3 Reasons Why Blockchain Gaming Will Win Over Traditional Players

3 Reasons Why Blockchain Gaming Will Win Over Traditional Players

Blockchain Gaming News
January 24, 2023 by Diana Ambolis
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Traditional games or Web 2.0 games, and blockchain gaming have long been the only forms of entertainment available in the gaming industry. Traditional video games, which may be played on PCs, consoles, mobile phones, and other platforms, have collected billions of users worldwide since they became popular with the development of computers in the 1980s
3 Reasons Why Blockchain Gaming Will Win Over Traditional Players

Traditional games or Web 2.0 games, and blockchain gaming have long been the only forms of entertainment available in the gaming industry. Traditional video games, which may be played on PCs, consoles, mobile phones, and other platforms, have collected billions of users worldwide since they became popular with the development of computers in the 1980s and the internet at the turn of the century.

Fast forward to the 2010s, when Bitcoin and other cryptocurrencies first gained notoriety in the financial sector. Shortly after that, blockchain technology entered the gaming sector. The capacity of games integrating blockchain technology to enhance one’s financial situation through the Play and Earn (P&E) ecosystem has quickly attracted the general public’s interest outside of the gaming community. However, there has been some disagreement among the traditional gaming community.

3 Reasons Why Blockchain Gaming Will Win Over Traditional Players

Take a look at the data

The stats provide the evidence. Blockchain games are expected to produce more than $260 billion in revenue by 2025, in contrast to the US gaming industry’s present valuation of $95.4 billion.

But what distinguishes blockchain games from conventional games? In contrast to typical in-game assets locked inside the game, blockchain games contain in-game items with monetary value and practical applications. In contrast to the game firm, which gives customers a sense of ownership, the players own the assets. Users can purchase, trade, and stake their assets freely and easily. Perhaps all these factors distinguish blockchain games from popular games today.

Also Read: Blockchain games will now have low energy transactions

Gaming on blockchain: Pitfalls

Blockchain gaming has historically been viewed with some skepticism, and for good reason. Players frequently cash out and remove value from Play-2-Earn (P2E) games without adding anything to the ecosystem, causing problems for many P2E games. Others complain that some Play-2-Earn games have a high entry barrier and demand hundreds of dollars merely to play. Wemade, a leader in blockchain gaming from South Korea, promotes combining usefulness with enjoyment for a complete gaming experience.

The stigma associated with blockchain games can be dispelled by well-made games that offer a high-quality gaming experience and the potential to link the in-game economy to the real economy. They can also draw traditional players who were previously defensive of Play & Earn economy models.

The most lucrative blockchain game

MIR4 Global is one of the most popular blockchain games, with millions of players each month. Despite just being released a year ago, it has already amassed over 20 million players and generated $160 million in in-game income.

Blockchain technology is used by this Play & Earn MMORPG to give players extra benefits, including the option to generate and sell NFTs, staking programs, and the ability to earn in-game tokens and utilize them in other games on the Wemix platform. The game has stunning graphics, innovative fight ideas, and an open-world setting capitalizing on the Legend of Mir series’ 20+ year fanbase.

The game is novel thanks to the blockchain capabilities it offers while still giving gamers an experience similar to traditional gaming. It’s one of the best examples of how traditional video games and the blockchain world can coexist, say some experts.

Blockchain gaming has upended both the bitcoin and traditional gaming industries. It has changed the function of gaming from a pastime to kill time to one that offers a reliable source of money and returns ownership of in-game goods to the players. The business will probably see healthy growth shortly as players in the sector address the problems of real-life usage and overall game quality.

How Does a Game Based on Blockchain Work?

Games built on the blockchain are known as blockchain games. This indicates that participants must pay their registration fee in bitcoin to participate. Frequently, they use their blockchain and are decentralized. This article will describe how blockchain-based games operate and what they consist of. It will also explain how game names are produced and the steps necessary to ensure legal compliance before a game’s release.

What Can Blockchain Technology Contribute to Gaming?

The blockchain gaming industry may reap several benefits from blockchain technology. Several examples include:

  • Tokenizing in-game assets for players to own them.
  • With this technology, games might become more transparent, and players’ efforts could be rewarded. Providing game developers with a new way to monetize their work via smart contracts.
  • Developing a decentralized network enabling game developers and players to interact without third-party intrusion