The Complete Guide To Blockchain Games and How They Have Been Disrupting The Gaming Industry
Blockchain games are games that run on blockchain technology and include a completely or partially distributed ledger architecture, providing players verifiable ownership over the virtual products contained in the games. It has proven to be a secure and straightforward way for the gaming industry to earn money. Decentralized gaming has grown in popularity due to its ability to enable players to collect and trade virtual assets that can be exchanged and traded anywhere in the world.
How Blockchain has been used to solve some of the Major Problems in the Gaming Industry
There are many reasons blockchain and games are a match made in heaven. In almost all previous models of online games, items purchased were limited to use in that game via a single account. If a gamer’s account got disabled, stolen, or the user just moved on to another game, they would lose the money they spent. This is a reality many gamers have come to accept. This model has continued because there wasn’t any viable alternative – until blockchain and NFTs came along.
Blockchain game development has allowed players to own and control what they buy, earn, or craft. It is more than just being able to prove your character’s new accessory is rare. It also means these items can be bought and sold on secondary markets and moved between multiple games. This also allows players to avoid security issues in gaming and retain the value that they put into these items in the first place.
“We need to look at the macrocosm of societal development over the back decade, and blockchain is a part of that. It recognizes that players, audiences, and communities are becoming increasingly sophisticated in understanding how they’re valuable towards organizations’ and companies’ growth.” – Robbie Cochrane, Co-Founder of ChainGuardians
What are the Advantages of Blockchain Games?
Blockchain technology offers numerous unique advantages over other systems that make it such a perfect fit for gaming. Some of the blockchain game advantages are:
Transparency: In blockchain systems, data is written automatically to a distributed ledger, which provides an immutable, trusted source of truth. Blockchain gaming data can be relied upon by operators, players, and regulators, who can access the same data in real-time and make decisions accordingly. Players and regulators do not need to trust the flow of information coming from gambling operators any longer. Instead, the data is known to be accurate when it is generated and time-stamped to leave a perfect audit trail. This is useful for resolving player trust issues and the disputes that inevitably arise along the way. It is also beneficial for operators to meet their compliance requirements.
Security: Another one of decentralized gaming advantages is that data held on the blockchain is theoretically unhackable and secure. The decentralization of this core information means that operators are no longer vulnerable to hacks on and can deliver fairer, more transparent gaming for everyone involved.
Efficiency: Blockchain technology is just more efficient for gaming operators, allowing for a more streamlined onboarding, withdrawal, and deposit process, automatically settled bets, and even low-cost blockchain payments through native tokens.
The list of benefits blockchain brings to the table is non-exhaustive, and in reality, there are several other ways in which blockchain benefits everyone. As a result, it isn’t surprising that more and more operators are turning to blockchain technology to future-proof their businesses.
Blockchain Game Player Community Growth & Monetization Opportunities
Blockchain technology has the potential to provide gamer community growth and monetization opportunities. These days, artists and creators are starting to use games as a digital medium for creative expression and blurring the lines between the physical as well as the digital. Today, there are 2.4 billion gamers in the world. Blockchain technology will unlock the opportunities for them to become creators, entrepreneurs, and service providers.
“How can making a living doing what you love become more accessible to more people? I believe blockchain is the key to this.” – Veteran gamer Kevin Chou