In blockchain gaming, the digital assets – known as non-fungible tokens (NFTs) – used inside the games are created using blockchain technology. NFTs have real-world value and therefore they can be traded in a similar way to stocks.
Blockchains give users complete control over their games, allowing them the freedom and a chance to earn through their games.
Blockchain games rely on smart contracts to communicate and store information on the blockchain. Due to blockchain integration, we now have new concepts like play-to-earn games which traditional games lack. This is why now many big mainstream game developers like Ubisoft, EA Sports, and Zynga are also entering into blockchain gaming.
Digital Gaming Economies
The consistency of data stored on blockchains has allowed developers to implement digital economies inside games. Traditional games had some semblance of the game economy in multi-player versions but blockchain gaming has made the phenomenon global. For instance, now players sitting in the Philippines can trade their Axie infinity (popular blockchain game) NFTs with players in South America.
In blockchain games, users can also borrow and lend characters and tools to get through a specific hurdle or level. The more experienced players also act as contractors and lend their help to other players to complete the requirements of the game. This whole new economy of blockchain games allows people an opportunity to earn by just playing games.The gaming industry is huge. It generated approximately $198 billion in revenues last year. The blockchain games are the new entries to this industry and they are already changing the rules. Read this article to learn how: Click To Tweet
Advance Player Control
Blockchain technology allows users complete control over their gaming assets. No developer can change or take back the assets that any user has won as a reward or bought. Even if the developer decides to shut the game down, the assets of users will still be under their control.
Users can buy, sell or trade assets of one game among themselves even outside the gaming environment. The ability to do so is provided by smart contracts. Because blockchain data is inherently immutable and trustless, developers cannot even alter smart contracts. This is also the reason for the success of play-to-earn blockchain games.
Blockchain games are not only giving more power to users, but they are also providing new tools to developers that they can use for their benefit. For instance, economies inside the games allow developers to set certain conditions through smart contracts to guide and influence player behavior.
Blockchains are stable and secure foundations that developers can use to develop their projects. They also enable developers to create unlimited new worlds or ecosystems and make money by the newly created economy inside the game ecosystem.
Blockchains have just begun to impact the gaming industry significantly. Their impact is going to completely transform the industry that is valued at $198 billion. If you want to learn more about blockchains, read this article.
Suleman is a part-time crypto writer and full-time book addict. He holds a master’s degree in Chemical Engineering. Nothing excites Suleman like a well-organized fundamental analysis for long-term investment.