Now, a brand-new technology called blockchain promises a fundamental change in how businesses and studios make and design video games for the upcoming generation of players.
Although cryptocurrencies and NFTs are the two most well-known uses of blockchain, its growth has had revolutionary reverberations throughout enterprises, sectors, and industries. Here’s how it’s leaving its impact on one of the most important sectors of the current global economy.
Cons of traditional gaming
It’s crucial to comprehend how the existing model fails before discussing how much of a beneficial impact blockchain can have on how we now play games.
Traditional gaming paradigms provide players little agency, ownership, and access. There is hardly any interoperability and little use for in-game purchases.
This means that if consumers decide to stop playing a game entirely, they will have invested a significant amount of real-world funds and resources in a corporation with little hope of recovery.
The black economy, which is essentially the process of selling and trading old accounts without giving the original creators and studios appropriate credit or compensation, is another aspect of gaming. Blockchain gaming fills that gap. Blockchain Consulting Firms must educate themselves on this cutting-edge technology if they want to be more approachable and future-proof. Blockchain beginners should start here.
The revolution in blockchain gaming
The introduction of blockchain to the gaming business has significantly changed how the sector has started to view its own potential. A wave of creatively designed and well-thought-out games that are appealing to a whole new generation of gamers has emerged since the first blockchain-based games were developed with simple rules and graphics in place.
The following are some of the main benefits of enjoying games based on blockchain technology:
- Safe & Secure: By using blockchain technology in online games, hacking, key theft, and illegal trading—all too typical in conventional gaming models—are avoided. Blockchain technology also entirely protects your identity, adding an extra layer of security not seen in conventional gaming models.
- Interoperability: The time when quitting a game meant devoting all of your resources to it is long gone. Interoperability, which basically means you may use individual game assets across different games, is a crucial component of blockchain gaming.
- Real-world value: In nations like the Philippines, where individuals have started depending on these games for their daily income, the play-to-earn gaming model has already proven to be wildly successful. With the option to earn NFTs and real cryptocurrencies on highly playable games, why switch to a less lucrative version? It’s just a matter of time before this spreads to the rest of the world.
These characteristics support the idea that blockchain technology is bridging the gaps in the gaming business in ways that few experts could have ever imagined, which accounts for the industry’s explosive expansion.
Highlighting UFO Gaming
It’s time to start thinking about concrete instances since we’ve been discussing abstract ideas for a while. An excellent illustration of how blockchain-based gaming is evolving and creating a brand-new economy inside an existing thriving sector is UFO Gaming.
UFO Gaming, a fully decentralised social gaming platform built on the Ethereum blockchain, immerses users in a closed-loop ecology of P2E games known as the “dark metaverse.” Similar to the early internet, Ethereum will have critics and challenges. The player records recorded on the Ethereum Game Development are accessible to any developer from anywhere since blockchains are essentially very large, open databases.
Then, players can create in-game items like skins, armour, and weapons that they can use to complete various tasks. Players can buy virtual land that is staked in the game and regarded as NFTs for the purpose of earning prizes.
A community of players who are genuinely invested in the expansion and improvement of the game will be formed when players who buy Virtual Land also have voting privileges for metaverse direction.
A wonderful example of a company thinking outside the box is UFO Gaming, which is using blockchain technology to create visually stunning and entertaining games.
The potential of blockchain-based gaming is yet unknown, as it is only now starting to gain traction. There is no doubt that it will have an impact on the entire industry, and it’s about time.