Blockchain Gaming and its Hopeful Future
Blockchain technology is making inroads into a variety of areas, from banking to healthcare, but the gaming business perhaps has witnessed the most influx. The blockchain gaming industry has developed from a zero-value business a few years ago, to a $3 billion market by last year. The market has attracted over 1.5 million varied players globally because of NFT (Non-Fungible Tokens) development opportunities, and free-to-play and play-to-earn models.
What is Blockchain Gaming?
A blockchain is a collection of data in the form of immutable blocks of records. It cannot be moved or modified in any manner. This method preserves a thorough record of everything that has happened in terms of data on the network.
The system is decentralized, which means once the game is deployed, its entire blockchain part is not dependent on any single party. Though businesses might choose to centralize and risk attacks like on the Ronin Bridge(more than $600 Million lost). However, if planned diligently even a centralized blockchain gaming platform can be secured.
On a blockchain game, you possess a specific number of digital assets known as NFTs, similar to how you own a specific number of cryptocurrencies such as Bitcoin, Ethereum, or Litecoin on a cryptocurrency blockchain. These NFTs are used to play and act as tools within the game. They are completely owned by you and can even be transferred to other games, similar to what Asura offers.
Rising Adoption of Blockchain Gaming
More game studios and developers are cooperating with blockchain platforms as blockchain technology continues to take the gaming industry by storm. The global market value of blockchain gaming systems is expected to be in the billions of dollars. Blockchain gaming systems have piqued the curiosity of some of the world’s largest gaming firms.
Ubisoft has released a blockchain-based game. Microsoft has infused $68 billion in Activision. Popular blockchain-based platforms are attempting to transform the gaming sector in India as well. Furthermore, the ease with which blockchain games can be accessed via smartphones and the internet is enticing and expanding the number of people to participate in blockchain-based games.
Hopeful Future Ahead
Today’s blockchain games are undoubtedly very rudimentary. In comparison to titles from major publishers like Epic Games (Fortnite) and Activision (Call of Duty: Warzone), blockchain games are less complex and interactive.
Despite the late start, some games have achieved success, like Animoca Brand’s The Sandbox and Sky Mavis’ Axie Infinity. The Sandbox is a 3D open-world smartphone game in which players may buy, sell, and build digital real estate. Some consider it to be a prototype metaverse.
Further, in November, Softbank led a $93 million funding round for the platform, and its in-game currency, SAND, has a market capitalization of more than $5 billion. Axie Infinity, which “for all intents and purposes was digital Pokemon for the blockchain,” generated more than $2.3 billion in sales as of October 2021, according to NFT platform Hungry Wolves founder Adam Hollander, and has 2.5 million monthly active users, some of whom use the game as their primary source of income.
Our Analysis
Combining cryptocurrency with video games might result in a more enjoyable, safe, and seamless gaming experience. Though the blockchain gaming market is still in its nascent stage, it has a lot more euphoria and public support than any other format. As a result, creators can get creative without paying much heed to the fear of failure.
The gaming sector has never let its clients down. While the internet aided the growth of the gaming business, it made it difficult to screen out dishonest persons and gamers.
Fortunately, blockchain-based gaming is the next logical step in protecting and rewarding players and establishing a long-term industry standard. As a consequence, combining cryptocurrencies with video games has the potential to completely alter the gaming industry.