You may already have heard about NFTs, right? Consider them valuable digital assets supported by ownership certifications, which are next to impossible to forge or duplicate. However, you must know that nothing on the internet is actually yours.
Every digital asset you possess is nothing but data points on the organization’s servers that can be wiped off or erased. When it comes to NFTs or Non-Fungible Tokens, users’ mint’ or make up exceptional on-chain assets whose ownership is completely retained by the user.
Because every record is highly encrypted, there’s decentralization in trust, which ensures that ownership stays damage-proof. This benefits every Blockchain game development company in terms of blockchain gaming.
Individuals are more attracted by the notion of incorporating lasting in-game assets onto the blockchain. Now, players can trade their acquired items for monetary value. Meanwhile, every game development company enjoys its assets transforming into platforms where other NFT game developers can build and fortify experiences.
Although these ideas and concepts sound alluring and enticing, the space is relatively new and comes with some challenges too. Nevertheless, here are a few things you must know before stepping into the blockchain gaming world.
So, let’s start. Before jumping into any crucial section, let’s learn what blockchain gaming exactly is.
As the majority of gaming platforms are centralized, gamers only get to leverage their in-game assets, XP, or currency in a single game at a time.
Nevertheless, blockchain games leverage decentralized models, enabling gamers to have full possession and control of their game data. It lets them use one blockchain game’s data (assets) in another.
For example, when a player acquires weaponry or some winning Xp in a blockchain game, they can choose to use those wins in the next or some other game after logging out. Moreover, they can even share, trade, or sell them to other players.
There’s no doubt that Blockchain technology has marked its prominence for quite some time. However, it has recently witnessed a massive increase in popularity due to its capability to revolutionize and transform several industries.
It has emerged as the top-notch, ideal choice for the gaming industry for the past few years due to its magnificent benefits:
a. Blockchain can safeguard and protect sensitive and confidential data like game data, player identification, and user transactions from malicious hackers or system damage as it comes with an additional layer of security by leveraging the ‘state-of-the-art’ encryption techniques like Two-Factor Authentication and Secure Messaging.
b. Blockchain prevents any double purchase or other transaction record scam/fraud by ensuring optimal security and transparency.
It gives users a sense of security, safety, and assurance while making digital purchases. Plus, it makes things ideal for blockchain games where gamers can send/receive virtual goods or private information, similar to the case of NFTs.
c. Blockchain ensures highly effective, immensely transparent, and safe modes to perform online transactions for accessing any digital asset, which can further provide an enhanced user experience overall.
It’s imperative to know that the blockchain gaming world is relatively new and is full of scaling challenges. Hacking is witnessed: The reputed, play-to-earn game Axie Infinity got hacked, and around $622 million was stolen in March. Consequently, it lost 17% of its users within 24 hours of the hack.
These sorts of scams, hacks, and volatility have made it challenging for significant platforms like Steam and Twitch to shift to crypto games.
For any developer aiming to pave their way into this space, you’ll likely experience a lack of assistance and support from mainstream media and platforms as the legitimacy of blockchain gaming is slow yet progressive.
During such time, it’s crucial to stay dedicated to three aspects: assuring excellent user security, mulching a loyal community, and delivering a fun game. It is imperative to devise a game product feedback loop.
However, the good news is that vast sources of funds are coming for blockchain games. This year, over $2.5 billion was invested in crypto games, which will surge to $10 billion (estimated) by the year’s end.
Thanks to blockchain, the world witnessed the surge of its sub-genre referred to as ‘crypto-games.’ These games are unique forms of conventional games as they enable gamers to earn money in the form of cryptocurrency by playing such games.
You can easily convert the cryptocurrency earned through these games into real money. Or you can use the cryptos to buy new items within the game itself. The choice is yours. This works in a simple manner.
When you play a blockchain-based crypto game, you get rewarded with a cryptocurrency that can be utilized in the ‘real, physical world,’ apart from the use in the virtual world.
When it comes to the overall gaming sector, virtual tournaments and events stand out as the two most crucial elements of it. For the past several years, virtual events have been scheduled worldwide, which necessitates several resources for effectively managing teams, event venues, and prize pools.
Nevertheless, several challenges arise during this procedure, including ticket prices, cybersecurity, high registration cost, bandwidth, etc. Moreover, it’s difficult to validate the rewards every winning participant earns.
This procedure becomes simpler and hassle-free with the help of blockchain technology as it comes with the features and power to track and validate who got the rewards for winning the competition or matches. Blockchain technology follows the decentralized model and ensures secure and safe transactions among different users.
Plus, no matter which network it got implemented on, it tracks data from there automatically. Thus, it’s simple and seamless for players to engage in any virtual tournament and event leveraging blockchain technology.
There’s no doubt in saying that the future of the blockchain gaming industry is bright and shining. With an increasing number of business enterprises entering the blockchain space, it is likely to be expected that more platforms and games will be introduced that will leverage blockchain technology.
“Crypto is the future of virtual gaming,” says the chief of Quantum Economics. The games you play now will transform into a real-time thing, and the in-game assets will work as real-world assets. Thus, investing in blockchain games nowadays is a way to earn more in the future.
Blockchain technology has emerged as a crucial part of the gaming sector. Plus, it’s vital to meet your technological requirements.
Blockchain enables real-time data access on the network and features built-in security modes that make things safe, protected, and secure to maintain records of all your financial transactions.
With the help of Juego Studio, one of the best Blockchain game development companies, you can take your gaming business to the epitome of success. Their team of blockchain specialists will help you develop and learn more about blockchain games. So, get started today!