Blockchain | 17-11-2022 | Prashant Shrivastav
Blockchain is one of the most miraculous discoveries of the twenty-first century. Cryptocurrency is the most popular application of blockchain which is a global phenomenon currently. Gaming is among the largest and fastest-growing industries around the world. And integration of Blockchain and gaming can provide an independent and hassle-free gaming experience to gamers.
Gaming businesses are responsive in their approach as it is digital. According to a report, 55% of Millennial gamers own cryptocurrency and 80% of these people are interested in making transactions with cryptocurrency within the gaming environment. Also, 48.6% of the crypto owners would spend their cryptocurrency on online gambling and gaming. Let’s have a look at the profitability of blockchain gaming.
In recent years due to the benefits of blockchain, it has become the first choice for the gaming industry. Some of the benefits that are helping the gaming industry achieve new heights are;
Blockchain is among the safest form of doing transactions. The transactions on the blockchain are transparent, immutable, and secure. It adds a layer to the confidence of users who are there on blockchain technology.
Blockchain provides you with an additional layer of security with the use of encryption systems like Two-Factor Authentication and Secure Messaging. It can protect sensitive data like player information, user transactions, and game data.
Blockchain helps you to improve your overall experience by providing a secure, efficient, and transparent way to engage in digital transactions. Users have more control over the gaming environment with blockchain gaming.
The blockchain gaming platform makes sure that all the interactions and transactions between parties are legitimate and verified. Blockchain helps in eliminating a common phenomenon called fraud in modern-day gaming.
Players in the game can trade items like profits and other resources within the gaming environment. Players can deal with complete confidence as blockchain creates a record for each of its items.
While playing the game gamers can earn rewards in the form of cryptocurrency. Players are rewarded with points that do not have money in traditional games. With blockchain-based games, they can easily earn cryptocurrencies to use real money for purchasing items.
In the current scenario, gaming is expanding faster than the universe. There is a recent spike in new players which makes gaming a more practical and easily accessible experience for the estimated 2.6 billion gamers globally. Long gone is the time when people use to play games just to pass the time. In the current scenario, gamers are making a good amount of money with their gaming skills.
Blockchain gaming is the future of the gaming industry. We are just on the verge of WEB 2.0 which will be driven by applications of blockchain technology. Looking at the current scenario one can easily predict that blockchain gaming is the future. Let’s have a look at the top five features of blockchain gaming.
There are countless reasons to make blockchain gaming profitable. The most promising feature of blockchain gaming is that it provides freedom to gamers. The global gaming industry is enlarging at an exponential rate and blockchain is fueling this growth. Blockchain gaming will be profitable as:
With blockchain technology added to gaming users can be paid to pay. Gamers make investments to acquire NFTs and native tokens, to begin with, the game. Gamers can easily earn tokens by playing the games and they can exchange these tokens with fiat currency. Multiple gamers are earning good among of money by playing these games.
You can easily participate on a blockchain by simply having a mobile and internet connection. You can also earn income with your participation in blockchain technology. We should expect continued growth in blockchain-embedded gaming. The open blockchain platforms boost the blockchain gaming community.
Public blockchains are mostly open protocols. For example, Ethereum is an open protocol, which means anyone can build games on Ethereum. With this process, one can easily outsource much of their capital and operating costs to the base layer of Ethereum. It means, it is easier to start a game for entrepreneurs. Moreover, low barriers to entry here increase competition.
Nowadays gaming usually happens on walled-off data networks. Meaning that users cannot have their in-game assets. But with blockchain gaming users have whole ownership of their in-game assets. When users have freedom while being in the virtual environment their engagement with the game increases automatically.
As blockchains are permissionless and open, anyone can build on them. When we integrate all the facts, we can say that blockchain gaming would have a bright future built on top of various layer-one blockchains like Solana, Ethereum, Cosmos, etc. Users can easily switch games with ease.
There are multiple reasons which prove that blockchain gaming is profitable as compared to rational gaming. Blockchain gaming offers freedom to gamers and it allows them to own their digital assets within the game.