Since its modest beginnings, the gaming industry has advanced significantly. We are all aware of how this once-simple sector has developed into a treasure mine of emotionally-charged, captivating virtual reality games that reward planning and accuracy. Many of us recall playing Super Mario on a 16-bit gaming machine.
Because characters in massively multiplayer online games (MMOs) like PlayerUnknown’s Battlegrounds (PUBG) are customised to the players’ characteristics, players must live in a fair universe. Any abuse of the character is bad for the player’s reputation.
Characters do not die the same way as Mario does, nor do they pursue an improbable goal like a princess in a fortress. These video games are heavily emotionally charged and based on actual events.
Due to the need for a new system that can completely replace the issues with the current paper money system with something entirely new and revolutionary, the adoption of Ethereum Game Development has increased dramatically in recent years.
Amazing things can occur when blockchain is used in gaming, as we will describe:
What makes it possible?
A blockchain is simply a network of transparent data blocks that are linked together by users on a computer. It can’t be changed or moved. In this manner, an exhaustive record of all network activity involving the data is retained.
The system is decentralised, which means that users, who own digital assets and game objects, control the game instead of a centralised authority.
Similar to how you have a specific number of cryptocurrency coins, like Bitcoin, Ethereum, or Litecoin, on a cryptocurrency blockchain, you also hold a specific number of digital assets called NFTs on a gaming blockchain.
Although they are in-game items, you possess them in the same manner that you would a cryptocurrency, and you may transfer them outside of the game as well as to a wallet.
Function of NFTs
NFTs are unchangeable, one-of-a-kind, and can be sent to a wallet address similarly to currencies. A sword, a bow, a shield, a staff, or a chunk, for instance, can be an NFT in a game. They may be anything as they are only metaphors. If you possess such digital materials, you can keep them forever.
Additionally, blockchain technology has the element of scarcity, which implies that there is a finite supply of these goods.
There are items in the game that are common, exceptional, rare, epic, and legendary, just like in an online RPG game like World of Warcraft or a similar game. The rarest items are the legendary ones.
Even if it is bought by someone else, the fact that it was formerly owned by the best player in the game will always be attached to it.
What happens, though, if the game you’re playing abruptly stops working? And guess what else? On the other hand, your thing won’t! due to the fact that it can be moved between blockchains in the metaverse. You can still keep it and possibly use it in another game. You might save it in your digital currency wallet. This is how NFTs are appealing.
Actually, NFTs are a kind of content that will always exist in the metaverse.
Blockchain is Transforming the Gaming Industry in a Variety of Ways
Implementing blockchain in gaming is simple, say experts, due to its liquidity and the fact that players are accustomed to tokenization.
Additionally, because many video games allow players to purchase in-game goods using both real money and virtual currency, experts concur that the blockchain would be the best mechanism to record these transactions.
Blockchain technology is believed to interact favourably with cryptocurrencies and video games. Blockchain provides solutions for several enduring problems in the gaming industry.
- Increasing the market’s security for games
Because of the decentralisation and data encryption capabilities of blockchain, it will be very difficult for hackers to access data across the server.
It thus creates a safe environment for both game developers and business owners, increasing production. Since there are no servers to compromise, hackers would be unable to bring down a decentralised blockchain network.
- Enhancing in-game asset ownership
Blockchain technology can assist with in-game asset ownership by bringing more transparency and regulation to the gaming industry. One of the most crucial components of blockchain-based gaming is actual digital ownership, which enables users to trade limited assets and profit.
Smart contracts are used to handle all transactions in a blockchain-based game. Smart contracts are irreversible and operate on pre-programmed parameters. As a result, all in-game assets bought with smart contracts are immediately transferred to players’ public address accounts when a blockchain-based game is released.
In addition, smart contracts function independently of a centralised authority. No one has the authority to alter the in-game assets’ private ownership or the public address at which they are kept. They will continue to belong to the gamer who purchased them.
- Improving the estimate of intangible asset value
Players had invested almost $6.7 million after Crypto Kitties was introduced on November 28th, 2017, by December 6th. These figures show that players will value intangible digital assets when a fun game is developed on the blockchain.
If you create a fun blockchain game, players will be willing to give intangible digital assets a real value. Video games that are both enjoyable and engaging will inevitably lead to a boom in investment.
- Take Charge of Your Favorite Video Games
Blockchain-based gaming networks are immutable. This ensures that game programming for networks and their series won’t alter in the future. This makes it possible for you to download and install different versions of video games from any site without risking the integrity of your gaming experience.
Now that we understand how cryptocurrency and video games interact, we can create a more entertaining, safe, and seamless gaming environment. The world of cryptocurrency gaming is still developing. Users will be able to try out new games in the upcoming years thanks to this.
The gaming industry has never let down its customers. While the internet promoted the growth of the gaming sector, it was unable to keep out dishonest people and unscrupulous players.
Thankfully, blockchain-based gaming is the next step in safeguarding video games and creating a long-term industry standard. Because of this, cryptocurrency and video games have the potential to drastically alter the gaming industry.