What is blockchain gaming?
Blockchain gaming is a new and evolving market that could revolutionize the gaming industry. Blockchain gaming allows developers to create games that can interact with each other, manage in-game currencies, and develop fun microtransactions.
The blockchain is an electronic ledger for storing data in a chronological order, whereas a block is simply a record of transactions between two parties. The only difference between cryptocurrencies such as Bitcoin and the blockchain technology behind it is their application: while Bitcoin was made specifically to be used in monetary transactions, the blockchain was designed to store all types of data in one place without tampering or interference from third-part.
For gamers, blockchain games will offer a unique experience where digital items (like skins or in-game currency) are owned by the player and not the company behind the game. This means that when you buy an item in one game, you’ll be able to use it in another game.
Blockchain gaming history
Blockchain gaming is a relatively new concept, but its history goes back to the 1990s. The first blockchain game was called Huntercoin and was based on Proof-of-Work (PoW). It quickly gained popularity, but ultimately fizzled out due to lack of innovation.
One of the problems with early blockchain games was that they were too reliant on the blockchain itself. They had no intrinsic value, just like other cryptocurrencies at the time.
Benefits of developing a game on the blockchain
Over the years, gamers have had to deal with a lot of issues. From online fraud to unfair play by other players, they have found themselves in an environment where things are not fair or just. Blockchain technology has the ability to solve these problems and bring about a new era for gaming, but it can also do so much more.
For starters, blockchain-based games are decentralized which makes them transparent and fair for all parties involved. This means that you can trust that everything is handled fairly! Additionally, blockchain-based games make use of tokens which can be used as currency within the game itself!
The game play is stored on the blockchain which means that it cannot be hacked or manipulated by anyone else. Transactions can only happen between accounts that belong to users who have permissions to access their own wallets. This makes gaming on the blockchain extremely safe for both developers and gamers.
There are a number of reasons why businesses should consider developing a game on the blockchain. This strategy will attract new customers and provide them with an innovative and fun experience that they can’t get anywhere else.
The most important benefit is that it helps to build brand awareness, which is very important for all companies, especially startups. A popular game built on the blockchain will help your brand gain popularity and trust among potential clients. It will also help you collect necessary feedback from users and improve your product or service based on their opinions and suggestions.
Challenges in developing games on the blockchain
Blockchain based games are fun and engaging, but the current development costs are too high to make them profitable. The blockchain is an excellent way for developers to create decentralized games. It makes it possible to transfer assets from one player to another without a middleman or third party service, which can cause problems with security and transparency.
The biggest challenge in creating a blockchain game is the amount of time needed to build strong communities around them. These communities need tools that allow players to interact directly with each other for seamless transactions and socializing.
Blockchain game platforms
Blockchain-powered games are changing the way we play our favorite titles. Most of these games are built on Ethereum or other blockchain platforms like EOS, Cardano, NEO and NEM. These games utilize cryptocurrency to allow players to purchase items within the game with real money. It’s not just an investment opportunity; many of these projects are looking to provide games with something fun and new.
A list of Blockchain Gaming platforms is: CryptoKitties, Axie Infinity, Gods Unchained, for example. Some Blockchain games, such as Rising Star and Rabona, can be found in the Hive itself.
Future of blockchain gaming
Blockchain technology is poised to disrupt the gaming industry in a way that’s similar to the impact of smartphones on the music industry. The music industry was changed forever when Apple released its first iPhone, which allowed people to easily download and listen to their favorite songs over 3G data networks.
Gaming has been revolutionized by blockchain technology as well, although it’s still in its early stages. The video game market is worth more than $100 billion worldwide, with gamers spending around 2 billion hours each day playing games across all platforms.
The concept is still in its infancy, but there are already some high profile examples of games using blockchain technology. CryptoKitties is one such game where people can buy and sell unique digital cats with real value attached to them. Another example was when an individual purchased a virtual sword from a virtual marketplace for $11,000 worth of cryptocurrency.
Conclusion
Blockchain technology is becoming more and more popular with game developers. It is clear that there are many advantages to using blockchain over traditional game distribution platforms like Steam, which has resulted in a growing number of companies creating games on the blockchain. With so much potential for growth, it will be interesting to see how long it takes before we start seeing some major titles hit the market.
Sources
https://www.icaew.com/technical/technology/blockchain/blockchain-articles/what-is-blockchain/history
https://101blockchains.com/history-of-blockchain-timeline/
https://xaya.medium.com/just-how-much-money-have-people-made-with-huntercoin-7c7336f5ac04
https://nftevening.com/lionel-messis-first-nft-card-on-sorare-sells-for-11000/
Image by Hitesh Choudhary (Unsplash)