The advancement of technology has pushed video game developers to create longer, more complex, and bigger games. A few months ago, the next big thing that hit the world by the storm was blockchain games.
The reason these games are creating so much buzz is because they use and pay gamers with bitcoin and other forms of cryptocurrency. While the internet is awash with information about blockchain gaming, the topic still remains a mystery to many.
This guide covers everything you need to know about this latest trend! You can also learn more by checking out Block Game Fans which is one of the best resources on the web right now for everything blockchain gaming.
Excited? Come along to learn more!
What are blockchain games?
Basically, these are online games that are powered by blockchain technology. They utilize non-fungible tokens (NFTs), cryptocurrency, or both to allow players to earn while playing the game and distinguish them from other video games. But, generally they are not so different from traditional games.
How are blockchain-based games different than traditional games?
The main difference between traditional games and blockchain games is in the ownership of in-game items. In blockchain games, the player owns each asset and has complete control over it since it exists as a unique NFT on public blockchains.
An NFT is a digital asset that can exist in several forms, can be traded, and broken down into several parts. On the other hand, a blockchain is a chain of ledgers and servers that operates as blocks to authenticate information. It cannot be cheated or manipulated because the information is validated by millions of blocks that function as a decentralized system.
Blockchain games give players total control and true ownership of their digital assets. Technically, even the game developer cannot control your NFT or destroy its value.
Traditional games, on the other hand, do not utilize NFTs. Any in-game asset you own can be given to another player at any time or lose its value if the developers make even the slightest change.
Advantages of blockchain games
If you’re wondering why blockchain gaming is becoming a worldwide phenomenon, here are some of the benefits it provides to gamers:
1. Interchangeable ecosystems
Blockchain games allow players to transfer and trade the digitals assets they have earned in the game with other interested players instead of staying locked to the game.
2. Digital asset ownership
Unlike in traditional games where digital assets were owned by the publisher and limited to the game’s ecosystem, blockchain games allow gamers to own their in-game items in the form of NFTs.
3. Economic incentive
Blockchain games have a unique ‘play to earn’ model that allows players to earn income. Players can trade their digital assets without any restriction to make money.
NFT games are a major category of blockchain games that utilize non-fungible tokens. In these games, players earn unique assets and retain ownership of these in-game items outside of the game’s ecosystem.
Blockchain and cryptocurrency go hand in hand. Most blockchain developers utilize these digital tokens in the game’s in-game economies. Blockchain’s decentralized nature ensures that in-game rewards aren’t subject to risk like other digital rewards.
It is worth noting that cryptocurrency and NFTs are closely linked to the blockchain. What makes NFT games unique is awarding gamers with decentralized and unique digital assets that can rise in value.
How “Play to Earn” works in Blockchain games
Making money playing video games is something that has been there for a while. Streamers and pro-gamers have used their gaming skills to create real-life revenue streams. Players have also sold and bought unique in-game assets for money.
Blockchain games utilize the ‘play to earn’ environment or GameFi to expand on this concept. GameFi is a combination of ‘decentralized finance’ (DeFi) and ‘gaming.’
Gamers collect unique in-game items with real value like NFTs or cryptocurrency as they play. These digital assets remain unchanged outside the game’s ecosystem and can be traded or flipped for money by the player.
For instance, if you spend a few hundred bucks on a unique weapon in a game like World of Warcraft, you risk losing your investment or asset if the game shuts down unexpectedly. Such a scenario cannot happen with blockchain games because of the gaming’s decentralized nature.
Transactions are recorded in smart contracts that indicate proof of ownership and cannot be cheated or manipulated. Your NFT or crypto reward cannot be lost or lose its value even if the game disappears or changes.
Gaming has come a long way, and as technology advances, its future is poised to expand in value. Blockchain technology is a trusted ecosystem that is well-known for transferring digital assets and value, making it the best solution to challenges in the gaming industry.
Generally, it will revolutionize the gaming industry. There are dozens of games that embrace blockchain technology, such as Splinterlands, Axie Infinity, League of Kingdoms, and Age of Rust.