Blockchain technology entered almost every sphere of modern business. Whether it’s Finance or Healthcare, there is no exception. You will not find Blockchain technology. Among these, blockchain in gaming has become a prominent choice for budding entrepreneurs. It grew from zero to a 3 billion dollar market in 2021 only. Further industry experts projected it will be fueled to $39.7 billion by 2025 with games like Cryptokitties, Gods Unchained, Decentraland, The Last Will, etc.
In the race of blockchain gaming industry transformation, NFT, Play to earn, free to play, etc. models have played a great role in capturing millions of users’ attention. Moreover, technologies like in-game asset management, easy-to-handle economies, and trustless infrastructure work like icing on the cake to attract gamers and investors across the globe. Let’s dig deeper into the Blockchain Game Development Services concept and understand from key drivers how blockchain is able to transform the gaming industry.
Blockchain Games – The Buzzword in Industry
The gaming industry always faced many disruptions from ownership, royalties, finding rare items, and due to many more issues. That also became a pain point for many gamers worldwide. But the blockchain is again able to build users’ trust in the gaming world with the capability of addressing their issues seamlessly. So, let’s find out what blockchain gaming is.
The blockchain gaming industry relies on blockchain to ensure everyone/everything owns the copyright, like who is doing what. Smart contract plays a prominent role in the blockchain industry, from accomplishing transactions to governing actions. The same lies in Blockchain gaming. From registration to buying in-app assets, everything is governed by ethereum, Solana, polygon, or other blockchain technology-based smart contact. In addition, gamers can buy accessories, weapons, or more through cryptocurrency wallets, like transactions conducted on the Bitcoin platform.
There’s more to say!
Unlike traditional gaming, the Blockchain gaming industry provides an exceptional experience to its gamers. Players can customize items, and create unique characters before stepping into the field. Gamers can also transfer their assets to other users to trade or rent. Rest there are a lot more features on the Blockchain gaming platform that users can own while playing independently or in groups.
Key drivers and market trends for Blockchain Game Development
Peer-to-peer transactions enable players to buy, sell, trade, or exchange in-game assets with each other. The system integrated with blockchain technology embraces this paradigm shift in the gaming industry. Recently, Microsoft also announced its plan to incorporate blockchain into Xbox.
Blockchain technology also enables businesses to monetize their services with faster and more secure payment networks. The platform creates great opportunities for gaming companies to monetize the opportunities and inspire others to step into the blockchain-based gaming world.
The platform allows gamers to truly own their digital assets by eliminating third-party interference. The best thing is that players can also regulate and control their items.
Play & Earn
Gaming leaves no more fun only it becomes a source to generate handsome income for gaming exhausts. People can earn in cryptocurrency while playing and by selling or renting gaming assets. So, who wants to leave this opportunity? A survey also revealed, “Blockchain gamers see playing NFT games as a potential full-time job.”
Virtual Events And Tournaments
The gaming industry always believes it to be incomplete without events and tournaments. Blockchain helps to meet this purpose with earlier tracking and verifying competition winners. Further, decentralized and secure transactions help in the quick monitoring of users from a given network.
Another factor that grows the gaming industry share is streaming videos online via cloud gaming technologies. In this race, mobile games and social media plays a huge role. Moreover, with the gaming platform’s high-end graphics cards and PC upgrades, that cloud store eliminates all hassles and makes the platform accessible for everyone.
Globally, it is predicted that 2.5 billion mobile gamers by the end of this year. These include 1.3 billion PC players and 0.8 billion console gamers. 2.5 billion games are being played on mobile.
Traits of The Gaming Industry
- Safe, secure, and isolated environment to develop and monetize the platform. Players can buy and sell ingame assets.
- Players need funds to acquire assets – weapons, characters, clothes, and more.
- Players can play multiple games by creating different profiles.
- Users spend real money to acquire virtual assets. This is the prime reason for entering using blockchain games for gamers.
- Whether players are playing or not, blockchain security always keeps hackers away.
- Talented gaming developers provide exciting opportunities and role-playing.
- Players can acquire tokens on various plays to earn, move to earn, watch to earn, step to earn, and other platforms and can block the road for fraudulent transactions.
Blockchain Helps Transform The Gaming Industry
The decentralization system is one of the secured platforms that helps to protect users’ data. Since the blockchain system means that every piece of information is stored in blocks, it becomes impossible for hackers to break the algorithm chain. Additionally, it enhances productivity and creates a safe, secure environment for businesses to grow.
Facilitate Safe Trading Platforms & Resources
Blockchain technology enables developers and gamers to build resource-rich games and apps that help to earn rewards and upgrade versions. Players can also buy or sell in-game assets, trade items and earn rewards. Everything is recorded in blocks, so it’s difficult to steal or manipulate ownership rights of your game.
Creating profiles on blockchain games means users can access various features of the game. Blockchain facilitates such features through centralized networks where users create a single profile and can quickly navigate through games or purchase assets.
Enhanced user experience
Users get the opportunity to access digital assets and enhance their experience effectively by playing through secured and transparent blockchain technology. Gamers can also enjoy better control over assets. Players can download or play games irrespective of their location barriers. The feature also enhances users’ ability to write their own stories, create unique characters and contribute to changing trends.
Value projection of intangible assets
When the Crypto Kitties game was launched, $6.7 million (approx.) was invested by players. This was a big hit in the gaming industry and showed gamers’ interest in the blockchain-based gaming world. Gamers paid real money to buy intangible assets. Their key focus was on trends and having a unique digital asset collection.
Earning rewards & trading resources
Traditional games involve non-monetary rewards, meaning players play only for points that vanish when players uninstall the game. But players spend their time earning points and cryptocurrency on blockchain gaming platforms. They can shop with their virtual currency from the NFT marketplace. Also, the game allows players to trade digital assets with the freedom of copyrights.
With the decent benefits of blockchain gaming platforms, there are some hard-to-deny disadvantages. Let’s check out these too.
Don’t Forget to Pay Attention!!
Competition in the marketplace
Due to the rise in popularity of the traditional gaming industry, the blockchain game industry faces a tough time hitting the competition. Still, there are many players unaware of the modern gaming structure.
It’s a question of regulation.
A few cryptocurrencies face compliance over figuring out how they work and if these will be used in the blockchain gaming industry. Some of the prominent examples of cryptocurrencies are MANA and Theta.
In crypto gaming, users face the real challenge of complying with the right type of cryptocurrency. Like to create a profile, users need to start with a crypto wallet. And it’s a real challenge to find whether someone has that particular crypto wallet or not. If not, users cannot process with blockchain gaming platforms.
The way forward
Though it might sound difficult to comply with crypto wallet requirements, blockchain gaming platforms are still gaining high popularity due to the right set of security and sustainability, which is not a small thing for gamers to choose this platform.