Blockchain technology in gaming has brought a monumental change, and it is constantly transforming the way users engage and experience online video games. Since the beginning, users have always played games on centralized servers, and their achievements were only limited to the virtual worlds they were a part of. However, the inception of blockchain games has changed the dynamics and placed the power in the hands of players.
A decentralized gaming ecosystem is the prime product of blockchain technology in the gaming landscape. The change in dynamics paved the way for new possibilities and opportunities for players, developers, and the entire gaming community.
The primary aim of this blog is to shed light on the multiple roles of blockchain technology in gaming, and how it contributes in shaping the industry. One of the notable changes blockchain has brought is in the form of Play-to-Earn games. Moreover, NFT gaming, backed by blockchain technology, has also made its mark in the gaming industry.
A never-before-seen phenomenon has emerged, allowing players to gain monetary benefits from gaming, thanks to blockchain technology. NFT gaming and Play-to-Earn models have become mainstream and the new generation of gamers are earning real-world value from their gaming experiences. Other topics like GameFi, Smart Contracts, and cryptocurrency in gaming will also be explored in this blog.
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Just like a distributed ledger system, blockchain technology allows all the data to be securely recorded and stored across a decentralized network. The technology applies its role in gaming in areas where transactions are involved between players. Since you are playing on a decentralized network, nobody is pulling the strings, and you are in total control of your assets. The digital assets include items that you collect, breed, or develop inside the game’s ecosystem.
Traditional games had no immutable game records, meaning in-game items held no importance outside of the game’s environment and could be only traded and used inside the four walls of the game. However, blockchain games allow players to leverage their assets on blockchain marketplaces like OpenSea. This way users exercise true ownership of their assets and participate in an economy that is immutable and transparent devoid of any fraud.
The blockchain’s secure network allows players to not only trade or sell their in-game items but also promises secure ownership. Game developers are shifting toward the development of blockchain games in order to provide efficient, transparent, and player-friendly ecosystems.
One of the biggest applications of blockchain in gaming is the advent of the Play-to-Earn model. A revolutionary genre where players get rewarded with cryptocurrencies as they participate/progress in the game. If you are indulging in blockchain games, you can earn rewards in the form of NFTs or cryptocurrencies by completing milestones or advancing in levels.
If you compare this to traditional games, players’ achievements were confined to the game’s internal economic ecosystem and had no relevance in the outer digital space. In blockchain games, the assets acquired by players hold real-world value. The P2E model has brought a significant shift towards a peer-to-peer gaming economy.
It is all about Non-Fungible Tokens in Play-to-Earn games, everything you win or buy are items tokenized as NFTs. These items can be sold or traded inside the game, or on NFT marketplaces for games. Some examples of digital assets include unique characters, skins, different kinds of weapons, and even land in virtual worlds. The gaming economy decentralization that blockchain enables provides players with opportunities to earn money simply by playing.
Blockchain gaming’s biggest flex is the concept of NFTs (Non-Fungible Tokens). So what are NFTs? They are digital assets that are unique, verifiable, and 100 percent secured with the help of blockchain technology. Non-fungible tokens can be found anywhere on the internet in the form of digital art, music, or photography. But if you take the context of gaming, NFT revolves around characters, skins, virtual real estate, and cars among other items.
The NFT earned in the game is tied to your account, and once you trade it, the item is transferred to the other person. The transactions are executed through Smart Contracts, which are tamper-proof. We will learn more about it in the next section.
Digital ownership has reached new heights and this freedom can be easily exercised in blockchain games. The in-game assets that were yours in traditional games were in a way rented and only had worth as long as you were a part of the game. Once you uninstall the game, all your possessions are gone. However, the digital assets acquired in blockchain games are interoperable, meaning you can use them in other games’ environments.
The NFT marketplace for games is growing at a rapid pace, and so is the development of blockchain games. NFT Game Developers are leveraging this technology to bring the best out of online gaming, all the in-game transactions are done through blockchain technology.
Smart contracts do the toughest job in the blockchain gaming ecosystem, they are responsible for all the in-game transactions. Certain codes are written which form a digital contract and they are executed once parties involved in a transaction meet all the pre-defined rules. These codes, or self-executing programs, are known as Smart Contracts.
Smart Contracts in gaming are responsible for facilitating secure, automatic, and trustless transactions between players or parties, neglecting intermediaries.
