Blockchain is a buzzword in cryptocurrencies and the technology is widely being utilized in video games in the broadest sense. Video games are empowered with blockchain to allow the players to fully own in-game digital assets. Blockchain games are more decentralized and the data is distributed over an entire network (nodes and miners), so no single entity or organization has full control over it.
Blockchain is an online ledger that records transactions in a way that every entry is immutable, decentralized, and powered by entire networks of computers. Digital currencies work on blockchain platforms like Bitcoin, Ethereum, Binance Smart Chain, Flow, and Wax. However, Cryptocurrencies are not the only product of Blockchain but the billion-dollar video game industry is widely influenced by the technology. Video games that leverage blockchain technologies to incentivize and empower video games are called Blockchain games or P2E (Play to earn) games. Most of the video games are played in the metaverse. Metaverse is a digital virtual reality world living on the blockchain that enables the player to interact with the digital space. Axie infinity and the SandBox are the most popular P2E games and metaverse platforms.
Blockchain games started to surge in popularity in the last few years but how does a video game use something like blockchain and what are the benefits exactly? The blockchain or p2e games are free to play or take an upfront cost, usually in cryptocurrencies, and in return earn in-game assets like tokens and/or NFTs (Non-Fungible Tokens). These tokens can be swapped with other cryptocurrencies or players sell those to take the potential cashouts. NFTs, on the other hand, address a very well-needed solution in video games. In classic video games, the players pay hefty amounts to buy the skins or characters but if the game but those assets can not be used in any other game and, in the worst case, if the game plans to quit services, the players actually own nothing. Conversely, blockchain games’ assets are NFTs which can not only be traded in marketplaces but users can even use the same assets in other similar games.
Blockchain games sound like “being paid for playing” which is all fun with an earning source. P2E earns games reward players for passing levels and most of the games have an entry price. Play to earn games are worth playing for those who are good at playing video games and can pass the levels. An additional factor could be the rewarding amount. Don’t get carried away by the lucrative rewards that only a few players are earning.
Ethereum is the most popular blockchain for NFTs but the huge gas fees have always been a major concern for crypto enthusiasts. People have always been looking for the alternative and for the blockchain games, metaverse, DApps, and NFTs. WAX (Worldwide Asset eXchange) blockchain is coming as a proven alternative. The purpose build blockchain comes as a carbon-neutral alternative with high scalability and disruption. SaaR is a play-to-earn NFT game on the WAX blockchain that offers huge perks with eye-pleasing graphics to its players.
Play-to-earn games and metaverse are the future billion-dollar industries and that is the reason why tech giants like Meta (Facebook), Apple, and Microsoft are shoveling billions. The craze is taking over the globe and tech pioneers are excited to transform the real world into the ones and zeroes.
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