The gaming industry takes pride in its ongoing modernization and innovation. It always looks ahead and is prepared to adopt new technological advancements to enhance the player experience and produce the upcoming best game.
All we can recall from the early days of the gaming industry is playing the 16-bit version of Super Mario on a console. But in 2023, we’re playing games like Gods Unchained, Crypto Kitties, The Last Will, Decentral, and a lot more! The gaming industry transitions from being a source of entertainment and fun to earning as a technology with blockchain engineering speeds up toward its peak.
Blockchain gaming is quickly emerging as the newest and most well-liked craze in the cryptocurrency world. GameFi is revolutionizing the gaming industry and giving players a host of new opportunities, including more control over their gaming and the chance to make money while playing, so the number of users is growing quickly.
Some Stats on Blockchain Gaming to analyze the market growth.
Gaming-related NFTs generated $4.8 billion in revenue last year, or 20% of all NFT sales in 2021, according to data from DappRadar. Even DeFi was outdone by GameFi applications in terms of user popularity.
According to Bloomberg, in November 2021, games accounted for close to half of all active cryptocurrency wallets connected to decentralized applications.
According to Forbes’ article on cryptocurrencies, the blockchain gaming sector has expanded by more than 2000% over the last year. Investments totaling more than $2.5 billion were made in the first quarter of 2022, a significant increase from the $4 billion invested in all of 2021.
A Compound Annual Growth Rate (CAGR) of 70.3% is predicted for the global blockchain gaming market, which is expected to increase from USD 4.6 billion in 2022 to USD 65.7 billion by 2027. Because of the unprecedented growth, new gaming standards have emerged, making it even more crucial to comprehend these new assets.
What is Blockchain Gaming?
Video games that incorporate blockchain technology into some aspect of their design, development, or gameplay are referred to as “Blockchain Gaming.” Blockchain video games are different from conventional video games as they make use of decentralized systems, open protocols, and distributed ledgers to enable brand-new features and functions that are not possible with conventional gaming.
This gives players more control over their gaming experience and opens up new possibilities for the ownership and distribution of game assets by allowing them to own and manage their virtual assets outside of the game environment.
The use of blockchain technology in gaming also makes it possible to create new types of gameplay, such as P2E i.e play-to-earn models where players can earn game tokens/cryptocurrency or other rewards for participating in the game or decentralized governance models where players can cast votes on important game-related decisions.
How is blockchain technology redefining the gaming industry?
The possibilities for using blockchain technology in the gaming industry are countless and very promising, and it has many advantages. Even though game developers have been working hard to incorporate the numerous blockchain trends and technologies into their games, they have only just begun to do so.
Here are a few ways that blockchain technology is changing the gaming landscape:
Digital Ownership:
The creation of non-fungible tokens (NFTs) allows game developers to provide players with exclusive items that they can call their own. Due to total player ownership, these resources can be removed from one game and used in an unrelated one in addition to being used to buy and trade for items in-game.
Because NFTs are one of a kind, players can be certain that the item they possess is the only one of its kind. This can make using NFTs much more exciting and engaging.
Increasing the security of the gaming market:
Because of the decentralization and data encryption capabilities of blockchain, it will be very difficult for hackers to access data across the server. It consequently creates a safe environment for both game developers and business owners, increasing productivity. Since there are no servers to compromise, hackers would be unable to bring down a decentralized blockchain network.
Decentralized game development:
Games can be created and maintained by a decentralized network of developers and players thanks to blockchain gaming, which enables decentralized game development. As a result, game development can be more innovative and creative while also taking a more democratic approach.
More incentives:
A gaming system and economy that rewards players for their actions, which is a satisfaction that can come from obtaining rare items, singular experiences, or just plain fun, are only possible by blockchain games.
This essentially increases the availability of play-to-earn opportunities and may alter how players view obtaining rewards. These games are fantastic because they develop economies that enable players to interact with one another and exchange in-game goods.
Faster and More Convenient Transactions:
The speed and convenience of transactions are yet other key advantages of online gaming. Transactions made using cryptocurrencies are processed almost instantly, with no delays or additional costs to worry about. This makes it a great option for online gamers who prefer quick and simple deposit and withdrawal processes.
Blockchain and virtual reality:
Players can immerse themselves in a world of virtual realities that are shaped by their own choices and actions, which promises to be a fascinating gaming experience. This experience will only become more immersive with the integration of blockchain technology, enhancing player interaction with a more realistic sense of reality.
