It does feel nostalgic when we look back at simpler times when we used to play 100-in-1 PC games. Although the graphics and other features were dull and not that interactive, Super Mario and Pokemon revolutionized the gaming experience for millennials back in the 90s. Coming to the 21st century, the gaming industry has been on a rollercoaster ride ever since. Today, gaming and blockchain technology have shaken hands to give users an unimaginable gaming experience. Keep reading to know if gaming is only the tip for blockchain’s mass adoption.
Let’s start with the basics.
What is blockchain?
Blockchain is a type of database that has a unique way of storing information. The data in a blockchain is structured differently when compared to a typical database. The information is gathered in groups called blocks. Each block has a predefined storage limit; once filled, it will be chained with the previously filled block. When new data is presented, a fresh block is created, within which the additional data is compiled, which is added to the chain. This creates a virtual chain of blocks and, thus, is called a “Blockchain.”
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What is blockchain gaming?
Blockchain gaming is a kind of online gaming that uses blockchain technology to create decentralized and transparent gaming environments. In this, the game assets and transactions are stored on a blockchain network, enabling players to have ownership and control over their in-game assets.
Blockchain technology enables the creation of Non-Fungible Tokens (NFTs) that represent unique in-game assets and are secured and transparent. Players can also purchase, sell, and trade these assets in a decentralized marketplace, giving them more control and ownership over their assets.
Blockchain gaming has created a new economy within the gaming industry, where players can earn money while playing games. This has led to the emergence of blockchain-based games, such as CryptoKitties, Decentraland, and Gods Unchained, among others. These games have also attracted a lot of attention from gamers and investors, creating a new gaming ecosystem that uses blockchain technology.
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Uses of blockchain in the gaming sector
- Play-2-Earn (P2E) games
The rise of blockchain technology has given birth to a whole new version of video games, also known as “Crypto-games,” which are developed using blockchain technology. Crypto games are different from traditional video games as the players get rewarded in Cryptos for winning a game or clearing a stage. With these Crytpo rewards, players can exchange them for real money or utilize them to buy other in-game assets.
If you have started playing P2E games, you’ll get Crypto rewards that you can use according to your personal choice. To put it simply, the goal is to hook the players to the dynamic gaming experience, where they can earn rewards and boost engagement with the gaming environment.
- Non-Fungible Tokens (NFTs)
Non-Fungible Tokens (NFTs) are virtual assets whose ownership history is stored on an immutable distributed ledger. NFTs can be any art form, ranging from a simple piece of art to a song. They can be purchased by Cryptos that are supported by blockchain technology.
Regarding NFTs and blockchain gaming, players can completely own their virtual assets with NFTs. This removes the need for an intermediary, like another player, and it also gives the players complete control over the disposition of these assets.
- Virtual events
Would you continue playing your favorite games if they don’t have challenges, tournaments, or mega virtual events? For over a decade, people around the world have taken part in huge prize pools, virtual competitions, and other tournaments to win rewards. No matter how much you want to participate in these games and virtual events, there have been various limitations that have hugely affected user participation. Huge registration costs, bandwidth, and cybersecurity are a few limitations that are faced by the players of online gaming. Adding to these challenges, there’s also a struggle faced to keep a check-in-balance on the verification process, which means ensuring that the players are getting their rewards.
So, to fight all these limitations and challenges, blockchain plays an important role. It provides players with secured transactions and stores all the related information. By using blockchain technology for NFT-based games, players can easily participate in virtual events and tournaments without having a second thought about the security of earning the in-game rewards.
What motivates the mass adoption of blockchain gaming?
Blockchain technology has experienced a surge in popularity across various industries in recent years, including web3 game development, where it is credited with fueling creativity, boosting productivity, and creating new value. The gaming industry has jumped on the bandwagon and is benefiting from what this innovative technology offers. Let’s check what is motivating the mass to adopt blockchain gaming.
- Enhanced security
Blockchain technology excels in minimizing double-spending and other scams in transaction data done on android blockchain games because it is secure, transparent, and immutable.
It’s suitable for iOS blockchain games wherein players can exchange virtual assets (such as NFTs), providing users with a greater sense of security when trading online.
- Integrated gaming profiles
As blockchain games gain popularity, several profiles can be readily created. As a result of its cross-compatibility, users can enjoy a unified experience on all of their devices, with one profile that enables them access to all of their games and purchases. In contrast to more traditional games, blockchain-based games, such as iOS blockchain games, are already dominating the gaming market.
- Crypto rewards
As players accomplish the missions and quests in their android blockchain games, they are rewarded with crypto, resulting in a massive crypto gaming experience. Traditional game prizes have little monetary value in the real world. Blockchain-based players, on the other hand, can trade their crypto awards for real-world assets.
- Transaction verification
A blockchain-based gaming platform can ensure the authenticity of all transactions between users. Scams are one of the most common issues with today’s gaming platforms; this helps to reduce that risk.
Companies can use blockchain to confirm that no duplicate payments on iOS blockchain games have been made and that each individual has been rewarded for the services or commodities provided.
This brings us to the concluding part: the future of blockchain gaming and mass adoption.
Bottom line: The future of blockchain gaming and mass adoption
Blockchain gaming is still in its infancy era. Based on an analytics report, around 2,000 gaming software have only integrated blockchain. Looking at the wide variety of games on the app stores, we can say that blockchain gaming still has a long way to go. Before going big in the market, the development cycle of any game takes up to years to complete and highly depends on the infrastructure, technology, development tools, promotional strategies, and product design. All these shows that gaming is only the tip for blockchain’s mass adoption.Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.