Blockchain Gaming- The Next Big Thing in Online Gaming Industry
written by Nitin Garg | Feb 21, 2023
Blockchain has become a game changer in the online gaming industry, making it more secure, transparent and decentralized. The new tech trends like web3, metaverse, NFT, and NFT marketplaces hold great significance in the gaming industry. Blockchain games provide ownership of digital assets and the free flow of currency and in-game elements. Most entrepreneurs today are leveraging blockchain technology to develop next-generation metaverse or web 3 game applications.
As per the market analysis, the global blockchain gaming market is expected to grow from USD 4.6 billion in 2022 to USD 67.5 billion by the year-end 2027 at a CAGR of 70.3% during the forecast period. The best thing about blockchain gaming that makes it preferable among players is that it allows them to earn NFTs, which can be traded, exchanged or stored in a crypto wallet while letting them use those NFTs across multiple platforms or games.
In this blog, we will talk about blockchain gaming and how it is becoming the next big thing in the online gaming industry with its path breaking tools, trends, and technologies.
Table of Contents
What is Blockchain Gaming?
Blockchain gaming is a video game developed on the concept and framework of blockchain technology, leveraging NFT, metaverse web 3 concepts. Blockchain games are completely decentralized and transparent platforms, which allow players to have complete over-in-game digital assets.
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Blockchain is basically a distributed ledger that enables and maintains the security of the users while protecting their data and financial information. The implementation of NFTs within the game creates a digital economy and rewards players for their interaction and engagement like completing a mission or target of the game. This, in turn, makes blockchain games a highly preferable hotspot for earning money in the blockchain space. For example, Axie Infinity, a leading metaverse gaming platform has millions of players worldwide who use Ethereum-based cryptocurrencies.
How is Blockchain Gaming Reshaping the Online Gaming Industry?
Blockchain is not a new concept and its impact never goes unnoticed. Irrespective of the sector, industry or domain; the blockchain is reshaping the functioning of the industry with its revolutionary benefits and trends. Here is the top advantage that you can get from blockchain gaming:
1. Secure and Authentic Transactions
Blockchain is an immutable, secure, and transparent technology that protects and safeguards the information of the players in an efficient manner. It adds layers of security and makes digital transactions secure and seamless. It enables users to share digital assets and currencies across the platforms and ensures them to avoid fraud or double spending in transaction records.
2. Increased Security
Blockchain technology offers an additional layer of security by using end-to-end encryption systems such as two-factor authentication, and secure messaging that can protect sensitive user data like player information, data and financial records.
3. Improved user experience
Blockchain can improve the overall experience of the users by making it much more efficient, transparent and authentic. Blockchain gaming allows gamers to create and alter their gaming experience according to their will. With metaverse games, gamers can create their own digital avatars and a virtual world of their own to interact with each other within the game.
They get a chance to define their own characters, elements and 3D environments and then trade them across the marketplaces.
4. In-built Verification
A blockchain gaming platform ensures that all the transactions and interactions that are happening within the game are verified and legal. In order to keep up with the frauds and modern-day challenges and cybersecurity threats, blockchain game developers incorporate next-generation tools and tech stack to keep a decentralized record of everything in the shared ledger.
5. Seamless Trading
Blockchain gaming allows players to trade, sell or buy in-game resources or their own built NFTs using digital cryptocurrencies like bitcoin. Since blockchain keeps a safe record of each and every transaction, gamers can compete with each other with confidence and openness as their owned digital assets can not be manipulated or replicated.
6. Exciting Reward System
Metaverse or web 3 games built on the concept of blockchain technology offer users exciting and unmatched rewards for completing pre-defined targets or missions. Gone are the days when players would not use In-game points or rewards outside the games.
With the advancement of technology, and tech trends like blockchain, metaverse, and NFTs, in-game rewards or coins are given in the form of cryptocurrency. This means players, can use such digital currency outside the gaming platform and purchase something even from the e-commerce site.
7. Integrated Gaming Profiles
Blockchain games allow players to create a centralized profile that they can use across different platforms and games. They can create one profile and can use purchased elements and game characters across different games, helping them receive an engaging gameplay experience as the end result.
The blockchain industry as a whole is very vast that has different segments, separate dynamics, and its own share of advantages. The blockchain gaming industry creates endless opportunities and possibilities to make a fortune through blockchain game development. Here is the list of evolving blockchain trends that makes it highly appreciated and unique.
1. Play to Earn Model
Play-to-earn model (P2E) games allow users to earn huge revenue via blockchain game applications, including monetary levels and challenges that offer users a huge amount of money when completed. It allows them to earn cryptocurrency that can be traded within the game application or even outside that across real-world currency. These rewards come in the form of virtual lands, crypto tokens, NFTs, wearables, weapons or any other digital asset that has immense value even outside the blockchain gaming world.
2. Non-Fungible Tokens
NFTs play a crucial role in the blockchain gaming industry as it has a unique value and identity that can never be manipulated or replicated by any means. It is different for different games, this implies that it can be a weapon, wearable, cards, virtual lands, etc. NFTs have the potential to create a digital economy within the gaming platform. Users have full ownership of their NFTs which they can trade, sell or purchase anywhere and at any point in time.
Blockchain game developers incorporate crypto wallets within the gaming platforms to ensure the safe, free and seamless exchange of digital assets. With the emergence of tech trends like blockchain, metaverse, and NFTs, the role of cryptocurrencies has also evolved over time.
It is a type of digital currency which allows players to make payments online without including debit or credit cards. Cryptocurrencies like bitcoin, and Ethereum are becoming mainstream for enabling users to make secure and fast payments to buy in-game avatars, themes, unique artefacts or other NFTs.
4. Virtual events or tournaments
People hire blockchain gaming companies to transform and build their own blockchain games that are highly scalable, reliable, and credible. Besides blockchain and metaverse game development, blockchain technology is highly leveraged to conduct virtual events or tournaments.
The technology enables you to effectively track and manage the functions of the events or tournaments by keeping records of matches played, player information, competitors and rewards won by the winner in a secure manner. The best thing about blockchain gaming is that it offers safe transactions, tracks data, and stores and manages the financial information of the players in a confidential way.
As we all know that blockchain technology is the new talk of the town and every business is leveraging it for their own good and to take their business to new heights of success. You can also do so by investing your hard-earned money in blockchain gaming platforms, offering you a lot of monetization strategies and sources to earn high ROI.
There are a lot of blockchain game development companies out there in the market that can help you unleash the true potential of blockchain in the most authentic and accurate manner. There are a lot of opportunities and benefits of blockchain technology that can help you make a unique and pathbreaking presence in the blockchain industry.
To wrap up, we can say that the blockchain gaming industry is constantly thriving with the emergence of play-to-earn models, GameFi, web 3 etc. This implies that the future of blockchain gaming is very bright and promising.
If you are fascinated by such emerging tech trends and want to leverage the same via building your own blockchain gaming platforms, choose BR Softech for excellence and innovation-driven game development services. Our experienced blockchain game developers work day in and day out to bring forth the most creative and engaging game ideas onto the screens of the users.
I am Nitin Garg Founder of BR Softech PVT LTD - an Award-winning, app, web & game development company. We are armed with 180+ geeks & 2753 clients worldwide, I have driven by the spirit of entrepreneurship and dream to build a billion-dollar-company.
BR Softech Pvt. Ltd. excels in providing cost-effective IT Solutions. Established in August 2012 with over 10+ years of rich experience. An Apex rated IT serving company around the world. Our team of innovative and creative designers deals in web designing, and mobile game/software development intending to deliver outstanding digital outcomes.