By juegoadmin | Gaming Industry | February 22nd, 2022
The gaming industry is expanding seamlessly backed by technological breakthroughs. You will find gamers all around you, playing their favorite games on their respective mobile phones. Technology has developed so much that even the gaming industry is witnessing an unprecedented revolution and it shows tremendous potential for a better tomorrow. The phenomenon in question is Blockchain. It is here to not just bring about a change, but also to establish and transform the gaming industry.
Before we get into the intricacies of Blockchain Technology, let us first understand what do you mean by a blockchain and how it works exactly.
Blockchain is a mechanism that helps store information electronically in a format that is digital. However, this innovative technique guarantees complete protection and security of the data shared. Blockchain technology stores data in blocks. These are connected together later through cryptography. Blockchain is also used for bitcoins and cryptocurrency.
Blockchain technology in gaming industry has been implemented and has revolutionized the way gaming works. This technology has transformed the manner in which players interconnect with games. It offers a possibility to earn for both the gamers and the owners. It has empowered the gaming world where the characters can evolve constantly and there are in-game transactions between two or more games.
The introduction of blockchain technology in gaming industry has bought a new trend for gamers as well as owners. Here are a few features which are new in the gaming industry because of blockchain technology.
An interesting feature introduced by blockchain technology in gaming industry is that the assets in the games can be transferred from the developer to the player. The ownership of such assets can be transferred within the game itself. This feature seems to encourage longer playtime, and not just the developers and owners, but also the players seem to devote time and invest money in the game.
However, do note that the players do not get to own the digital asset within the games. The developers still have the authority to change as well as remove items as they deem fit. The players are mere licensees of the products. Games like Gods Unchained developed by Fuel Games have given smart contracts by using blockchain technology. This means the ownership of the digital asset in the game is automatically passed onto the players. However, it will only be possible if the gamer makes a purchase or completes an objective. This allows the players to monetize their progress and skills.
Blockchain Technology in gaming industry also enabled gaming economies. For example, Age of Rust by SpacePirate Games allows earning even while you spend long hours playing games. This is possible when the gamers who play Age of Rust earn Enjin Coin, an Ethereum based cryptocurrency for finishing tasks and objectives. You can exchange these coins with gift cards for brands like Uber. You can even exchange the game coins for Bitcoins too. This new trend of earning money through virtual games creates a new prospect and helps create new digital economies. This shows how blockchain technology provides endless possibilities for developing gaming economies.
Blockchain Technology empowers the developers of games in more ways than one. The development of smart contracts allows developers to regulate the gaming economies by setting predefined conditions for controlling the trade. The developers have the opportunity to create any world in the form of games as they imagine and have the complete power to set a new ecosystem that the gamers can use to build a gaming economy. Blockchain provides developers with free economies where they get an opportunity to generate revenue. They can mimic the established financial system in blockchain technology through the gaming world.
Blockchain technology has brought an amazing change to the world of gaming. However, the changes are also followed by some challenges which seek to weaken the use of Blockchain Technology for the gaming industry.
Here is a list of challenges that need to be overcome while implementing blockchain Technology in the Gaming Industry.
It seems way too early to make any claims about the future of Blockchain Technology in the Gaming Industry. However, the future does look promising considering how well Blockchain Technology works with the gaming industry. The implementation of the technology has given a completely new paradigm and has shown tremendous growth and success at the same time. More and more blockchain technology-based games are being introduced in the market which is able to introduce millions of users. This shows promising growth in the popularity of blockchain technology in the gaming industry. The potential is there, but we will need to just wait and watch how well blockchain technology can shape the gaming industry and reach the heights of success.
If you want to read interesting articles about the latest breakthroughs or about up-and-coming technologies in the gaming industry, head to the website of Juego Studios. Juego Studios is a game development company focusing on spearheading innovative game development, AR & VR apps, art and design, and more. Browse through the portfolio of Juego Studios to know about the viral games created by them and the Fortune 500 companies with which they have collaborated with.