The video game market is growing steadily and will reach $200 Billion in revenue this year. This is why video game makers must create a safe environment for the players. That includes in-game trading, but that is impossible with current technology. However, it becomes safer once we integrate Blockchain technology into the mix. But is it safe or even possible? Let’s find out in this article.
What Blockchain brings to the Gaming Industry
Blockchain has lots to offer, and we have only seen a handful of applications. Over the years, we have seen in-game purchases on the rise, which has many complications. To create a safe environment where players can purchase any digital gaming asset without worry. Blockchain app Development can create that environment with their encryption technology—LetLet’se what blockchain can bring to the gaming industry.
Cryptocurrency
Cryptocurrency can bring safety and stability to any online transaction during gaming. Users can purchase in-game items like skins, avatar, upgrade, etc. While all of this is possible with regular currency, crypto can bring something more than that. With this blockchain technology, users can now sell their in-game items in exchange for crypto that they can exchange into real money. We can create a custom gaming app with a Custom Blockchain Development Company that provides better in-app purchase options with cryptocurrency in gaming.
NFTs
A non-fungible token is the same as cryptocurrency. They can be used as currency to exchange items inside or outside games. NFTs use blockchain technology and save their data in encrypted blocks. These blocks are only allowed access to the person who has decryption keys. This will add another layer to security in gaming.
Crypto Game
Crypto kitties are the first game where gamers can win cryptocurrency as a reward. After that, many crypto games came into the market with a different iteration of play to win. Users win rewards in the game from NFTs or cryptocurrency, which they can transfer to their wallets. This will allow them to spend real money inside the game by purchasing character upgrades or outside.
Impact of Blockchain on Gaming
Secure Transaction
One of the best things about blockchain is its security. It cannot be hacked, meaning there is no scope for fraud or cheating. In addition, it has built-in encryption and two-factor authentication that ensure only the right person can access it.
Better Security
Blockchain can protect gamers’ data. Once the data is saved, no one can access it without decryption. Hacking is too common in the online gaming world, but with the ironclad security of blockchain, no one can hack any personal information.
Elevate User Experience
Blockchain is secure, transparent, and efficient, improving the gaming experience. As a result, blockchain development services are focusing more on how this will improve the user’s experience.
Verification
All the gaming assets are in crypto or NFTs; these are connected to the user’s digital wallet. This means without proper verification; no one can access it. This will come in handy when users exchange their assets in the game. Also, all transactions are recorded, so if any issue occurs, like double payment or no payment notification, they could check that against the ledger to verify.
Trading
Blockchain can allow asset trading inside the game without any complications. This will create a new marketplace for gamers to trade digital gaming assets without worrying about any issues. There are already many different types of markets for trading gaming assets, but they lack the security features of blockchain.
Rewards
As we mentioned earlier, crypto games offer rewards for playing the game. Most games offer points or other kinds of in-game currency that have only value inside the game. However, with cryptocurrency, gamers can complete levels and win crypto as a reward, which they can easily transfer as real-life currency. Custom Blockchain Development Companies can create a new way to reward those who play the game.
Integrated Gaming Profiles
Users can create one profile and connect it to their wallet, and they can integrate it with other games. However, users must create a whole new profile whenever they try to play a new game. With Blockchain App Development, they can create one profile for all games.
Limitation of Blockchain in Gaming
Complex
Blockchain technology is still new and hard to understand for most people. Creating games based on this technology can create lots of confusion. Currently, the total number of crypto wallets is 81 million, and video game players are over 300 million. We need simpler solutions for game creation that will allow more players to join in.
Regulatory Issue
Cryptocurrency is a digital version of real currency, but it isn’t under federal law. Which means countries can ban it if they don’t allow regulation. Some cryptocurrencies are still under investigation, making them harder to adopt for gaming.
Competition
The traditional gaming market is huge, and it is brutal for new games to compete against the giants. Add crypto games to the mix, and it won’t stand a chance. So It’It’srd for crypto games to set foot in an already established market.
Less Demand
The business works on supply and demand; if there is no demand, then there is no supply. Unfortunately, Crypto games are still stuck in the rut of no demand. There is a huge demand for video games but not enough for crypto games. This discourages Blockchain Development Services, and no new games are being made.
Maintenance issue
In regular games, gaming companies often update new patches to solve glitches and issues me. However, this is not the same with blockchain gaming as it is complex.
Example of Blockchain Games
- CryptoKitties
- Decentraland
- Gods Unchained
- FIFAcoins4sale
- Gala
- The Sandbox (SAND)
- Age of Rust
- Zed Run
Conclusion
Blockchain and gaming are different worlds, but they have a lot to offer once we combine them. Cryptocurrency and NFTs are examples of what blockchain can do; with time, we will see more applications. Over the years, we have seen more blockchain apps or game development than. Blockchain Technology will revolutionize the gaming industry and allow a safe and secure place for gamers to enjoy.
