The global video game industry expects to grow 50% to $268 billion by 2025. Much research finds that more than 70% of gaming developers and publishers would consider weaving crypt of none fungible token(NFT) blockchain tech rewards into future games. And nearly around half of the developers and publishers are already doing it.
Blockchain is a decentralized digital ledger or a data recording system that stores information in blocks distributed across a network of computers. This technology’s most important and helpful use is cryptocurrency and NFTS on the internet on different blockchain platform networks. Around 300 million crypto users worldwide file an economy worth three trillion dollars. In addition, blockchain technology is giving rise to a new gaming economy. The play-to-earn video games also referred to as GameFI, have proved to be a great success in 2021 in attracting many new customers.
According to many reports and studies, nearly 60% of UK and American-based game developers are starting to use blockchain technology. Blockchain technology is accelerating as a go-to foundation for video game developers, with the play-to-earn model growing in popularity.
Gaming a Huge Platform
The video game sector is huge, and mostly there are around 2 billion gamers around the world, And this is about 26% population of the world. Some big companies like Sony, Microsoft, and Activision generate billions of dollars every year by selling games and related products. Still, thanks to blockchain technology, now you can also earn money by playing metaverse crypto games. At over 400 million, India has the largest number of mobile gamers globally. Desktops and gaming consoles like Xbox, PlayStation, etc., are important gaming platforms.
Blockchain has been poised to bring a new dawn to the gaming industry, and the global gaming sector is massive. Gaming technology is growing huge and continuously growing with leaps and bounds.
Crypto as Security in Gaming Transactions
In blockchain gaming, players have real security and ownership of game assets. Generally, these assets are represented by cryptocurrency and NFTS, which provide players with proof of ownership of the assets.
In-game wearables, players, skin cards, equipment, etc., are some examples of assets linked to NFTS on a blockchain-based game and maintained on a game distribution network platform. Blockchain databases offer immutability, complete security, transparency, and privacy, allowing anyone to create an easily verified digital record. These blockchain platforms use robust data technology encryption techniques to ensure that the hackers can tamper or modify the existing transactions stored on the blockchain. The modern blockchain technology that was primarily used to power cryptocurrencies tech has evolved into a revolutionary tech applicable to a variety of gaming industries. Blockchain offers the best features decentralization, immutability, transparency, and enhanced security. These features have helped gaming features a lot.
Benefits of Cryptocurrency in Gaming
Cryptocurrency is gaining popularity, and it appears like everyone is investing relatively in this new realm. This is the majority of why blockchain has piqued the curiosity of every major sector. Although the gaming industry appears to be one of the earliest adopters of this blockchain technology, each digital technology asset in blockchain tech games is unique, it distinguishes them from digital games.
Blockchain technology gives gamers or players complete cover over the digital assets they earn through their competitions or participation in the games.
These are the important terms useful in blockchain technology gaming
• Asset ownership in gaming
• Play to earn and pay to earn
Both pay-to-earn and play-to-earn platforms commonly referred to as GAMEFI and A term game that emphasizes the earning potential of gaming. Tokenizing in-game assets essentially implies establishing cryptocurrency and NFTS that allow developers to own assets fully.
The growth of crypto gaming
Around 58% of 197 video game developers surveyed in the US and UK are beginning to use blockchain technology. And approximately 47% started to incorporate NFTS(nonfungible Tokens) in their games.
Gaming is growing faster than ever before. The industry is currently valued at $173 billion, and the $300 billion mark will be achieved soon with a positive surpass in gaming. The rise of blockchain gaming turned the tables on the gaming platforms by making players the main financial decision-makers. Crypto gaming is a going trend that is not be overlooked, and these blockchain-based games enable players to have real ownership. Assets are typically noticed as none fungible tokens (NFTs).
Play to Earn Crypto gaming
Blockchain and NFTS utility tokens are increasing in popularity within the gaming platforms or industries. The gaming industry is now booming with no aim of slowing down. Play-to-earn crypto technology games are a subset of blockchain gaming, a feature some applications possess, giving users a way to earn different asserted in games items that can be changed in currency or other tokens.
NFTS is an important part of P2E gaming, seen in many technology projects that have been recently developed in blockchain development spaces. In many other countries, this play-to-earn gaming enables gamers to make a living by playing video games. That means the NFTS representing the game’s items can be traded and sold for a fiat currency on any of the NFT marketplaces.
Blockchain and NFTs as Future Gaming
Blockchain gaming and crypto gaming have gained huge popularity, and people are more interested in how collectibles, micro assets, virtual payments, and NFTS marketplaces can change the gaming industry.
The most important and popular use case of blockchain tech, in general, is to track ownership of something highly valuable, such as money. One of which will be assets in a game—these assets represented on a blockchain in the form of nonfungible tokens(NFTS). None fungible means unique, and they allow users to own individual assets that can be traded with other players within the same game and transferred between platforms. The use of blockchain platforms and technologies has allowed for the creation and trading of NFTS or utility tokens that are unique, rare, and more rewarding.
Blockchain technology in gaming also facilitates immutable transactions. For gamers or players, this means their purchase and asset ownership data cannot be replaced, deleted, or altered. And blockchain technology uses or advantages in gaming while modern technology lacks transparency. And to complete missions, gamers need to buy various kinds of resources. In this aspect, blockchain is ahead of the competition. Furthermore, blockchain tokenizes gaming assets allows the creation of decentralized markets.
Blockchain gaming is a unique game that allows actual ownership from the same technology that powers popular bitcoin, cryptocurrencies, and Ethereum. Many players have accepted that their items are forever stuck in games and can’t be moved in out freely by gamers. And here, blockchain gaming operates to break those barriers and bring even more exciting developments. Games on blockchain will give players permanent control and complete ownership of their collectibles and in-game assets, including equipment, game characters, skins, and cards. These take the industry into another world of fun where players can easily benefit.