How Blockchain Gaming Can Transform the Video Game Industry

• Posted by ema hossain September 3, 2022 - Filed in Arts & Culture - #nft  #crypto  #bitcoim  - 673 views

  

  A popular way to keep a game alive is by allowing the players to vote on changes. By implementing governance tokens, the players have the power to make decisions. Unlike traditional games, a popular blockchain game won't die if you stop playing it. Nevertheless, the concept is not without its problems. Developers face a trilemma when they try to introduce blockchain gaming into their products. If they don't deal with this issue, the games will likely fail to get the kind of attention they deserve.

  Characteristics

  The video game industry is expected to be worth $175 billion by 2020, with 2.7 billion active gamers worldwide. However, despite these large numbers, players have limited options to turn their spend into an asset. Blockchain gaming addresses this problem by enabling gamers to convert their in-game spending into cryptocurrencies. Currently, gamers are unable to take their spending out of their games when they stop playing. Until now, the only way to do this is to switch to a paid subscription model.

  There are several main benefits of Blockchain Gaming. Its ecosystem is decentralized, transparent, and distributed. The players are able to vote on changes and continue playing. This allows the gaming universe to evolve over time. It also provides the players with unique assets. Unlike conventional currencies, blockchain gaming allows players to trade their assets within the same game or across multiple platforms. However, these games are still in their early stages, so there are still a lot of challenges ahead.

  Benefits

  Blockchain technology can help online games with their financial transactions and storage. Games using this technology can store items in crypto wallets and allow players to trade them for real money. The Enjin wallet created by Enjin Coin stores in-game assets including Bitcoin and Ether. The higher price of gaming items can severely limit the number of players and restrict the revenue that game developers can generate. By using blockchain, game developers can offer power-ups and other in-game items at very low prices without losing profit. The immutable nature of the Blockchain makes this possible.

  The first benefit of blockchain gaming is the potential for monetization. Currently, gaming companies must pay large amounts of money to create a virtual currency. In contrast, Blockchain games allow players to earn digital assets. These assets can be purchased or sold in the market for real money and cryptocurrencies. This allows players to have control over their spending while playing their favorite games. Another benefit of blockchain gaming is the fact that it is a decentralized system.

  Infrastructural issues

  Among the most common challenges facing blockchain gaming is speed. Blockchain networks are notoriously slow and, in one recent example, a game called CryptoKitties congested the Ethereum blockchain and required an emergency task force. Additionally, players must generate private keys for each game and pay a per-transaction fee. Such problems are not uncommon, but these issues are arguably the biggest obstacles to blockchain gaming adoption. If these problems aren't solved, mainstream gaming may be the next step.

  Another significant issue is cybersecurity. While blockchain gaming has many advantages, it is not yet mature enough in the gaming industry. There are several issues that need to be addressed before the industry can truly reap the benefits of decentralisation. Regulatory arbitrage and security concerns are two major risks to blockchain gaming. In addition, gaming companies need to evolve mechanisms to protect user data against hacking. In-game data could range from identity details to bank accounts linked to gaming platforms, as well as game purchases.

  Future

  Blockchain gaming will allow players to interact with the virtual world and exchange scarce assets with other players. These scarce assets will be the badge of honor for the best gamers. Audiences of gaming content will be able to support and invest in these players through the digital assets, just like collecting your favorite athlete's jersey. This will open up new possibilities for gaming content and will be beneficial to the industry as a whole. But the biggest question is, what will the future of blockchain gaming mean for gamers?

  The blockchain will make gaming inexorably more popular. As it continues to grow, gaming adoption and value will skyrocket, reaching milestones unseen in human history. The technology will become a self-sustaining ecosystem, with more games and businesses offering greater rewards, and the future of blockchain gaming will be as bright as the current state of our industry. If you want to be part of this booming industry, start learning about it now.