How has Blockchain Technology Impacted the Online Gaming Community?
A cryptocurrency is a form of digital currency that is fungible. Cryptocurrencies are based on using blockchain technology. Over the past few years, crypto has seen an intense boom in popularity, which has propelled it to become a medium of exchange across many industries around the world.
Virtual decentralized currencies are seen as being superior in many ways due to their transparency and security. Crypto has heavily impacted the world of online gaming, revolutionizing many features we use on a day-to-day basis.
To exchange digital currencies, the online gaming industry has begun to use blockchain wallets. Blockchain technology is also being used in online gaming to connect digital wallets for in-game purchases through a gaming account.
Further, blockchain technology has enabled digital rewards to be won using affiliate marketing and in-app advertisements. A revolution has already occurred in the online gambling industry with the acceptance of crypto payments, and it is only going to be pushed further still with blockchain.
Digital currency shaping the online gaming industry
Varying cryptocurrencies such as Ethereum, Bitcoin, Litecoin and many more are offering huge benefits to the online gaming community, delivering secure transactions, more privacy and the removal of hacks. Digital assets can be transferred into real-world currencies, which means that online gamers can earn considerable capital by playing their favorite titles. The crypto-revolution is expected to push the value of the gaming industry to a worth of $19 billion by 2025.
With gameplay heading towards a more tokenized form, online players can begin to take command of their digital assets while also gaining a greater level of control regarding their overall gaming experience. Furthermore, blockchain games, which depend heavily on decentralization, offer a wide range of benefits and applications.
The growth in PC and mobile online gaming has directly impacted the increase we are seeing in crypto being used in the gaming industry. As expected, crypto gaming has disrupted the more traditional markets with the introduction of a play-to-earn model. Gamers can now be rewarded for their efforts and time. In addition, most gamers prefer platforms that let them create, collect and exchange virtual assets for actual money or virtual currencies.
A recent report has shown that more than 75% of online gamers would choose to exchange any virtual assets they own for a currency that is much more widely spread across varying platforms. Blockchain gaming is a very effective monetization model to give players a safe, secure and stress-free rewarding system.
Digital ownership
Using their in-game digital assets, players retain their digital property. Using blockchain enables ownership to be traded publicly and verified, giving players the option to unlock the effort, time and financial investment value that their gaming experience brings.
Monetization
There is the potential for all in-game items to be monetized and transacted. In the future, players will be able to generate revenue by selling their skills and creating, buying and exchanging original digital assets.
Decentralization
A single platform provides equal opportunity to publishers and creators. Changing the rules and limiting market opportunities will no longer be controlled by a central entity.
Marketplaces
The use of blockchain brings fair, safe, transparent and thriving platforms to the virtual economy. This attribute is particularly beneficial when royalties are involved. Traditionally, we have seen gaming legacy systems that secure and manage royalty processes to be very clunky. The use of digital contracts enables royalty payments to be easily calculated as they are instantly tracked and processed.
In-game currencies
A native cryptocurrency is usually featured on crypto gaming platforms, where it can be used to digitally buy and sell assets in exchange for crypto or even actual money. In-game purchases are simplified overall. The removal of third-party entities to bring validation to fiat transactions gives users an almost instant exchange.
Player-driven economy
With power put into the hands of the players, the ecosystem of each game has room to thrive with the use of original content and truly organic engagement between users.
Interoperability
A crossover digital asset (NFT) is what enables gamers to switch between different types of games. It can be traded between platforms and marketplaces. Several cross-game platforms are integrated into the likes of CryptoKitties and Gods Unchained, showing the potential of interoperability between games.
Governance
Games that use blockchain utilize the power of the community surrounding it, democratizing the mechanics of the game. A decentralized autonomous organization (DAO) is used to achieve this. Product-related decisions directly involve the player, which makes the community grow in loyalty and love for the game they are playing.
Unlimited creativity
When a game is running on a decentralized server, developers are always the main decision-makers. The use of blockchain gives players more freedom, removing the rules that are usually set by a third party. The freedom of knowing that any developed creativity will not be removed is a strong appeal. The creation of new assets, especially rare assets, is also facilitated in an ecosystem where they can easily monetize their creations.
With a solid foundation in technology, backed by a BIT degree, Lucas Noah has carved a niche for himself in the world of content creation and digital storytelling. Currently lending his expertise to Creative Outrank LLC and Oceana Express LLC, Lucas has become a... Read more