For instance, if you sell an NFT inside the game or on the NFT marketplace, Smart Contracts make sure that the buyer gets the asset and you receive the payment without including any third party.
The use of Smart Contracts ensures security and transparency in in-game transactions. The technology benefits both players and developers as it saves them from any fraudulent activity. In the gaming ecosystem decentralization, these trustless mechanisms help streamline the way digital assets and rewards are handled
Cryptocurrency in gaming is another exciting product of blockchain technology. With the use of cryptocurrencies, players can enjoy secure, fast, and low-cost transactions, especially for cross-border payments. Additionally, a new norm in gaming is emerging where blockchain gaming platforms are integrating cryptocurrencies as the primary source for transactions.
Cryptocurrencies like Bitcoin and Ethereum are widely accepted in majority of the blockchain games. Moreover, native tokens are also issued by gaming platforms. Players can leverage these coins to buy items, participate in events, or even stake their digital assets.
For example, a Play-to-Earn game might reward players with a cryptocurrency token based on their in-game performance, which can later be traded or sold in the crypto market.
Since cryptocurrency is accepted in a global market, blockchain games have the potential to connect global audiences over a single platform. With a decentralized method of paying for in-game purchases or earning rewards, players can interact and engage with a broader audience on a global level.
Also Read: Unlock Success with Play-to-Earn Game Development Insights
The concept of Metaverse is getting traction and blockchain technology is playing an important role in backing the concept. Blockchain technology is enabling the creation of virtual worlds, commonly known as the Metaverse, where players can interact, purchase assets, and experience a digital life.
These immersive virtual environments, i.e., the Metaverse offer players true ownership of their assets. This means your virtual self can buy digital clothes, live in a virtual home, or drive a virtual car, and all these digital collectibles can be sold or traded with other residents of the Metaverse. The amalgamation of blockchain with the Metaverse opens up doors of opportunities where players hold the ability to sell their digital assets across multiple platforms, in different interoperable games, or on different NFT marketplaces. This change brings an interconnected, decentralized experience where players have greater control and ownership of their virtual lives.
Also Read: Metaverse Gaming Platforms vs Web3 Gaming Platforms
The future of blockchain game development looks bright as more investors and entrepreneurs are directing their funds to this domain. The industry is expanding at an exponential rate, and game developers are matching the pace by exploring new ways to amplify user experience.
Players can experience seamless in-game transactions on blockchain. Additionally, integrating GameFi (Gaming Finance) or tokenizing in-game assets has also taken a leap. Features like staking and yield farming are being instilled inside the game mechanics of blockchain games. Hence, the future of this genre of gaming is poised to break all boundaries and rule the entertainment sector.
If you wish to become a part of this growing community as an investor and want your own Metaverse platform, BR Softech can be your best bet. This blockchain game development company has more than 13 years of hands-on experience in the blockchain gaming market. The developers at the company are well-versed in Smart Contracts, and GameFi.
The company has a strong partnership in the gaming ecosystem and boasts good relations with several game studios. With the help of blockchain technology, we provide unique gaming experiences to players. We handle every project systematically and tackle project complexities with ease. Customization and Flexibility are some of the key features of our company.
The use of blockchain in gaming has brought multiple opportunities for game developers, and they are improving decentralized gaming platforms. NFT gaming, Play-to-Earn games, and integrating cryptocurrencies in gaming are some of the features of blockchain games that are paving the way for a secure, transparent, and player-centric gaming industry.
We are heading towards the gaming economy decentralization, and it has only become possible because of blockchain technology. Blockchain is successfully shaping the future of gaming, developers and players have a new era of gaming ahead of them. Players can experience digital ownership, trustless gaming transactions, and immersive gaming experiences through blockchain technology. By taking game development services, you can provide one of the best experiences to your target audience through blockchain games. What are you waiting for? Contact BR Softech today and get a quote for your next big venture.
Ans: Blockchain plays a crucial role in gaming. From security, and transparency, to providing players ownership by enabling decentralized transactions, digital asset tokenization, and smart contracts, blockchain is responsible for creating a decentralized ecosystem for gamers.
Ans: Play-to-earn (P2E) games benefit players by rewarding them with cryptocurrency or NFTs when they complete a task, compete with other players, or simply trade their digital assets inside the game.
Ans: Decentralized gaming platforms are games or gaming platforms that leverage blockchain networks. These platforms allow players to participate in virtual gaming economies without central authority control. Players have true ownership of the digital assets in decentralized gaming platforms.
