What is Blockchain gaming industry?– a revolution in the gaming industry
Blockchain itself has brought a big revolution in the payment and trading system. From business to accounting systems, blockchain is becoming a leading part of numerous sectors. What if I say blockchain is creating a boom in the gaming industry too?
Blockchain technology proudly kept its step in the gaming industry in 2017. And it didn’t take much time to seek the attention of gamers because of its fantastic experience and features. And the adoption of mobile devices acted as the cherry on the cake.
The growth in blockchain games is in a craze currently, with a compound annual growth rate of 70.3%. These numbers are enough to give hints about the future of blockchain games.
Today’s blog is entirely dedicated to the Blockchain Game. Let’s expand and understand what blockchain gaming is and its benefits.
What Is Blockchain Gaming Industry?
We all have thought once in our life that what if I would get paid for Playing games? And blockchain has made our dream come true. Blockchain games, also referred to as NFT or crypto games, are video games that are created by the use of blockchain technology, including NFT and cryptocurrencies.
What makes it unique is ownership. Blockchain players receive original ownership of assets they purchase in the game. And these assets, like in-game currency, skins, etc., can be traded and converted into fiat currency easily. And this directly indicates that blockchain games can be your hobby and income source.
Role of cryptocurrency and NFT in Blockchain games
We already mentioned before that blockchain games are also called crypto or NFT games, as cryptocurrencies and NFT are essential payment elements in blockchain games. Through these, players can spend, earn and trade their virtual assets without extra transaction fees.
The popularity of these games is increasing with time; no doubt it’s not only because of security benefits but also fantastic gaming experiences. Blockchain games offer various Play2Earn games. These crypto games are not only fun to play but also profitable.
But how? Play-to-earn games are fun. In these games, the rewards players win by achieving a goal or completing the mission are provided as NFT or crypto assets.
And players can resell, trade, or convert these assets into fiat currency as per their choice effortlessly. Meanwhile, in traditional games, rewards and coins are limited only within the game.
As you know now what makes blockchain different from traditional games now, let’s jump to the critical point of how to play blockchain games.
How to play blockchain games
Blockchain gamers earn small paychecks in the form of cryptocurrency and NFT for completing missions or required goals. Now the question arrives: how do you play blockchain games?
As blockchains have a lot more to offer compared to traditional games, even you have to work a bit more to play these games. Before searching for a blockchain game, make sure you own cryptocurrency in your digital wallet. Most Play-to-earn games are free, but you may need currency for in-game purchases or even to play your game. You can buy Ether coins to play games, as Ethereum mainly builds blockchain games.
Once you are settled with your digital wallet and currency, you must look for a game. While choosing a game, make sure you enjoy it, and how much it may cost, so you know the game’s concept, etc., to make a smooth and straightforward way to earn through it.
Benefits Of Blockchain gaming industry
While we have completed the knowledge of blockchain games and how to play them, now shall we add glitters to it by knowing the benefits of it? Here are five benefits of playing blockchain games.
- Earning Opportunity
Blockchain has been breaking the norms of all traditional services since its existence, from payment methods to the gaming industry. The only purpose of classic games was limited to providing fun and entertainment to the users and making revenue from in-game purchases.
Meanwhile, blockchain games have entirely changed this tradition. Rather than limiting the rewards within the game, blockchain games allow players to earn rewards in the form of cryptocurrency or NFT, which can effortlessly be converted into fiat cash.
- Secured Environment
Blockchains are famous and reliable in case of security. The transparent and immutable nature of blockchain adds a security layer to give the gamers confidence to make transactions without fear of any cheating or scam.
Additionally, blockchain platforms also use encryption systems and verify the transactions between two parties. The encryption system helps to keep the gamer’s private data or information like game data and transaction history confident. And on the other hand, the verification system makes sure that there is no fraud in transactions.
- Greater control
Blockchain is very versatile and gives the best user experience; the same is in the case of games too. Blockchain games have allowed players to set rules, choose features, make content, and more.
In other words, you can also say that blockchain games allow the players to customize them to make them convenient and joyful as per their preference.
- Excellent Experience
Blockchain games are entirely based on modern technology and have unique concepts to offer their audience. The developers of these games have created a virtual world that makes the players fully involved in it.
Furthermore, they also offer exciting features and elements in the game that improves the gaming experience and give more preference to the players.
- Trade resources
Besides providing rewards in cryptocurrency, blockchain games also give ownership of in-game purchased assets like skin, weapons, characters, etc., to the players. And players can trade these assets with other players for profit or other resources.
Blockchains keep transparent and secure records of all ownership and purchases players can blindly trust. As no one can misuse it or make duplicates of it, and players can confidently resell or buy these assets to gain profit.
Risks In Blockchain Gaming Industry
As we have covered the benefits of blockchain games, now let’s briefly talk about the risks it carries with them. Understanding both the points and sides of a coin is essential to make wise decisions, especially when it involves your money.
Blockchain games are wholly dependent on NFT and cryptocurrency. And both digital assets’ value fluctuates depending on various situations. Hence, you may face loss after making a purchase or can not purchase due to insufficient amounts.
Blockchain games are decentralized. In case of a dispute between two players, a glitch in the game or any other kind of loss is faced by the player. There is no authority to complain or ask for help. Therefore, it’s the player’s responsibility to manage the risk and make decisions wisely .
Blockchain games are a trending topic now. It has brought a revolution in the gaming industry by changing the reward and revenue system. Blockchain games have provided more freedom to both the players and developers. And have challenged various elements of the traditional gaming industry.
Besides the unsustainability like energy consumption, and fluctuations risk, blockchain games are widely adopted as they give a better experience to both the players and developers.
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