Blockchain Gaming
What is a Blockchain?
A blockchain is a system that uses cryptography to link together blocks of data in a sequential manner. Because a change in one block might affect the entire chain, each data unit on the blockchain is unique and immutable. The fact that each digital asset in blockchain games is unique is what distinguishes them from regular games. A non-fungible token (NFT) is a unique data unit kept on the blockchain for these digital assets.
The vast scope and potential of blockchain technology have attracted the gaming industry over the past few years. With the success of games like CryptoKitties, Axie Infinity on such a grand scale, even major players like Ubisoft, Electronic Arts, etc are introducing elements of blockchain into their games in the near future.
Indian Companies viz Avisa Ventures and NODWIN Gaming have also shown interest in the field. It’s only a matter of time before the world of blockchain gaming becomes mainstream!
What is Blockchain Gaming?
The growing gamify industry is known as blockchain gaming. Play-to-earn is one facet of blockchain gaming, in which a gamer earns their own unique NFT(s) or cryptocurrency through merit-based advancements in the game, which they may then convert to actual money.
Blockchain games are created with blockchain technology or placed on the blockchain so that not just one entity but the entire cluster of computers playing the game owns a copy of it. We’ll need a Smart Contract, a form of digital contract that governs actions on the blockchain, to do this.
User statistics show the rapid pace of adoption of blockchain gaming. According to Massoit, the number of daily unique wallets interacting with game-related smart contracts surged to 1.3 million last year, a 46-fold increase over the 28,000 at the end of 2020.
And the fast expansion shows few signs of slowing: “2022 is going to be huge for crypto and gaming,” says Gerald Votta, director of GameFi research for Quantum Economics. “Look for the number of games in the space to more than double over the next few years.”
Gaming is, unsurprisingly, one of the most profitable and popular blockchain applications. Blockchain is currently the backbone of the NFT trade, notwithstanding its association with Bitcoin and Ethereum. One of its most important applications is the creation of digital assets and the ease with which they can be traded and collected.
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