Blockchain Gaming Redefining The Gaming Industry
Blockchain gaming has taken the industry by storm with tech and cryptocurrencies. The gaming industry has always thrived and enjoyed massive growth. In the last few years, it has risen exponentially with the advancement in Artificial Intelligence (AI), Deep Learning, the Internet of Things (IoT), and Virtual Reality (VR). Despite the evolution and growth, the industry has decided to add more advanced technology – the blockchain!
Blockchain has revolutionized several industries, and the gaming industry is one of them. This breakthrough technology is changing the way games will be created and played. Apart from the progress, the pandemic has also enabled this technology to grow at an exponential level. It is, in fact, due to people resorting to gaming on the lockdown days.
In this article, we will look at how blockchain gaming is redefining the gaming industry by making it more immersive and secure. We will also look at how this industry will be the first real use case of blockchain technology.
Blockchain Gaming and the Role of NFT
So, what exactly is blockchain gaming? Technically, a blockchain is a transparent unalterable chain of data blocks on a network. On top of that, it is decentralized, hence there is no central control. Instead, the digital assets in the blockchain are controlled by users. These digital assets are also called Non-Fungible Tokens (NFTs) and are like Cryptocurrency coins. It is a fantastic invention for gamers who can freely move their virtual assets from one game to another.
So NFT, like cryptocurrency, is not only transferable in the game, but also outside of the game. If we consider a scenario of RPG games such as Final Fantasy, the NFTs could be a sword, shield, costumes, or anything else.
Digital Scarcity of Assets
In RPG games, some of the legendary items are available in limited quantities for players. The players can only purchase it by paying a hefty amount, and only the premium players can keep those items. Similarly, in blockchain-powered games, some digital assets are scarce, and not easily available to every player. Thus, it follows the aspect of digital scarcity in a distributed ledger to maintain the decentralized marketplace.
Ownership of In-Game Assets
An NFT owner, in blockchain games, always remains the owner even if the game stops working. It is because the asset can be transferred from one ledger to another, from one game to another, and can also be kept in the wallets. Blockchain-powered games utilize smart contracts to handle transactions. It transfers the assets into a players’ account. Thus, the ownership of the item cannot be replaced.
The bottom line of blockchain gaming is liquidity. Liquidity is the capability of a digital asset or crypto coin to be converted into cash or any other coin. Since gamers are already accustomed to the concept of tokenization, liquidity allows them to implement a distributed ledger game very easily. Also, the assets can be traded with real-life currency as well. Since the items can be exchanged in-game as well as in the real world, it is best to keep the transactions on the blockchain to keep track.
Security in the Gaming Market
With the power of decentralization in blockchain and encryption measures, hackers find it impossible to hack the crypto server. This gives an advantage to game developers to develop blockchain-based games that cannot be damaged by intruders. They need a secure and safe environment to develop, launch and monetize games in a secure market.
Improved Payment Methods
Security and privacy are top features of distributed ledgers and cryptocurrencies. In the gaming industry, there have been numerous payment fraud incidents, security breaches, and multiple incidents. With blockchain-based games, crypto tokens can be used to make smooth payments, thus making the payment possibilities secure for gamers.
Single Gaming Profiles
Most RPG games require users to register and create their profiles on games if they wish to play games and access gaming features. However, with crypto-based games, users can have one integrated RPG account that can be used to access and play multiple games. This single RPG profile will not only improve user experience but also make games more accessible.
The bottom line is that blockchain with its cryptocurrency offers a multitude of features to game players and game developers. This technology is revolutionizing the RPG industry despite its infancy and slow progress. With the rapid development, the crypto-based RPG business will help the gaming industry by making it more enjoyable and smooth, while keeping the hackers out of the domain.