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How Blockchain Technology Can Revolutionizing the Gaming Industry
In the gaming sector, blockchain technology is creating waves and opening up new opportunities for both players and creators. Games can provide players with new opportunities to own and sell in-game assets, while also increasing transparency and security thanks to the usage of blockchain technology. The introduction of non-fungible tokens (NFTs) and the potential for decentralized gaming economies are just two examples of how blockchain technology is transforming the gaming sector. This article will provide you a sneak peek into the exciting future of blockchain gaming, whether you’re a seasoned player or just a curious observer. (15 mins Read)
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Blockchain Games are an exciting new development in the gaming industry recently. Blockchain technology is witnessing rapid development over the years and is now seeing a dawn in the gaming genre. Originally used in the crypto industry, blockchains are known for their decentralized nature, transparency and immutability.
Developers are looking for ways to harness these properties to revolutionize the gaming industry, by changing the way games are played or monetized. People can expect to see more upcoming games with virtual reality, in-game purchases that can transform into NFTs and many more.
On the Ethereum blockchain, CryptoKitties, the first blockchain game, was released in 2017. The game’s basic premise—allowing players to buy, produce, and sell virtual cats—made it popular almost once and caused a stir in the cryptocurrency world. This demonstrated how blockchain technology has the ability to develop new game genres and in-game economies.
Since then, many blockchain games emerged in the market and the industry witnessed rapid growth. Developers are planning to include the technology in different game genres, ranging from sports games and strategy games to virtual reality.
What Are Blockchain Games
Blockchain games frequently have their own in-game currency that can be acquired through gameplay or bought with real money. These digital currencies, often referred to as tokens, are protected by the blockchain and have the same purchasing power as conventional currencies.
Tokens can be used to pay for services or to buy in-game stuff like virtual goods or characters, or even transformed into NFTs. The tokens also have the potential to create a new economy in the game or buy new assets such as skin, avatars, new weapons etc.
The important distinction between blockchain games and any other in-app purchase game is if a server in-app purchase game goes down or the whole game dissolves, the user will lose all the in-game assets. However, in the case of blockchain games or play-to-earn games, the asset will still be present in the blockchain even if the gameplay is no more available for some reason.
Blockchain Games Are Leading The Path Towards Decentralization Of Gaming
In-game Asset Control:
Decentralization of gaming refers to a more transparent ecosystem for the players, where the in-game assets will be solely owned and managed by the respective player and not by the game servers or platform. In case of any mishap and the game crashes along with its servers, the user’s in-game assets will not vanish from the game servers but could still be accessed from the blockchain.
Developers are finding new ways so that players can transfer the same game assets to different games. Additionally, a lot of these games make use of non-fungible tokens, which are digital collectables (NFTs). NFTs are far more valuable than conventional rewards, since players can actually own a portion of the game and control their own assets. In contrast to the centralized gaming platforms where the player assets or rewards are controlled by a single entity, the gaming servers or developers. This gives players more freedom and flexibility regarding their in-game assets.
The sensation of ownership and control over the game that blockchain games introduce is one of the largest shifts. Players have the ability to manufacture their own in-game goods and participate in the game’s economy by buying, selling, trading, and even creating new things. This gives the game a fun new aspect and gives players the opportunity to profit financially from their gaming activities.
Revision Of Revenue Model For Games:
Game Developers can use more crowdfunding techniques to fund their game projects such as ICOs (Initial coin offerings), IEOs (Initial Exchange Offerings) and many more. This will help developers ease up the process to gather funding. Also, this will help boost their token exposure and performance. It may help them to retain a larger percentage of revenue generated through games and Hence, players may witness a certain decrease in in-game fees.
Players can also benefit from the revenue model, apart from lower fees they can earn assets as NFTs or tokens and sell them on the marketplace, in turn, will help the player generate revenue on their own. Efforts are being made to even share the revenue generated by ads with the players.
The Transparency Aspects:
One feature of blockchain games is their decentralized nature. This implies that in order to play the game, players do not have to rely on a single server, location or MOD. Instead, the game is available to all players in the same version, which makes it much simpler for the producers to add updates and additions.
It also guarantees that the game’s rules are unambiguous and that every transaction is recorded on the public ledger, making it simple to audit and reducing the likelihood of fraud or losing of money due to any game glitch.
