Blockchain game – is a game that has built-in blockchain transactions.
How blockchain and gaming come together?
The gaming industry turned to blockchain technology to allow people to earn by playing games.
Earning a living by playing games is possible when the game supports a game asset market and secure transactions among players or other parties.
For a long time, a person couldn’t be a for-profit gamer due to the following limitations:
In-game assets truly belonged to the game’s developer
There was no secure and transparent way to trade assets
After the blockchain technology came along, smart contracts and blockchain wallets allowed game developers to solve both issues.
That’s where the blockchain gaming industry was born.
Players became true owners of their in-game assets and the transactions became secure, transparent, and anonymous.
Blockchain technology in the gaming industry today
Currently, there are hundreds of blockchain games to choose from.
Apart from gambling, there are the following genres:
trading card games
Thanks to the new developments in blockchain technology, a lot of in-game functionality was able to be supported via fast, secure, and transparent transactions.
During the first year of the blockchain gaming industry, transactions were slow and expensive. For example, recording a battle log into the blockchain would be a very long and expensive endeavor. So most of the blockchain games focused on simple gameplay with underlying free markets.
Currently, several blockchains offer fast and cheap transactions for games and other dapps. This innovation has opened a lot of opportunities for the industry. The games no longer had to be basic, and the true potential of blockchain gaming started to play out.
How does it work?
Most blockchain games include some form of blockchain transactions and a free market.
Allowing players to trade in-game assets or other ways play to earn is at the core of every blockchain game.
Thanks to blockchain technology, players get both transparency and security for their in-game activities.
For example, in a regular game, you can grind for hours to get a rare item. If you get tired of the game or decide to cash in on your work, there’s no easy way to sell your item. Also, developers can change the item or take it away completely. Apart from that, your in-game asset safety is as good as the developer’s competence in such matters. Centralized systems have their weaknesses, and can get tampered with.
In a blockchain game, you have a huge advantage of true ownership of your assets. Blockchain assets cannot be changed or taken away. Your ownership is recorded in the decentralized ledger that is almost impossible to tamper with.
Every transaction between buyers and sellers is transparent and recorded for everyone to see and check. It is also anonymous since nothing more than a wallet address is needed to make such a transaction.
Gaming and cryptocurrency
In blockchain games, players typically exchange cryptocurrency for in-game assets.
The cryptocurrency needs to be supported by the game’s smart contracts for it to be used to trade in the game.
Usually, the cryptocurrency and game’s assets are tokens that exist on the same blockchain. This is why it is very easy to track payments and asset movements between blockchain wallets.
The profit players can earn from a blockchain game is in cryptocurrency.
How may blockchain impact the gaming world?
Blockchain games are set to change the gaming industry forever.
True ownership and the potential for a secure income source is a key value of blockchain gaming. This additional value can become the reason why gamers chose to engage with one game over another.
Privacy and security are big modern-day concerns. Blockchain platforms provide solutions to both. Transactions are private and secure and there’s no need to provide any personal details to take part in a blockchain game or its economy.
On a grand scale, blockchain gaming can provide more income opportunities for people worldwide.