Blockchain Technology Is Changing The Gaming Industry

How Blockchain Technology Is Changing The Gaming Industry

As one of the most significant novelties of 2020, blockchain technology has been conquering industries one by one, and it seems gaming is next in line. Game developers, publishers, and the more enthusiastic players alike are dying to get their hands on this new resource. But what exactly can we expect from this sudden crossover?  And what’s the deal with blockchain technology in the gaming industry? This is what we are going to uncover in the article below, so strap in!

Helps To Securely Buy In-Game Assets

Blockchain technology with example is described in most online and some offline games when buying in-game assets using real-life money. This can come in the form of content that expands on the existing story or even simple pieces of equipment or cosmetics, often bought through game-exclusive cryptocurrency. These assets’ purchases would become much safer and easier through blockchain technology since players will be allowed to trade with digital currencies without the usual hassle.

Allows Players To Store Assets With Greater Safety

If there was such a thing as a “hacker’s paradise,” it would likely take the form of a centralized server, ripe with assets to steal. Unfortunately, such a place is well within the bounds of possibility, and always one encryption breach away from happening. Once the safety measures of a centralized server are breached, the hacker can feast on all the assets the players have invested time and money on. However, with blockchain technology, that ceases to be a possibility, since you are able to store your assets on crypto wallets safely.

Value Projection of Virtual Buyable Assets

It’s comprehensible to be insecure about whether there is money to be made on the trade of intangible digital collectibles, so allow us to present a case. On November 28th, 2017, the Canada-based developer Axiom Zen released the game, CryptoKitties, which was developed using the blockchain technology Ethereum. The game was so successful that by December 6th of that year, it raked in an impressive 6.7 million dollars. The point is that yes, players are okay with inserting money into a game when they are having fun, so making an enjoyable crypto game can certainly be lucrative. After all, people are always willing to invest money into their entertainment, so as long as they have fun, they will have a profit.

Facilitates In-Game Purchases

From big MMOs to fun online games like Fishing Frenzy, gamers across all platforms are becoming more aware of blockchain technology advantages. One such advantage is the fact that blockchain technology is used for making In-Game purchases more accessible. This means players will not need to wait for third-party services to process their fiat money and buy directly from the game. Thus, in-game purchases become faster and increasingly practical, greatly enhancing the player experience. A better player experience invariably also means more fiat currency invested in the game, so there is a tremendous financial incentive to it as well.

Interoperable Profiles For Players

Did you know crypto traders and investors can generate a single public address to be used in different blockchain networks? With blockchain, gamers can have a single address that they can use across different games to transact with cryptocurrency, significantly saving money. There is also a significant element of practicality attached to that, as managing cryptocurrency across different games is one of the worst parts of modern crypto gaming. It also offers developers the opportunity to integrate their cryptocurrency between games better.

Strengthens The Players Ownership of Bought Assets

In the way things currently work in gaming, when you buy an asset, you don’t actually own it, not in the same way you own any other purchased product. However, when blockchain technology is thrown into the picture, players can own and trade their assets as they see fit through smart contracts that govern in-game transactions. These contracts are executed automatically upon its conditions being fulfilled and don’t allow for the results to be undone. When you launch a blockchain-powered game, all the player’s in-game assets are transferred to his public address, thus solidifying their ownership.

New Possibilities for Developers

Blockchain technology also allows developers with a blockchain technology background to get creative when it comes to designing their new crypto games. What makes this possible is the use of something called DApps, or “decentralized apps,” which are absolute heaven-sent for the start app developer. Why? Because DApps run on an open blockchain, allowing you to use the assets it contains in making your very own game! Once made, you can shut down your game unilaterally or modify it with the consensus of your game’s community, who get to vote on new features and so on. All of these, along with other terms, are explained on the smart contract you must sign up to when getting into a DApp network.

Player x Developer Collaboration

One of the best ways blockchain technology is changing the gaming industry is by enabling direct communication between gamers and developers, making for a perfect “blockchain technology for beginners” exercise. This happens because updates to a blockchain-powered game must first go through its community, meaning gamers can voice their preferences and make sure they’re heard. As you can imagine, games only stand to gain by letting the community express exactly what they want from it, thus avoiding unpopular measures. Through this, an app’s lifespan is lengthened as this cooperation between players and developers ensures new features are always successful.

Conclusion

It’s always an exciting exercise for the imagination to try and peer behind the curtains and see how blockchain technology works. It’s also great to have an idea of the blockchain technology future and how it will shape gaming. Although not all changes may be positive, we can look at exciting new things like blockchain technology and know that the future holds some great presents. Making games easier to produce, increasing player participation, and making transactions more secure, it’s easy to say that blockchain technology is a welcome addition to the industry’s arsenal.

So, how do you think blockchain is going to change gaming? Please share it in the comments!

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