How is Blockchain Gaming Changing Industry in 2022? Blockchain is a decentralized system, which means that the game is on the blockchain is not owned and controlled by a central authority, but rather by the users, who possess digital assets and game objects.
The gaming industry has come a long way since its humble origins. I have good old memory remember playing Super Mario on a 16-bit cartridge gaming console.
We are all witnessed how this Gamin industry has grown into a Billion dolor industry.
Now we have fantastic gadgets like VR Gears and AR Technology, which opened a whole new dimension to the gaming industry.
I believe the fancy of a ready player one will be a reality soon.
Games like PlayerUnknown’s Battlegrounds (PUBG) are in the category of Massively multiplayer online (MMOs), In these games, the game character reflects the personality of the player, with the help of skins they could bond with the game character.
Now in the age of social media majority of the players stream these games online on twitch or youtube, they are not playing for only the sake of fun. They are generating business out of it. The data of youtube views of online gaming shows clearly. Online streaming grows from 196K to 871k eight times in just two years
Blockchain is not only about digital money; there are multiple sectors in which we can use blockchain, one of them is blockchain gaming. It could be a vital step to level up this gaming industry. Why am I saying this? Because blockchain technology could change the way games are manufactured soon.
How is Blockchain Gaming Changing Industry in 2022?
Let me explain blockchain a little bit; A blockchain is a chain of data blocks on a network of computers.
Blockchain is a decentralized system, which means that the game is on the blockchain is not owned and controlled by a central authority, but rather by the users, who possess digital assets and game objects.
( Read the detailed article: What is the Future of Blockchain? )
You hold some amount of digital assets called NFTs on a gaming blockchain, just like you own a cryptocurrency, such as Bitcoin, Ethereum, or any other altcoin.
These are game objects like skins, weapons, and vehicles. You can own them in the same way that you would cryptocurrency, and you can transfer them not only to a wallet but also outside of the game.
The Importance of NFTs in Blockchain Gaming
NFTs are nonfungible Tokens that are one-of-a-kind, and can easily be transferred to a wallet address like any other cryptocurrency. NFTs are unique. So you can add your personality to your digital asset and feel a personal connection to your character
Because these NFTs are unique it also makes them rare. the element of scarcity that comes with blockchain technology, meaning that only a limited amount of these products are available, So they could be collector items.
Just like an online RPG game like Fortnite or another similar title, there are things in the game which are common, special, uncommon, epic, and legendary. The legendary items are the rarest of all.
You can see the player’s name who played it the name is bound with that item forever as a transaction. It gives that piece a unique value.
for example, Player X Played with sward and unlock a rare achievement with that sword, Assume Player X is a pro player who defeat the boss without any retry only with a wooden stick. So that achievement information is kept forever with that item. Makes a common wooden stick item rarest of all.
But what if the game you’re playing suddenly dies to stop their servers go bankrupt over the night? In present. day scenario we by game currency to by the accept and power-ups quite often. If your games die you lose all your assets waste of money and time that you have invested in that game. On the other hand, NFTs can be transferred from one blockchain to another in the blockchain. You can use them as cross-platform assert. You can store your game account in a crypto wallet and can be used in multiple games.
there are two more advantages:
- It will reduce unnecessary microtransactions in multiple games.
- overtime time of that asset will increase.
That’s all for now How is Blockchain Gaming Changing Industry in 2022?
Frequently Ask Questions
Will NFT value increase in the future?
NFT is not crypto. It is a medium to sell individual digital art. Well, I saw it as a rare collectible. If you have, of course, you have the chance to make a fortune
Do NFTs have copyright?
Yes, NFTs have copyright. Ethereum blockchain contains information about the current owner which cannot be changed
Do NFTs use blockchain?
Yes. NFT run on etherem Blockchain.
is NFTs real money?
No, NFTs are just a token that only contains the information for the owner