Blockchain has become a game-changer for the gaming industry making the industry more secure and decentralized. According to the recent report from Dappradar blockchain-based game playing increased by 2000% since Q1 of 2021. It has attracted over 1.5 million gamers across the globe. The technologies like Web3, Metaverse, and NFT play a key role in blockchain gaming providing ownership to the in-game assets. The play-to-earn model is gaining traction by levering blockchain technology. Despite the profit of blockchain gaming the market still faces certain challenges. Let's dive into the depth of blockchain gaming and understand what it is actually.
What is Blockchain Gaming?
Blockchain gaming is a video game developed on a blockchain framework leveraging NFT, web3, and metaverse concepts. Blockchain games are completely decentralized which provides players complete control over the in-game assets. Blockchain games allow the players to earn while playing as most of the games incorporate a play-to-earn model. The implementation of NFTs within the games creates a new digital economy and rewards gamers for their engagement like completing tasks, etc. This makes blockchain gaming the potential way to earn money in the blockchain space.
Prevalent Trends in Blockchain Gaming
The blockchain-based games have gone into the mainstream with the following major trends. They are the key players in surpassing huge revenue and creating endless possibilities and opportunities in the blockchain gaming industry.
Play-To-Earn Model
Play-To-Earn(P2E) is a business model which enables players and gamers to earn cryptocurrency for playing which can be traded for real-world currencies. Hence the players earn rewards that have real-world value. These rewards come in the form of in-game assets like virtual land, crypto tokens, weapons, wearables, and other NFTs. These rewards can be used for progressing to the next level of gaming or can be traded with other gamers in exchange for cryptocurrency.
Non-Fungible Tokens(NFTs)
NFTs play a major role in blockchain games. NFTs in blockchain games represent in-game assets like weapons, skin, cards, wearables, virtual lands, etc. It can be used by the players to make transactions as they have real-world value and are considered a definitive means of actual income generation. As a result, NFts has the potential to fuel the economy of the gaming platform.
An uptrend in Blockchain Gaming Platforms
Blockchain technology will for sure take the gaming industry to a whole new level with its innovations. The benefits of blockchain like decentralization, military-grade security, and micro-payments are the key reasons for driving mass adoption in the blockchain space. With the acceleration of technology blockchain games are at the forefront of merging the real world and virtual world. Owing to these benefits the blockchain gaming platform has seen a dramatic spike in number.
Most of the tech giants are making a big move into the blockchain gaming industry by investing in blockchain gaming platforms. This made blockchain game development drive into the mainstream. Numerous blockchain enthusiasts and tech-savvy gamers across the globe are showing extreme interest in developing blockchain gaming platforms in various genres based on their requirements. On that account, blockchain gaming platforms have evolved to be an impressive venture in the blockchain gaming industry.
Key benefits of Blockchain Gaming
The blockchain gaming platform possesses exemplary benefits that help both the creators and gamers financially. The pivotal benefits of blockchain gaming are,
- Immersive gaming experience
- Decentralized gaming environment
- Authentic ownership of in-game assets
- Impressive revenue streams
- Enhanced security protocol
- Instant transactions
- Improved payment modes
Wrapping Up
To summarize, blockchain games will have long-lasting success with the collaboration of new-age technologies like Game-Fi, Play-To-Earn, Web3, etc. Blockchain-based games have become a potential income avenue in the gaming industry. Owing to these advantages in blockchain gaming, the usership of such games is raising beyond the limits. It has garnered attraction among the young generation with the advancement in technology. Fueled with extensive revenue generation models and major brand investments, the blockchain gaming platform will become one of the finest investment models in the blockchain space.
The gaming business is a massive sector with tremendous potential for attracting an audience of all ages in its direction.
This mega-industry has seen significant changes and advancements as technology and the environment have progressed.
The importance and enthusiasm for games assist society by allowing people to grasp and embrace new technologies.
Why Choose Blockchain technology to develop a Game?With Blockchain, The trust factor is increased since the ledger is accessible for everyone to inspect and verify.
Gamers may also visit decentralized marketplaces to purchase virtual assets at a fair price using an open order book.
Blockchain is often regarded as the most secure way of maintaining wealth.
