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Online gaming has come a long way since the late 20th century. Technological advancements over the past decade or so have revolutionized and accelerated the growth of this industry.
One advancement worth mentioning is blockchain technology. Blockchain usage in the gaming industry has surged in recent years because of its benefits. With this technology, players can convert their virtual assets to real money. All you need to do as a player is find a platform that offers the best play-and-earn games and start earning with your gaming skills.
But it’s not that straightforward. First, you have to understand how the whole blockchain system works in the gaming industry.
- Blockchain gaming is a model for players to earn
Simply put, blockchain is a decentralized digital ledger designed to create an unalterable record of transactions. It’s a chain of blocks of transactions, each linked with the previous one, making it almost impossible for someone to tamper with.
The fact that all parties involved can access the information contributes to the technology’s transparency. Blockchain is always associated with crypto and cryptocurrency security, and rightly so. The basic concept of digital currency transactions is based on blockchain.
But how is this technology applied in the world of gaming? Blockchain gaming is basically a model that helps players earn real money as they play. It’s a rapidly growing industry, with the market projected to reach over USD$65.7 billion by 2027, with a compound annual growth rate of 70.3%.
- Play-to-earn games are also called crypto games
Play-and-earn games are among the main subjects in the gaming industry today. Games in this sub-genre allow players to earn cryptocurrencies as they play. For that reason, they’re also popularly known as crypto games.
Apart from cryptocurrencies, video games in this sector include other elements that rely on blockchain like non-fungible tokens (NFTs). So, the more you play, the more crypto coins or tokens you can collect.
As mentioned earlier, players can also earn in-game assets from playing their favorite games. You can be rewarded with a premium weapon, skins, or cards.
In a typical gaming environment, these assets are only usable in one game. The cards or skins you win can’t be transferred to another game, even if it has the same structure and playing style.
Fortunately, that’s no longer a problem with the introduction of blockchain in gaming. Since you technically own the virtual assets, you can choose what to do with them. You have the option of using them in a different game or selling them to another player.
- Blockchain gaming has enhanced user experience
User experience is very important in the gaming industry. Players love platforms that allow them to play and enjoy their favorite games.
Blockchain technology has enhanced user experience by providing a secure, transparent, and efficient way of accessing virtual assets. Additionally, the fact that you can use your assets in other games has changed how people view online games today.
It’s also worth noting that blockchain gaming has given players more control over their gaming escapades. They can now create their storylines and even characters.
- The industry is still growing
Another crucial thing you need to keep in mind is that blockchain gaming is a growing industry. The whole concept has been around for barely five years, and it has already attracted thousands of developers looking to create new games.
Like any other new industry, blockchain gaming has faced several growth challenges. First, hackers have been targeting companies in this industry because there are still a few loopholes. In fact, some of them have already been hacked and lost assets worth millions of dollars.
Such reports, coupled with volatility, have made it difficult for mainstream platforms to support this industry. The likes of Twitch and Steam haven’t adopted crypto games because they’re generally against crypto gaming. In addition, their company policies don’t support NFTs.
Despite these challenges, blockchain gaming is still booming. With experts projecting a CAGR of 70.3%, it’ll probably be one of the biggest industries in the next few years.
Conclusion
Blockchain gaming has been around for nearly half a decade now. It has grown rapidly since its inception, with its market value expected to hit over USD$60 billion before 2030.
Though the industry lacks backing from mainstream platforms like Twitch, it continues to grow since blockchain games give users the opportunities to own and sell assets as they wish—assets that include NFTs and cryptocurrencies.
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