There are more than 2 billion games across the world, and each of them is inquisitive about the latest developments in the gaming sector. But, if there is one thing that is driving gamers’ minds on an altogether different level, that is blockchain in gaming. This technology, with its unification with NFTs (non-fungible tokens), and cryptocurrencies is offering gamers a revolutionized experience. Blockchain is structured in a decentralized setting that offers a transparent ecosystem. Let us dig into the benefits, limitations, and applications of this technology.
Secure transactions, Flawless user interface, Credible trading – Blockchain in gaming is turning out to be a noteworthy technology.
Benefits of Blockchain Technology
Blockchain technology acts as a boon in numerous ways in the gaming industry. Though it was quite a rare thing in the past years, in recent times will encounter some of the greatest blockchain-based games. The surge has been perfectly explained by Technavio’s report about the global gaming market which is expected to increase by $125.65 billion from 2020 to 2025. A few advantages of blockchain games are:
1. Secure Transactions
This platform offers an absolutely secure, transparent, and unchangeable technology. In the blockchain platform, there is no trace of double-spends or fraudulent activities while recording transactions. It is because of this credible nature, the audience finds confidence in engaging in digital transactions. Therefore, it is suitable for games that share delicate data or virtual assets like NFTs.
2. Enhanced Security
Blockchain in gaming offers an extra layer of security through its encryption systems like Secure Messaging and Two-Factor Authentication. This technology is beneficial for protecting crucial data like player details, game data, and user trades from getting fiddled.
3. Brushed Up User Experience
Blockchain games 2022 like Silks, Skyweaver, Bloktopia, Plant vs Undead, and so on offer the audience a seamless user interface. It lends a methodical, safe, and authentic way of utilizing digital transactions and accessing virtual assets. This technology helps the players have more hold on their gaming experience.
It is the presence of blockchain in gaming that guarantees an authentic, verified, and legitimate bond between different parties. All the transactions and interactions prevent fraud, which is a regular issue in the gaming industry. Apart from verification, blockchain is also helpful in assuring that no party or individual has been paid twice for similar services or goods.
5. Exchanging Resource
It is possible for the players to swap their items in return for profit or similar resources. This technology develops an environment where all the items and throw ownership are recorded. It is because of this, the player has complete faith knowing that there is no possibility of their items will to be robbed or copied.
Limitations of Blockchain Technology
Like every other thing, blockchain in gaming also has certain drawbacks. Let’s discuss them.
The thing about gaming cryptocurrency is, they are quite complex in nature. Though the game initiates with the easy step of setting up your user account. Following that, perceiving the nature of the Blockchain games, the player needs to develop their crypto wallet and also purchase a certain amount of crypto making it a struggle.
2. Regulatory Haste
There are certain cryptocurrencies like Theta, MANA, and additional ones that throw challenges. This is because the regulatory bodies are still decoding their approaches, nature of work, and total functionality, and most importantly if they shouldn’t be used in blockchain gaming at all.
The gaming industry is competitive, with new games released almost every other day. It is therefore quite difficult for blockchain in gaming to compete with traditional games and reach the top.
4. Limited Awareness
There is quite a large number of people who are unaware of blockchain gaming and NFT technologies. Despite some of their hearing, they probably consider those buzzwords. This is why blockchain in gaming doesn’t get the much-needed appreciation and attention it deserves.
5. Huge Transaction Fee
Even the best blockchain games have high transaction fees, and that often leads to charging dollars per transaction. This is explained by a layer of spending even cents for every move they make, they are still splurging quite some money.
Trending Applications of Blockchain in Gaming
The application of blockchain can be noticed in numerous real-world examples, and some of the top games have been listed below.
This game was launched back in 2017 and is one of the first blockchain games. It is based on Ethereum. The game is all about creating a new generation of kittens having unique traits for maximizing their value.
Decentraland is an example of a blockchain platform that uses this technology for creating a decentralized virtual world. In this platform, the user can devise, experience, and also monetize applications and content.
3. Gods Unchained
This game makes use of Ethereum for a card transaction. It is a collectible card game. These are digital assets that cannot be substituted or evolved without the owner’s permission, therefore, they are unique and valuable.
Blockchain in gaming is evolving despite extreme hardship. Beginning with a mere zero value market to touching 3 billion USD in 2021, this industry has experienced major events. Players prefer blockchain gaming because of ample opportunities, and one of the main elements is dealing with digital assets. If you are curious about trying your hands on creating a blockchain-based game, it is time to connect with Algoworks. Not only we are competent in game development, but our comprehensive direction will help you create the best of the lot.
About Us: Algoworks a B2B IT firm providing end-to-end product development services. Operating chiefly from its California office, Algoworks is reputed for its partnership with Fortune 500 companies such as Amazon, Dell, Salesforce, and Microsoft. The company’s key IT service offerings include Mobility, Salesforce consulting and development, UI UX Design Consultation, DevOps, and Enterprise Application Integration. For more information, contact us here.