Cryptocurrency is getting more and more popular, and it seems like everyone wants to invest in this new area. This is a big reason why blockchain development services have caught the attention of every big industry.
The gaming industry seems to be one of the first to use this technology, but what will happen to blockchain gaming in the future?
Blockchain is an important part of the future’s financial technologies. The idea of an unchangeable ledger is becoming more popular outside of the bitcoin debates. Blockchain, which is needed for a decentralised banking system, can also be used by game developers who want to make games that work well for users.
Let’s Explore the Concept of Blockchain Gaming!
A blockchain is a system that uses cryptography to link together blocks of data in order. Because changing one block could change the whole chain, each piece of data on the blockchain is unique and can’t be changed. The thing that makes blockchain games different from other games is that each digital asset is unique.
A non-fungible token (NFT) is a unique unit of data for these digital assets that is kept on the blockchain.
Blockchain games are made with blockchain technology or put on the blockchain so that everyone who plays the game on a group of computers owns a copy. In order to accomplish this, we will need to implement a Smart Contract, a special kind of digital contract that governs the operation of the blockchain.
It comes as no surprise that the gaming industry is one of blockchain’s most fruitful and widely adopted applications. Blockchain is the foundation of the NFT market notwithstanding its ties to Bitcoin and Ethereum. One of the most important things it can be used for is making digital assets and making it easy to trade and collect them.
Important Key Terms to know in Blockchain Gaming
The play-to-earn model is used in most blockchain games. Players get paid for playing games and taking part in in-game economies, which let them buy and sell game-related goods.
Blockchain-based games are different from traditional game models like free-to-play with in-game purchases or pay-to-play because players have full control over their digital assets. Because of the system’s positive feedback loop, players get rewards like weapons, skins, and other gaming items.
The pay-to-earn method, which is similar to the play-to-earn method, requires users to pay upfront for an in-game asset, which is often an NFT. Like the play-to-learn strategy, the value of the item can grow over time, and the promise of profits can encourage people to stick around.
GameFi is a term that refers to both play-to-earn and pay-to-earn models. It emphasizes the fact that games can be used to make money.
A strong blockchain foundation with high transaction rates and low fees is needed for a blockchain game to work well. Consumers won’t (and shouldn’t) pay a lot of money in transaction fees when they buy or sell things, even if those fees are needed for the things to work.
Gamers are hesitant to pay for things in a game that can’t be taken with them and are controlled by the developer. Worse, when a gaming site goes down, players lose everything they’ve put into it.
Tokenizing in-game assets, which means setting up NFTs, lets developers fully own those assets.
The Role of NFTs in Blockchain Gaming
Reuters says that the global NFT market will be worth $2.5 billion in the first half of 2021. This is up from $13.7 million in the first and second quarters of 2020. Now that NFTs are on the market, more companies want to start blockchain gaming businesses.
If the way things are going keeps up, blockchain-based gaming could become a compelling way to use a cryptocurrency that shakes up the huge global gaming industry.
From July to August 2020, the number of unique wallets interacting with game-related smart contracts went up from 804,000 to 883,000. Since January of this year, these estimates have gone up by more than 100%, which shows that a bigger trend is picking up steam as more game developers release blockchain projects.
Key Benefits of Blockchain Services for the Gaming Industry
Overall, blockchain gaming has a lot of potentials. By 2026, the global gaming market is expected to grow from USD 173.70 billion in 2020 to USD 314.4 billion. Estimates say that there are 1 billion online gamers and that number is growing. That means nearly 1 in 7 people on the planet is an online gamer.
But it has a lot of good things about it that gamers like, and we’ll talk about some of them below.
Even though games are fun, some people take away the fun by cheating. The BBC network found out that a group made cheat codes for games like Call of Duty and Overwatch and sold them to gamers. Worse yet, they made about $76 million before the police caught them. This shows that cheaters and hackers can mess up a lot of video games and make them less fun to play.
Players can be the real owners of in-game assets with Blockchain technology. This is very different from the old games, where developers could delete them on purpose or by accident. Some of them can cost a lot of money, which makes the people who play them rich.
For example, the Entropia Universe planet Calypso was sold for $6 million. Also, gamers can turn into investors by selling in-game items for multiple cryptocurrencies on different Blockchain platforms. So, gamers who want to make money from their hobby can take advantage of the Blockchain gaming trend.
Most traditional video games are controlled by the developers who made them. They make the rules and force users to upgrade to the newest versions of the game, even if they don’t want to. Also, they can cancel their games if they no longer want to play them, which makes many gamers sad and angry. Blockchain games, on the other hand, give power to the players, who decide what the rules are.
With blockchain development consulting, developers can use a hybrid model where the economy runs on the blockchain and other game parts are stored on centralized servers.
This model will make game economies safer by making scarcity and stopping fraud at the same time. Also, players can quickly move their assets from one game to another, which makes their gaming experience better. Also, since their items are digital tokens like the Uniswap token, they can trade them in games on the same blockchain.
