How Cryptos and Blockchain are Changing Gaming
Gaming has changed more in the past few years than in the last 50 years, and now, it’s expecting yet another revolution – the blockchain. Whether you’re looking for majestic RPGs (role-playing games) or simply the best live casino experience, the blockchain is here to stay.
The blockchain is the revolutionary technology behind cryptocurrencies. Essentially, it’s a data blockchain network. This network can be seen by every user within the network. However, despite being public access, it can’t be changed or relocated.
The end result is a decentralized network that’s great for financial applications, which is the case of crypto. Games operating in the blockchain can be owned by their users via special digital assets called NFTs (non-fungible tokens).
NFTs in Gaming
An NFT, short for Non Fungible Token, is a blockchain-based digital asset. Just like crypto, it can be kept in digital wallets, transferred, or sold. These assets can be anything from art to in-game items. They’re issued and sold in limited quantities and come in a wide variety of rarities.
However, what does this have to do with gaming? NFTs could be unique items players can use in-game. These items can be exchanged, traded or sold, creating a digital economy, much like cryptocurrencies.
How Does the Blockchain Benefit Gaming?
Now that you know how NFTs work, it’s time to take a look at how blockchain technology can improve gaming. Here are the main benefits:
- Creation of immutable digital assets in the form of items, maps, and others.
- Solves item theft via hacking, as NFTs include proof of ownership.
- Allows sales to be recorded in the blockchain, leading to better transparency.
- Creates a decentralized marketplace that’s closer to the real economy.
- Improves cloud-based gaming via its network.
- Encourages indie developers to create their own games.
- Allows players to own and keep game items, no matter the developers’ decision.
- Encourages user content, giving power to the players.
- Motivates players through dividends and voting rights.
Blockchain technology promises to give players control over the games they play depending on the assets they purchase. Developers can only change games with the approval of the community.
Is Blockchain the Future of Gaming?
Definitely. Forbes, and many other outlets, are certain that blockchain is the future of gaming as we know it. Plus, you’ve already seen how the benefits of a global gaming migration towards blockchain-based services can be endless.
You’ve probably heard of the metaverse – a fully digital 3D world beyond ours. A world where players can chat, travel, and fully enjoy their NFTs.
Many consider metaverse the next big thing, including Microsoft. In fact, the tech giant recently said its Activision Blizzard $69 billion acquisition would improve the metaverse.