Blockchain technology is making waves in various industries, but when it comes to gaming, it has been embraced by many individuals.
This article explores the current state of Blockchain Gaming and what it’s changing.
You’ll also discover how blockchain technology might solve some of the industry’s biggest problems by supplying businesses with revenue, increasing transparency and giving players more control over their data.
1. Massively Multiplayer Online (MMO) Games Will Emerge
MMO games, as referred to in almost all gaming sectors, mean thousands of people play the game simultaneously.
The rise of blockchain technology will impact the industry as it will make it possible for players to play with each other across the globe. It will not only make the gaming experience more exciting but also more interactive.
The following are some of how blockchain technology can change this industry:
- Reduce the cost of transactions
- Help developers make their games scalable.
- Provide a secure environment for players to play their favourite game
2. ESports Will Be More Popular
With the help of blockchain and cryptocurrency, eSports will be able to attract more viewers as well as fans. They can watch tournaments live and even participate if they have enough money. They could also earn money by watching ads or other forms of monetisation enabled by this technology.
3. Betting and Gambling
ESports is one of the fastest-growing industries in the world, and there is no doubt that blockchain technology will play an essential role in this space.
The gaming industry is already huge, with over 100 million gamers worldwide. The sector has enormous growth potential, growing from a niche market to a mainstream phenomenon.
Egaming revenue exceeded $1 billion in 2018 for the first time.
According to data analysis experts, ESports betting will reach $1.87 billion by 2025, making it the world’s largest gambling market.
4. The Online Casino Industry Will Embrace Blockchain Technology
Blockchain technology is already a game changer in the online gaming industry. The blockchain revolution has been coming along, and while it’s still early days, there are plenty of ways that blockchain will change the gaming space.
The best blockchain casino will ensure players do not have any security concerns; with the rise of Bitcoin, Ethereum and other cryptocurrencies, customer wellness is critical to protecting them.
The blockchain protocol makes transactions more secure than ever before, as it maintains an unchangeable record of every transaction made on the network.
It makes it nearly impossible for someone to alter their records or cheat players out of their money.
5. Online Games Will Adopt Cryptocurrencies As Tokens
The idea is that gamers use the tokens to buy virtual items and digital content, which other players in the game can then use.
The token concept is gaining attraction. Many developers and publishers seek avenues to monetise their games with cryptocurrencies. It is a concept that has been around in the gaming space for some time, but it’s now gaining traction with developers and publishers looking to monetise their games with cryptocurrencies.
6. A New Breed of Decentralized Gaming Platforms
Decentralized gaming platforms will allow developers to create more secure games than their contemporary counterparts. With this in mind, players will feel safe when playing their favorite games without worrying about anything going wrong with the game or its servers.
Blockchain technology allows players to enjoy multiplayer games without worrying about downtime or server issues affecting gameplay sessions. It means players can play together in real-time while enjoying a great experience.
7. In-game Transactions And Items Will Become Easily Transferable
A common complaint among gamers is that the cost of in-game purchases is often higher than the actual game content.
The process involves many intermediaries. It thus takes a large profit cut. Blockchain technology can solve this problem by making it easier for gamers to sell their digital goods and use those funds to buy new ones.
With blockchain, a player can transact either buy or sell on the same public platform or across different games available, with an option of free will.
8. High-quality Gaming Experiences, Even On Low-end Devices
The entry cost is low on blockchain technology, so more people may be able to play video games if they have a smartphone or a low-end computer.
The platform could also allow developers to create more complex games that require more processing power.
That would boost their profit margins by allowing them to sell these products at higher prices than they would generally be able to charge.
9. Elimination of Fraud
Blockchain technology also allows for greater security when playing games online. It also allows players to store digital assets on the blockchain, which means they can use them across multiple platforms without worrying about losing access or having them stolen.
These could be a considerable concern for gamers who are sensitive about their digital assets and don’t want anything to happen to them when they log out of their account or close their browser window.
Blockchain has three main features: distribution, immutability and permissions. The features are critical pillars to data protection and management as no person can delete or access data they are not allowed.
The Future is On Blockchain Technology!
Blockchain technology isn’t going away; it’s just getting started. The gaming industry is a vertical primed for disruption, and today’s topic—Blockchain in Gaming—looks to be the catalyst to usher in that monumental sea change.
In summation, there is plenty of room for Blockchain technology to improve current gaming market practices.
Game makers and publishers who partner with companies dealing with Coin will be able to realize these benefits as they continue evolving their products and services.
In the next few years, blockchain technology will likely impact all segments of the gaming industry.
The main goal is to make transactions more quick, secure, and transparent. Considering how pioneering the industry is in this respect, it is no surprise that people want to stay on top of developments.