Blockchains are required to maintain a decentralized & secure record of transactions and are essential for their significant role in cryptocurrency systems like Bitcoin.
It builds trust without any need for a third party as it guarantees the security & fidelity of a record of data. So a blockchain controlled by a worldwide network of computers is a set of data blocks that no one can edit as these blocks are immutable.
Due to enhanced protection, the blocks cannot be hacked and are guarded by a cryptographic component. Blockchain games are the ones that are created with blockchain technology in a way that not only a single entity
But the entire cluster of systems that are playing the game owns a copy of it. There is also a need for Smart Contract, a digital agreement that controls actions on the blockchain.
Blockchain technology is transforming the gaming industry as it plays a significant factor in driving the market growth.
This technology provides the best opportunities for businesses interested in creating decentralized gaming apps. Take any Blockchain game development company which has various benefits through blockchain technology in building blockchain games, and they are:-
However, there are three crucial challenges one must know to understand & implement in the world of blockchain gaming, and they are the following:-
Gamers are least interested in subscriptions and microtransactions that become highly difficult to sell to gamers. They are only looking to have as much fun as possible, and gamers turn against it if the fun comes with an ulterior motive.
Certain games receive the lowest user score as these games cost players too much money to fully upgrade a character in the game. Many prominent game studios face heavy criticism from gamers on their NFT rollouts.
The game developers and investors should give thought to such incidents before rolling out any new plans to the game.
The blockchain gaming space has growth challenges as it is very new in the game industry. Here hacks are common, making the popular games lose their user base following the frequent hacks.
Many major platforms hesitate to adopt crypto games due to volatility, hacks, and scams. They also have respective company policies banning NFTs, making it difficult for builders to enter this space.
As blockchain gaming is legitimizing slowly, builders interested in joining this space will find a lack of support from media and mainstream platforms.
At this moment, the focus should be given to three essential things that are:-
A game product feedback loop to be established is more significant and uncorrelated with macro crypto fluctuations. In recent years, blockchain games have been getting good funding, with some investors pouring millions & billions of dollars into the crypto games ecosystem.
It is expected to grow more in the coming years. The venture opportunities, such as gaming infrastructure, crypto onboarding, and tournament software, are the challenges and a motivating trend for the founders aiming at seed funding.
Blockchain games are becoming a career option for many people in developing countries as it allows players to earn while they play.
Some developing countries such as the Philippines, Argentina, and Brazil are adopting blockchain games, accounting for a significant share of the player base and earning double or triple their local minimum wage.
This statistic is drawn when you check the fan-following the games like Axie Infinity and Decentral Games in these countries.
It is a clear indication to the game developers that having sustainable tokenomics goes a long way as the potential of play-to-earn attracts & keeps the gamers attached to the game.
Having and cultivating a play-to-earn fanbase can be an excellent strategy in developing countries, considering their income differentials. Moreover, it is a good investment tactic for investors & businesses looking to grab this opportunity, and developing countries present better growth prospects in this arena.
Blockchain technology is undoubtedly here to majorly impact the gaming business globally, accounting for its contribution to the broader blockchain industry. Blockchain gaming advancements will likely begin in the mobile gaming field due to its size & global availability.
We can expect more games and platforms that use blockchain in the future as many businesses are exploring blockchain technology, and Juego Studios is expertise in providing these services. Therefore, it is crucial to invest in blockchain to have immense benefits in the future.
If you are looking for the best game development company, Juego Studios is the top gaming company specializing in these services game development, art & design, Blockchain, NFT Game Development, and Metaverse development.
If you want to collaborate with projects in this arena, we can be your top choice, delivering quality and meeting your requirements. Get in touch with us to learn more about our services and how we can help you develop blockchain games for your business!!