Blockchain into Gaming Industry visa NFT game Development

By juegoadmin | NFT Game Development | December 10th, 2021

Merging Blockchain Technology into the gaming industry via NFT Game Development

From its humble origins, the gaming industry has come a long way indeed. There was a time when you used to play simple 2D video games or a 16-bit gaming console. Now, it has evolved into a giant with 3D games, engaging AR and VR enabled games that can engage you emotionally. The games are now crafted with precision due to fine preparation.

Unprecedented Growth Driven by Simple but Powerful Factors

Over the past few years, gaming has witnessed massive growth with a whopping valuation of over $162 billion already. This number is surely expected to surge high in the coming five years to nearly $300 billion. Remember the age-old snake game on basic mobile phones? The hardcore gaming crowd once dismissed the traditional mobile games as a fleeting fad. However, these very mobile games have now churned an enormous valuation with over 2.5 billion mobile gamers across the world as of 2020. In fact, it has been one of the significant drivers of the gaming industry.

Now a lot of such mobile games on Android, iOS, Linux, or games on other consoles are streamed online where players use virtual assets to fulfill some goals or move to the next level. Gaming is gaining traction as a worldwide sport. Recently, blockchain technology has managed to grab the eyeballs of the gaming industry. It has been silently influencing the field for years. Read on to discover how blockchain technology can be integrated with NFT game development into games.

Blockchain Transforming the Gaming Industry via NFT Game Development:

Introduced in 2008, Blockchain received overnight success when Bitcoin and cryptocurrencies came into the spotlight. The next successful milestone for blockchain was the gaming sector. This isn’t just about replacing paper money; it also has a wide array of applications. Blockchain technology has transformed the gaming sector in unbelievable ways and has exploded recently. How? Well, blockchain will transform the gaming sector in the way these are created, maintained, and played in the future.

Understanding blockchain

Blockchain is a chain of blocks of data on a computer network that is totally transparent to the users and others. It can neither be altered nor replaced. Hence, one can have a complete record of all that has been transacted on the network.

Some of the most powerful video games like League of Legends, Fortnight, Minecraft, Dota 2, or Crossfire are successful and their triumph is very difficult to beat. But still, blockchain technology has attracted many gamers to crypto games. The four important features of blockchain – immutability, decentralization, enhanced security, and transparency can be felt in any sphere wherever this technology is implemented. These attributes are renovating the gaming industry as well.

The Most Pertinent Blockchain Features Applicable in Gaming

  • Decentralization

With decentralization, items that a player buys or wins in one game can be efficiently used in another game. In the process, the gamer will be the actual owner who can sell the item and gain profits. When a gamer is able to meet certain aforementioned conditions like achieving a goal or buying an asset, the ownership of the digital item is transferred automatically to the gamer.

  • Transparency

The other advantage of integrating blockchain technology is transparency. In order to complete a few goals, players need to buy some resources like swords, tanks, coins, equipment, house renovating items, fishing gear, etc. You will find that some items are not readily available or are very costly. This is where blockchain integration plays a wonderful role which modern games lack. Blockchain tokenizes gaming equipment and creates a decentralized gaming market. The transparency lets gamers have complete information about a digital asset and its buying and selling possibilities. Hence, this increases players’ trust in the game.

  • Immutability

Blockchain facilitates immutable transactions. This ensures that digital asset ownership and purchases cannot be changed or deleted.

  • Enhanced Security

Finally, the enhanced security of payments and any other data can be ensured through cryptography and blockchain technology. Also, integrating blockchain in gaming can restrict any illegal trading of assets.

How NFTs are Developing Gaming

In the gaming blockchain, a gamer can hold some digital assets also known as NFTs just the way you hold Litecoin, Bitcoin or Ethereum. These are like gaming objects. But you hold them like cryptocurrencies and can be transferred to a wallet and also to other games.

So, What Pivotal Role do NFTs Play?

These are significant, unforgeable and one of a kind digital assets resembling currencies. Wondering what NFTs are? NFTs can be anything like a bow, a sword, a shield, a portion, a staff, fishing gear, etc. These can be just yours if you own them and meet certain prerequisite criteria.

NFT games blend conventional gaming attributes with novel gameplay mechanisms in order to offer gamers more ownership and influence over gaming assets like weapons, characters, skins, etc. Some of the best NFT games are Axie Infinity, Gods Unchained, Sandbox 3D, Splinterlands, Alien Worlds, Battle Racers, Gold Fever, Neon District, Crypto-Snake, and Sorare.

Major Trends in Gaming Blockchain

So, how do you see the gaming industry transforming with blockchain? Several major trends in the gaming sector have been technically feasible only because of blockchain technology. Such fascinating trends include play to earn mode, tokenization, and NFTs about which we spoke above. Some unbeatable blockchain introduced games are Decentraland, Nine Chronicles, Age of Rust, Lost Relics, REVV Racing, and a few more.

  • Tokenization

Blockchain has paved the way to asset tokenization which implies any physical or digital asset can be transformed into tokens. Such convertible assets can then be sold on gaming marketplaces. Digital items like tools, weapons, coins, diamonds, skins, or any characters can be put up for tokenization. Gamers can become owners and transfer or sell such assets with complete transparency and the same can be safely recorded on the blockchain. As a player, you can also verify the authenticity.

  • Earning Potential

Can you really earn crypto by playing games? Why not! After receiving NFTs, you can exchange on digital marketplaces. A great example will be CryptoBlades where gamers receive SKILL tokens by defeating foes, fighting monsters, and then finishing raids. You can trade your tokens, like characters or distinct digital items, after the game is over on the marketplace.

Blockchain Addressing Challenges Facing Industry

With blockchain, the future of gaming looks more promising. Let’s see a few of amazing benefits in the gaming industry by:

  • Enhancing the security of the gaming industry by enforcing data encryption
  • Increasing ownership of digital assets by letting you exchange scarce items and earn profits
  • Accentuating value projection of non-physical assets by placing a real value for those
  • Controlling your choicest video games by allowing you to download and install
  • Trading tokens and earning rewards
  • Security payments since cryptocurrencies are private and safe
  • Integrating gaming profiles to access games and other features on a platform

Takeaway

Would you like to explore the possibilities of merging blockchain technology into the gaming industry through NFT game development? If you would like to explore such lucrative possibilities, consider Juego Studios. Juego Studios have expanded, over the years, from game designing to a complete technology solutions provider. Seasoned professionals in Juego Studios dabble in AR/VR, IoT, AI, game development services, and other upcoming technologies. Browse through an amazing portfolio of games by visiting the website of Juego Studios. For more information visit Juego Studios to submit your queries or requirements right away.