Chances are that you have heard of Blockchain Gaming in the past two years. The sector has experienced tremendous growth, and today we explain what this new age of gaming entails, and how it all works.
WHAT IS BLOCKCHAIN GAMING?
Blockchain Gaming, as the name clearly suggests, is a sector composed of gaming products built through Blockchain Technology. This entails the use of NFTs, Utility Tokens, and the storage of game data on its Blockchain. The space is fairly new, with more and more exposure coming in its direction since the start of the last cryptocurrency bull run in late 2020. Many games, such as Axie Infinity, follow a simple, linear collect and battle narrative, but new, evolved and strategy based games are coming to the space more and more.
DIFFERENCES WITH TRADITIONAL GAMING
Blockchain gaming utilises blockchain technology to essentially give ownership of in-game assets to the players, and to possibly give them a chance to earn something tangible when sacrificing their time to be better at the game; this has brought many to name the games as "P2E"(Play to Earn). For example, all assets can be produced as NFTs, which can then be traded between players on a marketplace like Opensea, or in-game rewards can be produced as cryptocurrencies (Utility Tokens), through which users can earn something concrete when playing the game, and vote on the product's direction through in game D.A.O.s (Decentralized Autonomous Organizations). It should be noted that what Blockchain games usually offer is ownership of in game items and utility tokens based on this new technology; earning is secondary, and comes into the fold if the game has a vast userbase which trades these assets. Also, data storage is completely decentralized and secure. If done correctly, Blockchain Gaming will have consumer and seller interests completely coincide, with both parties earning their fair share of rewards from the product.
SECTOR GROWTH AND NEW HORIZONS
The sector has already seen incredible numbers, in part because of the immense NFT popularity surge we have seen in the past year and a half. As with Blockchain products in general, we can expect Gaming to initially follow the Crypto (and Internet) market volatility and direction, with many inefficient projects and few durable ones; but its growth and general gaming growth is non negotiable, as seen below; we can also expect evolution in symbiosis with technologies such as V.R. (Virtual Reality) and digital Metaverses.
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