Blockchain Gaming: What Is It?


blockchain-technology
Blockchain technology

Do you take interest in blockchain technology? Are you eager to learn more about it? We are here to help you out with that! Find details in our blog.

 

Today the gaming industry is developing faster than ever with very positive indicators appearing. Online games are no longer about spending leisure time and having fun only. Now people play to earn money. Gaming is a profitable business with great potential and perspectives. It is actively coming into contact with various other industries. The new reality leaves us no other way out but to get used to it and play by its rules.


Recently blockchain games have proven to be quite a smart way to invest money


Their popularity has been rising at a very high speed as players are getting more and more involved in the crypto domain. The industry received a powerful boost back in 2020, during the Coronavirus pandemic. Well, in fact, that was the period when a massive shift to “remote” took place. People worldwide, stuck at home for months, were desperately looking for ways to entertain themselves, maintain a connection with the outside world, and, finally, earn money without having to leave their homes. Surprisingly, online games turned out to be a universal solution for all these problems.

So yeah, talking about blockchain gaming, in particular, it is important to point out a huge revenue increase during the previous year. Experts say, that in case this trend continues, there will be more than 100% growth in investment at the end of this year. Blockchain gaming keeps gaining momentum right now. It seems that the percentage of the users the industry attracts is rising every single day, and investments keep flowing into blockchain games and infrastructures. According to the recent analytics, should the investments continue coming at this rate, the $4 billion accumulated in 2021 will be surpassed.

For those, who have heard just a little about blockchain gaming before, or maybe haven’t heard about it at all, the information given above may be a bit confusing. So here we are, ready to tell you everything and even more. Interesting? Then make yourself comfortable and go on reading.


Everything you need to know about blockchain games and why they are on top


With blockchain games, users can collect and play NFTs in virtual reality. To make it as simple and clear as possible, blockchain is a currently leading technology that functions as an information recording and storing system that cannot be altered or hacked anyhow. It is a decentralized digital database. A distinct feature of a blockchain is how data is structured here. It differs from a regular database. The information is grouped into numerous blocks. They all are securely encrypted and together make up a chain. As a result, it ensures the highest security of data as well as its accurate recording. Transaction recording is decentralized and therefore secure. This, in its turn, leads to building trust without the need for any third-party intervention. That is why blockchain technology has gained massive popularity in quite a short period of time. Currently, it powers cryptocurrencies like Bitcoin and Ethereum.

Blockchain makes doors wide open. It creates so many great opportunities in a lot of different fields, but especially in online gaming. And game developers were those who picked things up quickly. A blockchain has broken into the online gaming industry and shaken it up.


What is peculiar about a blockchain game?


In fact, it is like a regular game, where users earn and change gaming assets, but due to applying blockchain technology, all digital assets are owned and controlled by players only. Just for you to understand it better, usually developers follow a centralized model where they take full control over game dynamics. By the way, using a centralized model means that developers can make a decision to shut a game down any time they want. In blockchain games, it works differently. Users can keep on playing even when the developers are no longer involved.

With blockchain technology, players receive a unique experience with independence and complete ownership of in-game assets. As your skill improves, you can earn crypto rewards and even sell NFTs to turn your gaming into crypto. NFT (non-fungible token) is an in-game asset, including individual items, namely clothes and so on. Since players possess source codes, they can save their NFTs even when the game stops working. Or, as an alternative, they can use these NFTs in another game. Basically, NFT is a type of content that players are allowed to keep as long as they need. According to such favorable conditions, the brand new “blockchain and gaming” economy is being shaped now, bringing the entire industry to another level.

Blockchain games are attracting users all over the world and this process seems to be unstoppable. Gamers realize the adventure and go for it. Blockchain technology sets new cool trends in the gaming industry. Now, let’s look closer at the most popular of them.


Metaverse


It is made of numerous digitally interconnected and interoperable services. It is a collection of multiple digital worlds where every user can become a part of an online community.


Social Media Factor


Various platforms with social networking features are used for developing blockchain games. This brings a sense of community. Therefore players can keep in touch with each other, share experiences, create characters together, etc. Playing online games is not just you sitting in front of your computer. It has become a really big worldwide community.


Play To Earn


Playing games and making a good deal of money is probably the best thing. In blockchain games, players get full ownership of all the assets they acquire during the game. Then they can turn it into cryptocurrency that has a real value. NFTs can be traded with other players within the same game or even transferred to other platforms. Blockchain games are already known to have immense potential, and this is just the beginning. Who said that playing games is a complete waste of time? Now you can make gaming a source of income. Steady and high income.

To tell the truth, in the new reality it is no wonder that a gamer can be a full-time occupation. The most dedicated players manage to monetize their gaming abilities and the time they spend on it. Isn’t it great?


And the most exciting part of this is that blockchain technology is now in its prime. Developers are just getting started. It’s impossible even to make predictions about what the future of the gaming industry holds for us, as it changes in the blink of an eye. No matter what it will be, we are sure, it will be amazing!


And if you do not want to miss a thing, follow us to stay informed. We will be the first to tell you about the new industry trends and updates.


1 view

Recent Posts

See All

SHARE
YOUR THOUGHTS WITH US

arrow&v

Feel free to share your questions, suggestions, or ideas through the form.

 Thanks for the submission!