The Rise of Blockchain Games and Why People are Investing in Them

The Rise of Blockchain Games and Why People are Investing in Them

Blockchain
October 28, 2021 by Editor's Desk
1092
The use of blockchain technology in the gaming industry is becoming increasingly popular. Blockchain offers many benefits to game developers, gamers, and game distributors. Introduction: What is a Blockchain Game? Blockchain Games are the most recent form of online gaming. They are gaining popularity with both developers and players because they offer a level of
The Rise of Blockchain Games and Why People are Investing in Them

The use of blockchain technology in the gaming industry is becoming increasingly popular. Blockchain offers many benefits to game developers, gamers, and game distributors.

Introduction: What is a Blockchain Game?

Blockchain Games are the most recent form of online gaming. They are gaining popularity with both developers and players because they offer a level of transparency, decentralization, and game fairness that is not seen in traditional games.

Blockchain games are also known as cryptocurrency games or crypto games. These games usually use the Ethereum blockchain for transactions. The most popular type of blockchain game currently available is called Ethereum-based collectible (ERC-721) token game. This kind of game has earned the nickname CryptoKitties, but there are many other types of crypto games being developed which have caught on with players since CryptoKitties’ release in November 2017 – one example being Etherbots.

Blockchain & Cryptocurrency – A Primer for Non-Technical Folks

Blockchain is a decentralized and distributed ledger that records transactions. These transactions are then grouped into blocks and these blocks are linked together to form a chain.

It’s important to note that the term “blockchain” only refers to the structure of the ledger, not how it’s used. For example, blockchains can be public (where anyone can see the transaction history) or private (where only those given access can see transaction history).

Blockchain technology has been around for nearly 10 years now and it’s starting to enter mainstream society after its introduction with Bitcoin. The blockchain is one of the most talked about technologies in today’s society with many people predicting it will change our lives as we know it.

What are the Benefits of Blockchain Games?

Blockchain games are a new way of experiencing gaming. The use of blockchain technology in gaming will have a number of benefits.

Some of the key benefits include:

-A more transparent and immutable system for storing data

-Providing a better means to record the ownership and transfer of digital assets

-Removing in-game currencies from centralized control

-Blockchain games are fun and easy to play.

-It has a lot of potential in terms of business.

-It is an excellent way to bring new players into the gaming world.

-Blockchain games are based on trust between players, which eliminates frauds.

How to Create an ICO for Games on the Blockchain?

In the last year, we have seen a surge of ICOs being launched for gaming projects. Why is this happening?

The traditional gaming industry has been struggling to keep up with the popularity of mobile games and this change in demand has brought out new opportunities for blockchain-based games. Mobile gaming has also created a market that relies on microtransactions. So, it is no surprise that we see more and more companies launching ICOs for their blockchain-based gaming projects and trying to take advantage of this trend.

An ICO does not need to be complicated and there are many ways to create one. Some people believe that having a successful ICO is all about the whitepaper, but there are other elements involved as well such as:

  • Game design – what kind of games are you planning to launch, how the players will interact with the ecosystem, etc.
  • Game participants – Who will be the users of the games, how will they bring in network effect, what are the benefits for the gamers, etc.
  • Rewards and earnings – How the earning will flow to the gamers? how the value and benefits will look like?

Conclusion: The Future of Gaming is On the Blockchain

The future of gaming is not going to be determined by the consoles and the hardware being created by Sony, Microsoft, and Nintendo. The future of gaming is going to be a decentralized system where there are no central servers involved.

What does this mean? This means that any person can play a game without requiring another person to host it. This also means that games will have much more freedom in terms of being able to be played on any device without needing a specific platform.