Blockchain and Gaming: Unlocking New Possibilities in the Entertainment Industry
The blockchain is a decentralized ledger of records that was introduced to the world when Bitcoin launched in 2009. Nearly all cryptocurrencies rely on blockchain technology to process transactions and store data securely. While this technology is centered on online banking, it also helps developers create trust-free apps. This is where gaming comes in. Developers are using the blockchain to create futuristic virtual gaming environments. They are using it to revolutionize finance in gaming. What is more, the blockchain is changing how people play games of chance. In this article, we will dig deeper into the benefits of blockchain technology in gaming.
Blockchain is a unique financial system in that it has no intermediaries. That means it has no geographical limits. You can use crypto in every corner of the world. The best part is that the transaction time does not change by region. You can send 100 BTC from the US to Australia within 20 minutes. This helps you save time. And it makes crypto one of the most convenient payment methods online.
In the casino space, blockchain is one of the reasons iGaming has been expanding globally. With crypto, you can access the best crypto casinos in the US even if you are on vacation overseas. Similarly, players in the US can play slots through gambling sites located in Curaçao or Malta.
That being said, many crypto gaming sites accept only a few well-known coins. They prioritize Bitcoin, Ethereum, Bitcoin Cash, Ethereum, and USDT. Most of them also give you a bonus as a welcome gesture. However, they may not support volatile, relatively unknown coins.
Play and Earn Games
At the height of Bitcoin in 2021, play-to-earn crypto games had become so popular that some people were quitting their day jobs to play these games. Their popularity decreased after crypto crashed last year. But they did not exactly go away. Crypto games incentivize players with coins, which they can convert into real cash.
Take Axie Infinity as an example. This game is centered on breeding monsters called Axies. Each Axie has unique fighting traits like speed, skill, morale, and health. They can also be categorized into different classes, like aquatic and reptile. The goal is to breed great Axies to help you win battles. Winning battles earns you coins called Smooth Love Potion (SLP). You can convert these coins into money. Or, you can use them to breed better Axies. Likewise, you can sell your Axies to receive AXS tokens, Ethereum-based coins you can exchange for money.
Beyond Axie Infinity, here are some other top-rated crypto games you can play:
- Crypto Kitties
- Gods Unchained
- The Six Dragons
Non-fungible tokens (NFTs)
Former Twitter CEO Jack Dorsey hit headlines in 2021 after he sold his very first tweet as an NFT for $2.9 million. Unfortunately, the NFT lost 99% of its value after a year. It is now worth just over $100. Most non-fungible tokens that cost hundreds of thousands of dollars plummeted last year. But this is not to say no one makes money from innovation anymore. NFTs are digital assets that provide something most virtual products lack: proof of ownership.
NFTs come with a digital certificate stored on the blockchain. This certificate shows you own the digital asset. For clarity, an NFT could be an image, meme, GIF, video, or video game skin. Proof of ownership protects the value of your virtual assets. Think of your valuable gaming costumes, race cars, weapons, and characters. If these assets can be converted into NFTs, no one can take them away from you.
Players can collaborate with developers.
Usually, publishers and developers have near-total control over games. They decide the theme, characters, and prices. Thanks to blockchain technology, players are taking some power from developers. Gamers can now participate in the creation and enhancement of their favorite games. This works through a voting process. Blockchain technology can help developers track active players. The most active players can get the right to vote on changes that should be made to a game.
If the community agrees on an idea, the developers have no option but to implement it. This also relates to decisions about finances. Maybe the publisher wants to increase the cost of a battle pass. The community can show its disapproval through a vote.
If you are like many gamers, you probably wish you could use one profile for all your gaming accounts. Instead, you often have to set up your profile every time you install a new game. The blockchain could change how we play video games by enhancing interoperability. Unfortunately, this will most likely never happen. Many video game publishers are against working with their competitors. Furthermore, not all of them are open to using the blockchain.
That being said, publishers that embrace blockchain could work together to improve players' experiences. And we are not just talking about smoothing the gaming registration process.
They could work together to improve technical accessibility. You see, gamers have different learning patterns. Some of them can complete a difficult level within a day. Others take more time to learn. Developers can use data tracked through the blockchain to lower the barrier to entry and improve the learning curve.