Blockchain gaming has created tremendous progress in the virtual world. It has also created a lot of opportunities in the business to explore. The gaming industry has gone through a lot of transitions. This is because there are numerous game lovers, and they have existed since their conception.
There was a time when people used to play games on the PC, and then came the time of video games that genuinely took the gaming industry by storm. By the time there were advancements in the gaming industry, the outlook used to get better.
With the evolution of mobile games and PlayStations, there was a great inclination the people toward the gaming world. Now, with AI, AR/VR, and IoT integration in full swing, blockchain-based games have a great buzz. The gaming industry is expanding at a much larger pace, and there is much more to come.
Consider hiring a well-experienced blockchain game development company if you plan to develop a blockchain game platform. Contact their development team that will help you implement the process in a well-organized manner.
Before diving deep, let’s have in-depth knowledge about blockchain gaming.
Blockchain Gaming Explained
The integration of the games with blockchain technology has facilitated NFT creation and trading. These games are completely built on the blockchain framework and are responsible for crafting coherent opportunities for the gaming world. It has a vast differentiation in terms of asset control when compared with the conventional form of gaming.
As blockchain gaming is entirely decentralized, access to the assets and currency lies with every network member, not just the developers. The in-game assets are purchased with cryptocurrencies and NFTs and can even be exchanged for fiat currency. Complete ownership remains with the players by which they can even trade the games.
Moreover, there is a plus point in blockchain gaming where the features can be personalized as per the customer’s requirement.
Blockchain Gaming Statistics
As per DappRadar report,
- Blockchain gaming has amplified by a whopping 2k% since 2021 and has contributed to 52% of blockchain activities.
- In march 2022, these games captivated around 1.22 M active wallets.
- There has been a considerable increase in play-to-earn games, with approx 219% rise in polygon’s gaming.
- There has been a 56% growth contribution in the Asia-Pacific region.
- The global gaming market growth is expected to rise at a CAGR of 12%
Various Blockchain Gaming Models
With the advancement in blockchain gaming in the virtual world, more people are interested in playing such games. More than the players, there are various entrepreneurs that are looking forward to investing in and developing such fantastic gaming platforms.
Some of the popular gaming models are described as under;
Play and earn
The basic model of blockchain gaming that was one of the earlier ones in the gaming market was play and earn. The users were allowed to play the game with a small investment. It was because of the limited NFT collection, and the players could not enjoy the games as they had to look out for profit rather than enjoying the game constantly.
Play To Earn
Gaming enthusiasts love playing games. But if a gaming model is developed that can help them earn money or rewards while playing. Then what better option could they ask for? They are a much better alternative to free-to-earn games and provide full access to virtual assets.
Advantages Of Blockchain In Gaming
Blockchain games offer numerous advantages to users; a few of them are listed below;
Adds worth
There is a direct link between NFTs in the blockchain. The players are responsible for holding ownership of the game app features. The nfts are supported by proof of ownership, which makes trading easy. Flexibility is also the biggest factor that engages the customer’s attention. The nfts offer a much larger assurance that creates a safe environment for second-hand games. It gives a nice boost to the gaming collection and adds value to them.
Ownership
As we know, NFTs hold a greater value to the players, which helps them grant ownership. This gives a free hand to them to resell the products. There is a uniqueness in blockchain games that improve the authenticity of the platform in all true senses. They also have an interoperable feature that allows the transference of assets across multiple platforms. So, it could be said that virtual assets’ ownership is for sale at various levels.
Enhanced User Experience
The user experience is primarily based on the platform’s transparency, privacy, and scalability. There is the transference of virtual assets on the blockchain gaming platform. So, to avoid any kind of fraudulent activities, security protocols must be implemented. These things add a lot to improving the usability of the platform by offering a fabulous user experience.
Gaming rewards
Traditional gaming was dedicated to playing and earning points that didn’t hold any monetary value. So, it didn’t provide any perk to the players. On the other hand, the blockchain game not only allows users to enjoy playing games but also provides them with gaming rewards. These can then be utilised as cryptocurrencies that can eventually be transformed into real money.
Validations
Blockchain’s key element is providing verification at every processing stage. Transactions take place among various parties to check for legitimacy. Whatever activities take place, everything should be cross-checked against any fraud. The online system is more susceptible to hacking; therefore, verification is necessary.
Popular Blockchain Games
The popularity of blockchain has resulted in the development of numerous games; a few of them are listed below;
- The Sandbox (SAND)
- Age of Rust
- Decentraland (MANA)
- Gods unchained
- Plant vs Undead
- Illuvium
Bottom line!
Blockchain games are something that the majority of people still don’t know about. But, due to its popularity in the virtual market, its demand is growing drastically. There has been a flood of gaming studios that helps in delivering brilliant gaming visuals. The amazing rewards are the fantastic approach to up the game in the gaming realm. As blockchain is still in its initial stages, there are still a lot of opportunities that need to be explored and implemented.