Game designers will be able to create more immersive, engaging experiences that are influenced by their players’ choices thanks to this powerful tool.
Play-to-earn models:
Play-to-earn models are available in some blockchain games, allowing users to gain cryptocurrency or other benefits by participating in the game. This gives players new ways to make money off of their gaming and encourages participation.
Enhanced interoperability:
Blockchain games can be played on various platforms because they are inherently cross-platform. Blockchain games are not constrained by the boundaries of any one company or person, in contrast to traditional games, which are typically bound to a single platform.
The ability to play on various devices, platforms, and networks makes it possible for players to work together and cooperate more effectively within the gaming community.
By extending its applications, features, and content across various games, interoperability also enables developers to improve upon the foundation of earlier games. This will make it simpler for gamers to switch between games since they can just pick up where they left off without having to learn a new interface or system.
What are Top Games using blockchain technology?
Blockchain technology has been integrated into the gaming industry, revolutionizing the way players interact with the games.
Here are some of the top games using blockchain technology:
Axie Infinity:
Axie Infinity is a blockchain-based game that allows players to collect, breed, and battle creatures called Axies. The game has its cryptocurrency called AXS, which is used for in-game transactions.
Gods Unchained:
Gods Unchained is a collectible card game that uses the Ethereum blockchain to enable players to own and trade their cards. Players can buy, sell, and trade cards on the open market.
Decentraland:
Decentraland is a virtual world where players can buy, sell, and trade virtual land using the Ethereum blockchain. The game allows players to build and create their virtual reality experiences.
CryptoKitties:
CryptoKitties is a blockchain-based game where players can breed, collect, and trade virtual cats. Each cat is unique and has its digital DNA stored on the blockchain.
The Sandbox:
The Sandbox is a blockchain-based virtual world where players can create, share, and monetize their gaming experiences. The game uses the Ethereum blockchain to enable players to own and trade virtual land and assets.
Splinterlands:
Splinterlands is a collectible card game that uses the Hive blockchain to enable players to own and trade their cards. Players can battle other players for rewards and earn cryptocurrency for winning battles.
Enjin:
Enjin is a blockchain-based platform that enables developers to create and integrate blockchain technology into their games. The platform allows players to own and trade in-game assets and items.
ChainGuardian:
ChainGuardian is a blockchain-based RPG game that uses the Ethereum blockchain to enable players to own and trade in-game assets. The game features unique characters and monsters that players can collect and trade.
Sorare:
Sorare is a blockchain-based fantasy football game that uses the Ethereum blockchain to enable players to own and trade digital collectibles. The game allows players to buy, sell, and trade digital cards representing real-world football players.
Neon District:
Neon District is a blockchain-based RPG game that uses the Ethereum blockchain to enable players to own and trade in-game assets. The game features unique characters and a dystopian cyberpunk world.
Conclusion
Blockchain technology has significantly advanced the gaming sector, opening up fresh possibilities for players to engage with games in a decentralized, safe, and open way. These blockchain-based games enable new forms of monetization and rewards through the use of cryptocurrencies and non-fungible tokens (NFTs), giving players the ability to truly own their in-game assets.
Blockchain technology gives game developers the power to design fresh and distinctive gaming experiences that let players collect, trade, and possess valuable virtual characters and objects. We can anticipate seeing more cutting-edge video games and virtual reality experiences emerge as blockchain technology advances, opening up new opportunities for both players and developers.
Additionally, the introduction of new gaming platforms and changing customer expectations are anticipated to shatter barriers and advance the blockchain gaming sector to new heights. By allowing players to own in-game assets, offering opportunities for rewards and income generation, and fostering social connections, gaming platforms can overcome many obstacles and create future gaming ecosystems and economies.
FAQs on Blockchain Gaming
How do I get started with blockchain gaming?
You must first create an account in a cryptocurrency wallet and buy some cryptocurrency to start playing blockchain games. Afterward, you can purchase in-game items with this cryptocurrency and take part in blockchain-based games.
Is blockchain gaming safe and secure?
Blockchain technology is used in blockchain gaming, which is generally regarded as safe and secure. Players should still use caution when playing blockchain games, though, as there is always a chance of fraud and scams.
Can I earn money by playing games on the blockchain?
You can earn money by playing blockchain games. Players can earn cryptocurrency or in-game items that can be exchanged for real money in several blockchain games. However, it takes a lot of time and effort to make money playing blockchain games.