Top Blockchain Games To Look Out For
Since it was listed by surprise, the value of the GALA token has gone up by almost 300 percent. Also, its price went from $0.02 to $0.12 in just one week, which was an all-time high. But CoinMarketCap says that it is currently being sold for $0.080.
Gala Games has recently moved up the time it takes to make their games, especially Town Star and Spider Tanks. For example, they told the first project about TownCoin, their own cryptocurrency. In the case of Spider Tanks, the game is now in closed beta testing, which players have liked.
2. Smooth Love Potion(SLP)
You may have heard of Axie Infinity if you play blockchain games or are in the crypto world. No?
This blockchain game is the most popular in the Philippines, where young people quit their jobs to make a cool $2,000 per month.
When people play Axie Infinity, they can earn $SLP. Even though AXS is the governance token, it is almost like owning stock in a business. People who own these tokens can vote on changes to the Axie Infinity platform and suggest new ones.
3. Decentralized (MANA)
This is another interesting blockchain game that we think will quickly become one of the most popular on the platform.
Decentraland is a programme built on Ethereum that tries to get users all over the world to run a shared virtual environment.
Users of Decentraland can buy and sell digital real estate, explore, and play games in this virtual world. Because the platform has changed, users can now use interactive apps, make payments in-world, and talk to each other.
4. The Sandbox
The Sandbox is an Ethereum-based metaverse and gaming ecosystem that facilitates the creation, distribution, and monetization of virtual goods and services.
In The Sandbox, users are free to do whatever they want with their creations. This is because The Sandbox aims to disrupt the present gaming business by challenging the status quo in which platforms own and regulate user-generated content and restrict the rights of artists and gamers.
Anyone can enter The Sandbox and create a game, customize their characters, and complete quests for SAND tokens. Every player in The Sandbox contributes to the overall health of the game, making it a win-win situation for all involved. Indeed, that is an excellent method of managing a company.
5. Plant vs. Undead
Players in Plant vs. Undead get to pretend they’re farmers in order to acquire Light Energy tokens (LP), which they may then trade in for PvZ Tokens (PVU). Farming tasks, such as collecting seeds and watering plants, and daily missions are required to earn Light Energy tokens (LP).
In addition, there is a market on the site where users can trade or sell their NFT crops or plots of land. Binance Smart Chain, which is used by the game, can be connected to the MetaMask cryptocurrency wallet.
6. Gods Unchained
Gods Unchained is a must-play for card game enthusiasts. It’s a unique take on the classic trading card game in which players can use their cards in battle. In order to acquire new cards, players must engage in card trading with one another. Card trading takes place in the game’s unchanging X market.
Illuvium is an auto-battle game. Players have to fight and win battles, do daily quests, and move up in levels to earn LIV tokens.
Players can also collect Illuvials, which are NFT creatures, and send them into battle to help. Illuvials can also be made better and traded on the market. Illuvium runs on Immutable X, which means that players do not have to pay a gas fee.
8. The Age of Rust
Do you like to look for treasure? In Age of Rust, you can go on an exciting puzzle-solving hunt for more than 24 hidden Bitcoins.
Age of Rust is a crypto game with a story that you can interact with. It was built on the ENJIN protocol. It puts you in a world after the end of the world, where you have to solve mysteries to get tokens. The scenes take place in a dark sci-fi future where AI has taken over the galaxy. Age of Rust is a unique game that you should definitely try.
9. ZED RUN
Do you like to watch horse races? We’re planning something special for you.
ZED RUN is a blockchain-based game in which NFTs represent horses. Because every horse is different, you might end up with a champion stallion or a horse that would do better as a stud.
These are the four blockchain games that will change the future of blockchain gaming, and you should also keep an eye out for trading these tokens on our exchange.
10. Alien Worlds
This game is based on the WAX blockchain and is one of the most interesting P2E crypto games out there. To play this metaverse game, you have to use Trillium (TLM) money to mine NFTs. The value of the Alien World coin goes up because it works on Ethereum, WAX, and Binance.
If you use free mining tools, you won’t even have to put up a lot of money to start. Even if you decide to buy high-quality tools, you can easily spend between $1 and $3.
To play, choose the land you want to start mining on (this choice can’t be changed), use the tools you already have or buy new ones, and start digging for hidden NFTs.
Gaming has come a long way, and as new tech trends are added, it’s likely to become even more valuable. On the other hand, blockchain is well-known for moving money and digital assets from one place to another. In order to create a trustworthy ecosystem, both industries and technology need digital assets.
The blockchain can help solve problems in the gaming industry. Dapp features help blockchain games, like the use of non-fungible tokens and transparency. Blockchain games solve most of the problems that the industry faces, and the technology has brought the future of data that can’t be changed, which may inspire game stories.