will be able to own in-game assets instead of the developers; Players can earn cryptocurrency while playing games; Trading of unique non-fungible assets (NFT) verified by the blockchain. With blockchain gaming, players are given a chance to earn crypto that you can swap for real-world fiat currency and some can even pay higher than other full-time jobs. There are already some gamers today who are living and paying their daily expenses just by playing blockchain games. Another compelling reason why blockchain is good for games Is because of the rise of NFT's.

NFT'S can also be called crypto collectibles, these are unique digital assets that cannot be copied. Let's use the viral blockchain game Axie Infinity as an example. Axie Infinity lets players buy, sell, breed, and battle Axie pets. Each Axie is an NFT that is unique and owned by the user, validated through the blockchain and these Axie's cannot be copied or transferred to other players without the owner's permission. Other forms of NFT's include game assets such as skins, virtual cards, weapons, and more.

Rare in-game assets can even reach up to thousands of dollars And you can even sell them on 3rd party marketplaces like Opensea or Super Rare. These assets will end up being owned by the player, instead of the game developers.

WHAT IS THE DIFFERENCE?

Blockchain is changing the rules of the game by solving several problems in the video game industry like ownership. In traditional games today, players buy in-game assets using fiat money but they won't actually "own" those items. In a sense, it's like the players only hold a license for the asset, or it's just being loaned These items can be revoked by the developers if they just choose to do so. This means that it is very possible for players to lose their items, skins, characters, and progress That they grinded for if they suddenly get banned or locked out from the game. But because of blockchain-based NFT's Players will be able to buy their own assets with its authenticity verified, and the transaction is recorded on the blockchain for everyone to see. No one will be able to touch this, even the developers, without the player's permission. Some of these assets can also be placed in a crypto wallet that can make it safe from hacking attempts. Players can watch these assets rise in value overtime or trade and sell it anytime they want to.

DECENTRALIZATION: THE FUTURE OF GAMING

Decentralizing the gaming industry means that the games won't be owned by a single company or entity anymore Instead, it will be shared amongst all the players. There are still so many possibilities with blockchain gaming like platform centralization. It's normally impossible to transfer an item from one game to another, for example, you won't be able to send your DOTA 2 skins into your Mobile Legends account. But with blockchain, in-game assets are possible to be swapped and traded like currencies. This will open up new doors for trading and monetization. We should also look forward to the rise of gaming multiverses, these are decentralized parallel virtual universe of gaming worlds combined In this multiverse, players can interact with other players or trade multiverse items and many more. All of these can be possible with blockchain technology.

New games are being released and developed from different blockchain platforms like Ethereum, Binance, EOS, TRON, and many more. Because of the many benefits of blockchain, we can expect more games that will integrate blockchain technology in their game development on the way to widespread adoption. This is the future, This is blockchain gaming.