How is Blockchain Impacting the Gaming Industry?

Table of contents

• Industry Overview
• Blockchain
• Blockchain in Gaming
• NFTs
• Benefits that Blockchain brings to gaming
• Parting Remarks

Industry Overview

Gaming has always been a part of an individual’s fun life; whenever someone feels like having adventure and enjoyment, they think about games. But gaming is not only a fun activity; it is a $198.40 billion industry as of 2021. This industry is growing at an unprecedented pace and is expected to reach a $339.95 billion value by 2027.

The gaming industry has changed from playing NES games like Mario, Bomberman, etc. It is now much more engaging and is close to real-world scenarios. Previously, we had a predecided task that the character used to perform, but now the functions and nature depend on the person controlling it. Popular games these days are mostly multiplayer titles such as PUBG or embed virtual reality to improve engagement like Beat Saber.

Blockchain

Blockchain is a decentralized database which means that the system is not restricted to a single device; rather, it is shared across different connected devices. It maintains the transactional records usually made in any cryptocurrency; it guarantees the security of transactions and builds trust as it does not involve any third party.

Blockchain in Gaming

Nowadays, games that provide a chance to earn money or play-to-earn games are becoming popular. In this era, Blockchain has the potential to revolutionize this aspect of the gaming industry. But, Blockchain is not just about money; it is a much bigger domain, with gaming being one of the most popular. It can change the future of gaming and how they are created, maintained, and played.

In gaming, a person has some transparent digital assets; these assets are similar to crypto coins like Bitcoins or any other cryptocurrency. These assets are better known as NFTs. One can own these NFTs just as they own any other cryptocurrency and can transfer them both inside and outside of the gaming wallet.

NFTs

NFT can be anything that belongs to you in a game; for example, it can be a gun, sword, property, sticker, etc. These assets can be yours forever if you own them and decide not to sell them. Based on the game, the items can be classified as common, rare, epic, etc. Epic and Legendary items are generally the most irregular, and they are limited too, which means only a handful of them are created. Hence, they can earn superior value if you decide to sell them.

The magic of NFT is that it will never seize to exist even if the game crashes or suddenly stops working; this is because NFTs are blockchain currency, and they will live on other connected devices even if your machine abruptly stops.

Benefits that Blockchain brings to gaming

Implementing Blockchain in gaming is going to be accessible as gamers already buy in-game items using real as well as virtual money. It can be a go-through in effectively connecting video games with cryptocurrency.

• Securing the gaming industry

  Blockchain improves security and makes the task of hackers almost impossible because it implements a decentralized mechanism and highly advanced data encryption methods. It is a win-win situation for developers and gamers as hackers can’t attack a decentralized platform.

• Advanced integrated gaming profiles

  Usually, a gaming platform requires a user to create a new profile to access the game, but with Blockchain games, a user needs to create only a single profile that can be used for most of the games and thus provides a hassle-free experience.

  This integrated profile can also track user performance across various games and help in competing with other gamers’ profiles.

• Enhancing payment methods

  In the past, we have witnessed various major gaming networks breached and information being leaked online; cryptocurrency is a solution to this problem as it is highly secured and private.

  Blockchain gaming offers a seamless transaction experience.

• Securing the in-game asset ownerships

  Blockchain brings transparency to the gaming industry, and hence it also secures and enhances the in-game ownership of assets. Blockchain technology uses irreversible smart contracts and runs on pre-programmed parameters; this helps manage players’ assets, yet another benefit is no involvement of central authority.

Parting Remarks

Cryptocurrency and video games combination is the way to go, and Blockchain can effectively merge these platforms to create a secure, more enjoyable, and seamless gaming experience. Some such games already exist, but we will see a surge in this type of gaming in the coming years, and soon they will become the new normal.

Blockchain will make the gaming industry more enjoyable by keeping the unethical troublemaker players out. So keep calm, and soon the Blockchain will revolutionize the gaming industry, and we will witness a new gaming era.