The gaming industry has come a long way from what it used to be when games were played on a 16-bit console. As technology grows, the gaming industry adapts and accelerates to newer heights. One of the main recent technological advancements in the industry is the use of blockchain in gaming. Due to blockchain technology, there are now games like Cryptokitties, Gods Unchained, The Last Will, and many more.
What blockchain brings to every industry it enters is a decentralized trading system. In the gaming industry today, businesses can create decentralized game applications. This way, it allows ease and transparency within the industry. Game traders on Binance can use their wallet for game subscriptions and discount rates when they click here.
Generally, the introduction of blockchain technology is completely changing the face of the gaming industry. Start-ups in the industry have to catch up with constantly emerging new trends. Not only that, the growth of the industry is predicted to reach $125 billion in 2025. This article will reveal more about how blockchain is used in the industry and its benefits.
What is Blockchain Gaming?
Blockchain gaming is decentralized gaming that ensures everyone using the technology has a copy of what they’re playing. Like in other industries where blockchains are used, in the gaming industry, it is used to verify all transactions and interactions legitimately.
Another name for blockchain gaming is GameFi, which refers to decentralized gaming with attached incentives for users. Over blockchain, players can play a game and get paid; participants can mine in-game resources, customize game-related NFTs, make deposits, and many more.
There are so many unique features blockchain introduces to gaming, and many users gravitate towards blockchain gaming. Therefore, it’s not entirely surprising that many game players now prefer playing within a blockchain.
These features are what differentiates one innovation from another. As a new user, you must try to understand and identify these features. It is also important that you ensure the features are in line with your needs at the moment. That way, you are not just buying the idea, you are buying what can offer value to your needs.
How Blockchain is Incorporated into the Gaming Industry
One of the many questions asked by several people for a long time is the ways Blockchain can be incorporated into the gaming industry. For a long while, many people could not decipher how blockchain can function effectively in the gaming sector. Surprisingly, several innovations have come up in recent times that have shocked people and put their several questions to bed.
There are several features the introduction of blockchain technology into the gaming industry has brought. These features make gaming within this platform unique and exciting for users and owners. Below are ways blockchain is used in the gaming industry.
Peer-to-peer (P2P) transaction
Peer-to-peer transaction is one of the ways the gaming industry is making use of blockchain. With the presence of blockchain on gaming platforms, users can facilitate peer-to-peer transactions and other virtual assets.
Gaming companies like Microsoft plan to include blockchain in Xbox to embrace this new growth. Without embracing this new growth, it might become impossible to tap into the many opportunities that it offers.
Game developers and the industry realize that blockchain facilitates transparency and ease, especially in monetary affairs. They now use blockchain technology to monetize their services and provide users with fast, safe, and secure payment methods. A lot of individuals and corporate institutions are finding ways to monetize these innovations and it is working for them.
NFTs (non-fungible token) are one of the most modern forms of virtual assets in the crypto market. NFTs are indestructible digital assets solely owned by an individual. Gamers can now freely own and regulate their digital assets on gaming platforms.
Play & earn
Now, players can play games, earn in cryptocurrency, use it to buy games, or convert it to real money. The play and earn feature is one of the coolest features because users can play games in a virtual space and earn real money.
Virtual events and tournaments
There have always been virtual events and tournaments in the gaming industry. What blockchain brings is that it makes tracking and verifying winners of a competition easier.
With the help of blockchain, games can now be streamed using cloud gaming technologies. Once you’re registered to a cloud gaming platform, there’s no need for high-end graphics cards and PC upgrades to stream games. With cloud gaming, users are offered the ability to stream games from their mobile devices without glitches easily.
Benefits of Blockchain to the Gaming Industry
In many ways, the introduction of blockchain to the game industry is quickly changing many things. Interestingly, these are positive changes that have benefited both developers and users in the following ways;
Secure business environment
The decentralized system blockchain enables data protection in the industry. Also, since it ensures the platform’s security, it increases developers’ productivity.
Safe trading platform
Since the presence of blockchain makes the platform secure, users can freely play, trade, and earn rewards without any issues. These safe trading platforms have features that enhance trade.
Integrated profile system
There’s no need to create multiple profiles across various platforms. Users can create a single profile that’ll serve them on various platforms.
Enhanced user experience
With the presence of blockchain technology, users can easily navigate the platform and engage in various activities.
Reward earning & trading resources
Now, gamers can participate in games and stand a chance to win digital currencies converted to real money in the cryptocurrency market. Not only that, players can also freely trade any of their virtual assets while all the activities are recorded and monitored on the blockchain.
The introduction of blockchain into the gaming industry is making a revolutionary impact that is felt across different spheres of human endeavors. While there might be shortcomings, their use and benefits are limitless. It’s only a matter of time before it completely transforms gaming from what it used to be.