Challenges And Limitations of Play-To-Earn Games
The infamous recent hack of the popular blockchain-based game Axe Infinity, where a whopping $620 million was stolen, left a bitter taste in the blockchain games community. It is no secret that the whole idea of decentralized gaming is new and has to go through several developments before it really can be secure. Some experts say it’s a fatal flaw in the gaming process, the whole open-source nature makes it more vulnerable and more prone to hacks and fraud.
Moreover, the concept of distributed ownership will lead to more in-game activity resulting in more load on the underlying technology and algorithms, this may slow down the transaction processes or gaming. To tackle the issue of high computation, high-end system requirements would be made mandatory, high fees would be charged, and the existing technology may become obsolete more quickly. In other words, it will be much more expensive for gamers than playing traditional games.
In addition, the regulatory environment for blockchain gaming is still developing and unpredictable. Blockchain technology and cryptocurrencies are subject to a variety of national rules and regulations, which can make it challenging for game producers to operate internationally.
Many people find it challenging to comprehend what blockchain technology and cryptocurrencies are, which might be a barrier to entry for some players. For some people, the requirement that players own cryptocurrencies and have a digital wallet can also be a barrier to entry.
What The Potential Future Holds For Play-To-Earn Games
Although there is a mountain to hike for developers in order to make play-to-earn a successful domain, Specially after concerns are raised over its security and business models.
But it’s far from the endgame for the industry because there are also positive developments carried out each day to make the systems more robust and secure. Recently, the blockchain games domain got a huge boost after two world-renowned giants like MICROSOFT and UBISOFT and EASports gave their nodes to the use of blockchain technology in the games. Microsoft gave a grant to the blockchain-based web3 game StarHeroes and Ubisoft bridged its NFT gear to one of the most famous games, Ghost Recon. With such huge players involved with Metaverse, already planning to further develop the domain. The chances are on the brighter side for the future of blockchain games.
Potential Use cases:
One development is the growing adoption of blockchain technology for in-game economies and markets. Players will be able to exchange their in-game assets as they would any other valued object as a result, giving them ownership and control over them. As a result, players will have more options to trade for in-game currency or actual cash, which will increase their enjoyment of the game and make it more rewarding.
Players will also be able to govern their virtual assets, like as clothing, real estate, and other things, as well as exchange them on the market. As a result, game producers will have new ways to monetize their work, and players will enjoy more immersive and compelling gaming experiences.
Top Blockchain-Based Games In 2023
1. Battle Infinity (IBAT)It is a gaming platform where its ecosystem hosts multiple P2E battle games integrated with the Metaverse world called ‘The Battle Arena’. In Battle Infinity players can not only play and battle but also interact, perform, watch and explore, and more in a virtual world.
2. Metacade (Metaverse)In these, players can compete in PvP tournaments and can earn financial rewards for progressing through levels. Players can also earn Metacade tokens for contributing to the community.
3. Meta Masters Guild
It is the largest mobile gaming guild powered by blockchain technology. Here the players can create fun games with playable NFTs and earn rewards such as stake trade. Its native MEMAG token is on presale at present.
4. RobotEraYou control a robot in this game, govern your own territory, and help create the world. Additionally, you will be able to create robot pals and gather materials from your property. Create anything you can imagine, and collaborate with other robots to usher in a new era.
RobotEra provides a shared universe with connections to other planets, museums, newly opened amusement parks, concerts, and other locations. Create an RobotEra, explore, use, share, and trade with the many NFT communities. Its native token Taro is on presale. [Credit:]
5. CavariaCalvaria has been predicted by many analysts to be the most popular P2E game of 2023. A bold statement given the fact that the market is already over saturated and will only become worse as 2023 approaches. These experts will be right if the presale is any indication, as it has been a fantastic success. It has been announced that the presale will expire on January 31 and that an IEO with BKex will start immediately after. Listings with LBank, BitMart, and other sites will come next. [Credit: ]
Though its long-term effects on the gaming sector are unknown, blockchain technology has the ability to fundamentally alter how games are developed, run, and made profitable. Future uses of blockchain technology in mobile gaming, esports, and competitive gaming will present growth and innovation opportunities.