How Can Blockchain Redefine The Gaming Industry?
The Gaming industry we know was of humble origins. Simple and minimal in nature, Gaming was regarded as entertainment. But with time the gaming industry has taken a turn in unexpected ways. With the introduction of blockchain technology-based gaming technologies, the gaming industry has a complete makeover. Despite their infancy, blockchain and NFT games are appealing to players because they provide a variety of new alternatives that traditional gaming does not. Revolutionary new concepts like ‘play-to-earn’ gaming and allowing players more power have made it appealing to both crypto fans and gamers.
Gaming Industry Today: As of now the gaming industry hosts games on a centralized server. All the in-game assets, collectibles, items, virtual money, and avatars are stored in the centralized server, which the gaming company fully controls.
But with the Blockchain in the Gaming industry, the virtual gaming assets and gaming accounts are safe, as blockchain is centralized.
Blockchain in Gaming Industry: Blockchain in Gaming Industry can truly provide potential benefits and monetary gains to all the gamers involved. Some of the benefits are listed below,
- 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.
- 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.
- 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.
- 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.
- 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.
Because blockchain technology enables true, real-world trade of non-fungible tokens, the cryptocurrency gaming sector is worth billions of dollars (NFTs). There are even digital economies where you may get paid to play!
Blockchain gaming has grown from a zero-value sector to a 3 billion USD market by 2021. By 2025, this value is predicted to climb to 39.7 billion USD.
At BSEtec, we offer NFT development, Smart contract development, Cryptocurrency exchange, Cryptocurrency development, Token development, Hyperledger fabric, and other quality blockchain solutions. So, if you are interested in the game-changing 40 billion dollar revenue blockchain technology, to integrate blockchain into your existing business, Contact us for more details.