How Blockchain is helping the gaming industry to get better for players?

Web3 is about free choice and democracy ― Gun Gun Febrianza

Blockchain technology is the later big thing in the gaming industry. Blockchain-based games have been all around the corner for a few years. However, the industry has recently seen a surge in the number of games. In addition, this technology has opened new opportunities for businesses that want to create decentralized gaming apps.

Blockchain is a decentralized, shared digital ledger that empowers protected transactions and maintains records. It has created the latest gaming experience for businesses and players who use NFTs and cryptocurrencies to buy in-game assets that could be exchanged for real-life money.

CHARACTERISTICS OF THE GAMING INDUSTRY:

There are specific gaming platforms’ characteristics and the gaming industry’s dynamics. Besides, stakeholders also have clear-cut tasks. These make it a fast-growing segment of the global technology sector. They also make it a leading candidate for disruption! These are the following:

1. You need money to play popular games. While some such games allow a player to acquire digital gold, that’s too difficult for most players because it takes time. Most players use their fiat money to purchase in-game assets.
2. Game entrepreneurs and developers need a secure environment to develop and launch games and monetize them.
3. Players need to buy and sell in-game currency securely; hence they need safe platforms.
4. Players may play many games, and they build their profiles there. They would like the shapes to be interoperable across games; this is another area where technology can help.
5. The trend of people projecting value on unreal assets is real, so we will see more and more actual money spent on virtual games. When a sector enters this aspect, it’s ripe for technological interruption.

NFT’s

NFTs are non-fungible tokens that can be sold or used within blockchain games to buy characters, memes, videos, and other digital assets. NFTs build a way for gamers to own their digital possessions truly. This gives players better control over what happens to these items and makes them available to trade and sell, as there’s no need for a mediator like the next player.

Play and earn

Blockchain has given a hike to a new sub-genre called “Crypto-Games.” Crypto games are different from old games because they allow players to Collect cryptocurrency (or digital currency) by playing them. Cryptocurrency from the games can be converted into real money or used to buy new items within the game.

Another critical distinction that P2E games have when compared to Classical video games is their distributed nature. In other words, the continuous development of P2E games is done collaboratively, with player assessment often taken into account by the developers to upgrade the game. Often, groups of dedicated players band together to form a decentralized autonomous organization (DAO) to foster community-building amongst a P2E game’s player base.

Players can get involved in the ongoing progression and development of a P2E game in a much simpler way, though. First, they can start by just playing the game. Then, as players participate in the in-game economy, they generate value for other players and the developer.

Birthvenue has been contributing to India’s blockchain ecosystem by contributing through our enterprise solutions work and our learning and development division. We have built platforms to accommodate multiple use cases and deliver solutions through robust partnerships with industry leaders.

Reach us at Lakshay@birthvenue.co to discuss any potential ideas you might have. We will actualize those ideas for you and bring them close to fruition.

This is a post in our Medium blog, ‘Blockchain for Everyone.’

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