The gaming world was very different twenty years ago. There were no online multiplayer choices, poor visuals, and few gameplay possibilities in our 2D games. In the present day, cloud gaming, incredibly lifelike graphics, and a plethora of gameplay features have raised the bar for gaming enjoyment.
Even while these developments have been astounding, blockchain technology has the potential to drastically alter the video game business. The game industry will probably change in ways that we still can’t fully comprehend in a few years.
The idea of digital property ownership is one of blockchain technology’s most revolutionary features. Although this is a significant development, blockchain technology has much more to offer the gaming industry. The Metaverse, a shared digital environment where several video games coexist, is another era that we are about to enter. Gamers will experience an entirely new degree of thrill and immersion as a result.
Players will be able to own in-game items, earn money while playing games, and enjoy video games in never-before-seen ways thanks to blockchain technology.
What All the Hype About Blockchain Gaming?
The gaming industry is becoming increasingly excited about blockchain technology. But why is it exactly such a revolutionary idea? Imagine yourself playing your favourite game, beating monsters, levelling up, and obtaining rare things. Your hard work is lost if the game developer decides to shut it down because all of your progress is currently saved on their servers.
When it comes to what you can do with the things you “own,” developers also have the last say in traditional gaming, and uncommon item availability is frequently not disclosed in full. But that all changes with blockchain. Players can now possess uncommon things as NFTs (non-fungible tokens) because to blockchain’s ability to provide “true digital ownership” of in-game assets. Thanks to smart contracts, these things are now assets you truly own rather than just data kept on a computer.
Why Gaming Is Seeing a Rise in Blockchain Adoption
Ownership of Digital Assets
Blockchain technology solves the long-standing issue of digital asset ownership, which is one of the major benefits it offers to the gaming industry. Players can now truly own the in-game stuff they have worked so hard to obtain. This change increases control for players and improves the overall gaming experience.
Play-to-Grow Models
When you used to play video games for enjoyment, did your parents ever tell you that it was a waste of time? That isn’t the case now. Video games can be profitable with blockchain. Thanks to the play-to-earn models that are becoming popular in the blockchain industry, players may now make money as they play games.
Play-to-earn games are still in their infancy, but they have a tonne of potential. These games may eventually handle thousands of transactions per second as the Metaverse develops, giving players the chance to make money on each one.
Game Interoperability
The use of blockchain technology to facilitate game interoperability is another fascinating prospect. Imagine a world in which objects and characters may travel between various virtual environments with ease. Iconic figures from one game could appear in another, resulting in inventive crossovers that weren’t before possible.
Obstacles along the Path
Blockchain gaming has a lot of potential, but there are drawbacks as well.
Impact on the Environment
The energy consumption of blockchain technology is one of its main criticisms. There are environmental worries when it comes to traditional blockchains like Bitcoin, which need a lot of energy to run. Newer blockchains, like as Ethereum 2.0, are attempting to address this problem by lowering their carbon footprint.
Uncertainty in Regulations
Global governments are still debating how to control NFTs, cryptocurrencies, and blockchain technology. The creation, distribution, and commercialisation of blockchain-based games may be impacted by changing rules.
Adoption by Users
Not every player is prepared to dive into the world of cryptocurrencies and blockchain. The gaming community as a whole is reluctant to embrace this technology because of its intricacy and the unpredictability of cryptocurrency.
Blockchain Gaming’s Future
Thanks to blockchain technology, the direction of gaming is moving towards democratisation and decentralisation. According to industry experts, a significant share of the gaming market could be accounted for by blockchain-based games by 2025. In the upcoming years, blockchain gaming is probably going to continue gaining traction due to the growing interest in actual ownership and fair monetisation.
