How Can Blockchain Redefine The Gaming Industry?

  1. Asset Ownership: In a typical game (Current internet game), the game developers sell the game currency and in-game assets to the players, the players can buy those assets within the game, but cannot monetize by selling them within or outside the game. But with the blockchain technologies, the plates can own their in-game assets, Thanks to the concept of NFTs.Similarly, tokenization will give the in-game currency real-world worth. Players will be able to purchase, earn, and sell this token to their peers or in the real world. Asset ownership and tokenization will result in revenue distribution between game firms and their customers, dramatically reducing revenue for the former.
  2. Transparency: Within games, developers can design self-sufficient economic systems. Blockchain technology offers a consensus mechanism in which no one can alter anything based on individual decisions. Blockchain safeguards transparency by storing information in such a way that it cannot be altered without recording the changes made. All the details of the game and players are in every node in the blockchain. That’s why the system is decentralized and transparent.
  3. Giving power back to the people: The use of blockchain technology will make the gaming industry more democratic. Developers can make decisions that players find appealing by introducing voting rights based on the number of tokens. Unless like present internet games, where the game developers are the sole owners and decision-makers, blockchain gaming technologies give power to the people. No one is authoritative or there is no controlling central power, everyone is equal and has equal rights within the blockchain.
  4. Streamlining Payments: Last but not least, by employing blockchain instead of centralized servers, games can reduce transaction time and cost. With third-party banking and other financial institutions, there are many hidden charges like service charges involved, whereas, in blockchain technology-based games, there is no third-party financial institution involved, thus reducing transaction costs and enabling payments in real-time, even across international borders.
  5. Crypto Assets: Crypto Gaming is a type of online game, developed in the blockchain where the players can earn crypto assets like cryptocurrencies or other digital in-game assets that has the potential to grow in value over time.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Nirmal Raj

Nirmal Raj

25 Followers

Bsetec is a Digital Solution Provider Company. Our team of experts deliver next-generation solutions to perk up the business productivity.