The gaming industry has taken decades of slow innovation to reach its current point. However, the industry has experienced drastic innovations in the past few years, thanks to blockchain. One of the core reasons to introduce a game based on blockchain is crypto adoption.
Experts opine that gaming will help the world better adopt cryptocurrencies and their underlying blockchain technology. The theory seems plausible. But, the current blockchain game industry is doing better than expected.
Beyond gaming aiding blockchain adoption, the technology is redefining how gamers play. Blockchain is making online games better, and gamers couldn’t be happier. Thanks to blockchain, gamers are getting more than gaming’s entertainment value.
In the third quarter of 2021 alone, NFT games generated $2.3 billion. However, unlike traditional games where monetary value solely flows towards developers, gamers now get a fair share. The new financial economy of games is only how blockchain makes online gaming better.
The rest of this piece explores the various impacts blockchain has on gaming. First, however, let’s start with a closer look at online blockchain gaming.
Understanding Online Blockchain Gaming
The blockchain game play-to-earn model has been the buzz of recent times. But, crypto gaming is more than that.
Blockchain technology became famous in 2009 with the launch of Bitcoin. Naturally, the world reacted as expected – apprehensive and skeptical. However, thanks to several individuals and organizations bullish on the ‘new form of money,’ bitcoin – blockchain – remains relevant now.
Unfortunately, despite the buzz, just over 0.5% of the world population uses blockchain-related technologies. Blockchain has disrupted finance and is well on course to redefine several other industries. However, the low adoption rate remains a pointer to a more fundamental problem – intuitiveness.
Blockchain needs to go beyond being ‘alien’ technology; it needs to make sense to average consumers. Hence, its introduction to online gaming – is an actual world application of crypto. The blockchain game crypto framework operates in two ways:
- As the technology powering the whole game
- Or as the technology powering a game’s in-game economy.
Either way, crypto games have a preliminary design of rewarding players for their efforts and time. As a result, Crypto games have become work for many gamers. In crypto games, players accumulate collectibles and tokens, which they subsequently sell for cryptocurrency. Then, they can either decide to hold the cryptocurrency or sell for fiat currencies.
The new gaming model is responsible for people quitting their jobs to play games. While many skeptics continue to label the online crypto gaming industry as a bubble, innovations keep coming.
The intersection of blockchain and gaming leverages exciting concepts like virtual reality, metaverse, NFTs, Yield farming, play to earn, etc. Furthermore, as a web3 subsector, the full potentials of online crypto games remain unknown.
A blockchain game NFT ecosystem will operate in metaverses, where players can leverage the play to earn model in accruing items through yield farming.
The metaverse – a combination of virtual and augmented realities – offers a more immersive gaming experience.
Also, NFTs have redefined digital ownership in recent years. Now, you can own exclusive rights to a picture, artwork, video clip, song, etc.
Blockchain gaming combines these two concepts and more. Hence, essentially, you play online crypto games, accumulate NFTs and tokens, sell them, and earn money. All the while, having fun.
How Blockchain Makes Online Gaming Better?
Today, you either build a game on Solana blockchain or Ethereum. These are the two most popular blockchains for games, each with advantages. Ethereum is more mature and decentralized; Solana is faster and operates at a low cost.
Irrespective of which blockchain a developer chooses, they have the same overall impact on online games.
Enhance Safety for Developers and Entrepreneurs
The primary menace of current technologies is security. An average company invests about 6% to 14% of its IT resources in cyber security. However, blockchain mitigates such counter-productive investments from the get-go.
Blockchain platforms leverage powerful encryptions to secure transactions. Examples of encryption are private key-public key systems. In addition, the computing technology of blockchains makes them nearly impossible to breach.
Blockchains don’t operate on one server – hence, the term decentralized. Instead, nodes maintain the distributed databases. A node is a computer/server on the blockchain network. Each node contains complete network information in its database.
Algorithms like “Proof of Work” (POW) keep the network secure, making ‘Distributed Denial of Service (DDoS) impossible.
Enhance In-game Asset Ownership, Storage, and Exchange
Before, many online games offered in-game collectibles. For instance, in Super Mario, your character collects coins as the adventure proceeds. However, spending those coins – or their equivalent amount of money – in the real world is impossible.
Now, you can convert blockchain gaming coins to real money. All you’ll need are an exchange platform, a wallet address, and in-game coins to sell.
Playing to earn is one of the primary benefits of crypto games. The ability to make money while having fun resonates with the already valuable game industry stakeholders. Some crypto games are free, while others require a buy-in. Irrespective, the experience is exciting.
You download the game, buy in, connect your crypto wallet address, play, accumulate items, sell them, and earn cash.
Enable Interoperability for Players
Activity on the blockchain requires a wallet address. So, signing up for a game requires a player’s wallet address. The wallet address is a universal entity that players can use across blockchain platforms. Hold that thought.
Blockchains aid interoperability, enabling data sharing and access within and without a blockchain. So, applications built on Ethereum can interact with one another. In the same vein, applications built on Ethereum can interact with Solana apps.
As a blockchain game builder, optimizing interoperability is becoming the bare minimum. However, for gamers, interoperability makes the experience better.
The functionality makes it possible to use characters and utilities across platforms because they are NFTs. For example, imagine using a ‘Super Mario’ character inside a ‘God of War’ game.
Enhances Community, Ownership, and Collaboration
Because crypto games are decentralized applications, ownership isn’t limited to the developers. Players can buy the game’s utility token and stake it for ownership. So, you can now own your favorite game. In addition, the ownership fosters a community – stakeholders coming together to improve the game collectively.
How CoinFantasy Combines Blockchain and Gaming?
CoinFantasy is a game based on blockchain infrastructure. The world’s first decentralized fantasy gaming platform for crypto-stock markets is based on the play-to-earn model. Hence, if you don’t have enough money to invest in crypto stocks, participate by playing the game built for it.
Frequently Asked Questions (FAQs)
The possibilities of Blockchain in online gaming are limitless. It improves the experience, economy, security, etc. And there’s more to come. People naturally tilt towards activities that make them money and also come with less stress. Gaming comes naturally to most people and imagines being able to earn from it.
Blockchain in gaming enables interoperability profiles of players: Crypto traders and investors have the public address that they can use for transactions across different blockchain networks. It can be used to build the games or to power the in-game economy.
Apart from the financial part, there will also be an increase in play-to-earn gaming platforms. A lot of underdeveloped countries will adopt the use of Blockchain as a result of financial benefits that can be gotten with less money. Players will earn more money.
Yes, they are. The top all’s on the crypto games list are positively influencing the lives of players and developers. There are a lot of people involved in the process too, like writers and marketers profiting from Blockchain games. More are expected to be created.