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How Blockchain Technology is Revolutionizing the Gaming Industry
The gaming industry has seen a massive transformation over the past three decades, catapulting itself from a recreational hobby to a massive global economy. Today, millions of users play video games, make in-game purchases, bet and trade games, and idolize famous gamers. Currently, the gaming market is valued at hundreds of billions of dollars, leading to the need for blockchain technology in this industry.
Blockchain technology, which emerged in 2009 with Bitcoin, has been found useful in several fields beyond cryptocurrencies. Today, this technology is used in games to give them more security through decentralization and digital ownership. A prominent example of a blockchain-based game is Crossing the centuries.
In this article, we will critically analyze the emergence of blockchain-based games and their prospects.
Understanding Blockchain Technology in Games
Blockchain technology is known for its security and transparency due to its feature that each block contains transactional data that cannot be changed once locked. When it comes to conventional games, developers manage data on central servers which are open to manipulation and attacks. Innovative Blockchain technology counters this problem by offering decentralization, or the distribution of data across a computer network, which ensures license plates can see and verify ownership and transaction history. This distributed design improves security and trust by removing weak points. Another important advantage of blockchain is the increased security it offers as the immutable records of the blockchain protect virtual products and money from frauds and hackers.
Another advantage of blockchain is that participants can interact directly with each other and have greater control over their assets since there is no centralized server that controls their dynamics. Using non-fungible tokens (NFTs), players can claim beneficial ownership of their digital products by trading or using them across many games and platforms.
Blockchain gives players more power, improves game security and enables real ownership of digital products. Now, players can engage more deeply and games can advance in new ways.
The transition from entertainment to culture
Gaming has grown from a simple pastime to a significant part of our culture that unites people around the world and generates huge profits. Major events such as gaming conventions, eSports championships, popular influencers and streaming platforms demonstrate how important gaming is nowadays.
Blockchain technology represents the next big thing in gaming. It allows players to own digital products and participate in the game’s development and economy. Their game assets have real value because the blockchain allows users to buy, sell and trade them.
Axie Infinity and The Sandbox are two games that demonstrate this. Players can own unique digital items and earn money from them. Through its ability to influence the development and evolution of the game, blockchain allows players to actively engage rather than just watch. Therefore, all participants find the game more captivating and fascinating.
Impact of Blockchain on Games
The game is getting even better as blockchain technology provides secure ways to manage digital assets and transactions. Unlike traditional games, where centralized servers could be hacked, blockchain ensures security by spreading data across many machines.
The direct communication and trading between players made possible by decentralization creates a more transparent and fair gaming economy than when game creators control every aspect.
Players are given ownership of their digital products via non-fungible tokens or NFTs. You can then use, trade, and own these unique items in various games. For example, players of “Axie Infinity” and “The Sandbox” can buy, sell and use game items without limitations.
In other words, blockchain gives players more authority, increases security, and allows them to own their digital assets, enhancing and engaging the gaming experience.
Cross The Ages: Blockchain based game
Launched in 2020, Crossing the centuries is an interactive multimedia event that fuses science fiction and futuristic fantasy with blockchain technology. It includes books, comics, games, eSports, animations and collectibles, all woven into a sophisticated narrative universe.
Cross The Ages is a virtual trading card game where players discover a rich mythology and participate in strategic gameplay. The combination appeals to fantasy and science fiction readers. Blockchain technology, via NFTs, is central to Cross The Ages and offers participants true ownership of their digital assets. The game becomes more engaging and rewarding when players can trade, sell and earn rewards.
Animoca brands recently led a funding round which secured $3.5 million, bringing Cross The Ages’ total funding to $23.5 million. This money will help expand the game and its world. They said that listing their tokens on well-known exchanges during the Token Generation Event (TGE) would improve the economic underpinnings of the game.
With over 400,000 downloads since its release, Cross The Ages has 148,000 active monthly users. Accompanying global environmental developments, the game promotes renewable energy.
The future of blockchain gaming
With time, Blockchain technology is set to seep into more games as developers are realizing its importance. The use of blockchain technology will allow users to understand and appreciate digital ownership and transparency through decentralization.
The security and openness of blockchain will provide a more reliable and secure gaming environment, which will continue to attract developers and players. Over time, new technologies such as virtual and augmented reality, extended reality (XR), and artificial intelligence (AI) will lead to even better blockchain games.
All in all, blockchain games are expected to grow rapidly as new technology improves the immersion and relevance of the game. When blockchain, XR and AI collaborate, gaming experiences will improve and the digital economy and gaming will change.