The gaming industry has always been a good friend of mine, as constantly it adds value to my spare time. There’s hardly a day without my mom scolding me to stop gaming, I can remember.
So, you can understand how gaming has shaped my life since childhood.
The thing is, today’s gaming generation has got a sharp edge over traditional gaming, which is blockchain technology. The whole industry has got fully baked, as in 2020, it generated $143 billion in revenue from its admirers. Hush! I’m scribing about the year when blockchain game development was in the development stage; it’s now 2022. In nearly two years, the blockchain industry has reshaped, extended and enhanced the gaming industry with seamless new experiences and revenue models. With a blockchain game development company, it has become effortless to change traditional gaming into high-tech gaming by webbing the blockchain technology. Not only Blockchain, NFT, Metaverse and Web 3.0 are also getting aligned with the gaming industry, making it capable of generating $1 trillion in the next few years. As a sum of everything, Blockchain changed the dynamics of the gaming industry.
In this blog post, we’ll discuss the redefining gaming industry and how Blockchain redefined it with its seamless features. I’ll try to simplify it by defining the issues with traditional gaming and how blockchain technology rectifies those errors.
Let us know what Blockchain is and understand each of the elements of its making the gaming industry rich.
What is Blockchain
Blockchain is an innovative and efficient way of storing data decentralized and distributed, ensuring the same data transparency for every participant. Each Blockchain keeps the address of the following connected Blockchain, often called a hash code, which together makes a strong network. And another feature of Blockchain is security and data integrity. Blockchain hardly gives anyone a chance to manipulate information stored in its blocks and provides utmost security of data and information, as no one can steal it.
How Blockchain is Redefining the Gaming Industry?
In everyday gaming life, I’ve come with features like reward coins, extra features buying, different gaming setups, gaming championships and winner prizes. So, the tokenization aspect, which resembles the core of Blockchain, was already prominent in the gaming industry.
Another factor is the liquidity aspect of the blockchain industry; Blockchain has privileged non-liquid sectors like Real Estate to liquidate and enhance the liquidity of other asset types. Blockchain has also revolutionized the gaming industry. Gamers buy gaming assets or different games through physical medium and somehow buying and selling aspects. Since gaming and trading came together, blockchain game development.
Blockchain has one more feature, transaction recording. As Blockchain innovated hyperledger systems, it enhanced the efficiency of managing daily gaming transactions and asset management. Today, gamers do not keep a transaction record, blockchain keeps it automatically.
The blockchain industry came and aligned itself with gaming quickly, as they were made for each other.
Now, let’s come to the perspectives of how Blockchain is redefining the gaming industry.
- Blockchain gaming enables users to apply mining techniques through developing and playing games, thus earning crypto through these steps. Also, trading and contributions have been easy and rewarding.
- Every product on earth gets prized based on the estimated and actual demand and supply itself. The gaming industry is no different. Gaming-related assets, especially the special edition assets, come with their heavy prize tages, but without the information of their real prize. If that asset is more scarce than its demand, it’ll be high. With blockchain enhancement in gaming, gamers like me can understand how many assets are available and if I’m buying any gaming asset at a fair price or not. Indeed I’ll become truthful about the gaming marketplace for that transparency aspect.
- Through games like GTA online and Fortnite, players like us interact with players from other sides of the globe, and it’s fun. That’s called social-friendly games.
In the case of buying assets and gaming collectables from players of other countries, I’ve to counter legal and currency exchange-related regulations, wasting ample time with high service charges.
Blockchain-based currencies do not require approval from traditional finance regulations; cryptocurrencies have the same rate throughout the globe. Moreover, these services are available with low transaction fees and in less time.
4. Every gaming transaction is processed based on a computer and mobile connection with a centralized server. Those servers have a dedicated server which maintains all the records.
A server can be hacked easily, and hackers can easily loot all the gaming assets gamers took hard work to collect.
With a decentralized service like Blockchain, security issues hardly occur and cause visible harm. So, the hard-earned gaming assets are secured with Blockchain.
5. Maintaining multiple gaming accounts is troublesome work, I need to say. And, all the passwords and gaming IDs linked to every account are prone to hacking and misuse.
Whether playing one game or playing multiple numbers games, the blockchain system only requires one integrated profile to use anywhere, in any gaming.
This Blockchain-enabled single profile will be linked to your wallet, asset carts and trading account, so no further verification is required.
6. New world gaming is set to push the limitations of traditional gaming. Now, I can be a game player and developer simultaneously. Developing gaming assets and earning money through monetization features is what can be done; the earning limit is in the sky.
7. The gaming experience is going to transform vastly, as Metaverse is going to take place with the gaming industry.
Metaverse is a 3D virtual world, accessible for roaming, socializing and interacting with people. As gaming supports socialization is getting more preference than isolation supporting games, Metaverse’s appearance will add more delicacy to things.
Conclusion
After seeing the handful of opportunities, it’s time to rise to your full potential and provide some value to the Blockchain enabled gaming industry. Blockchain game development services are now available just a click away to appropriately cater to the varied gaming requirements in the best possible manner. Blockchain game development is still an emerging industry with an array of lucrative opportunities.So, we need to wait and see what the future has in store for the blockchain gaming industry.
Author Bio
Akash Guha is a budding writer with almost a year of experience in content writing. His knowledge in technical content writing has enabled him to work on different projects. Presently, he is working with SoluLab, a premium blockchain, AI, ML, IoT and Metaverse development company, where he handles various projects as a content writer.
