HomeTechBlockchain Games: A Fun Way to Earn or Lose Money?
Blockchain Games: A Fun Way to Earn or Lose Money?
August 14, 2022
Gaming is rapidly growing in popularity. The gaming industry is currently worth $200 billion, with strong predictions that it could surpass $300 billion in the next few years. This surge is being fueled by a recent influx of new players, notably on mobile platforms, making gaming a more practical and accessible experience for the estimated 2.6 billion gamers worldwide.
Furthermore, having fun online is not their primary objective for many people. Players have definitely realised that they are investing a great deal of money in exchanges with even less return, as the cliché goes. As a result, they’ve begun to explore ways to monetise their passion. Meanwhile, outside of the arena of eSports, there haven’t been many options for casual players to profit from their gaming efforts – until now.
The rise of blockchain games has turned the gaming business on its head, putting users ahead of creators as the key source of revenue. Crypto gaming that pays you to play is a burgeoning trend that should not be overlooked. However, it is critical to comprehend how everything works.
Table of Contents
What Exactly Are Blockchain Games?
Blockchain is a type of ledger technology that acts as an information recording and storage system that cannot be hacked, tampered with, or otherwise modified. The transaction history of a network is, in theory, public. Blockchain is the technology that underpins cryptocurrencies such as Bitcoin and Ethereum, opening up a world of possibilities across virtual markets – and game creators have clearly recognised the potential.
The majority of games will have marketplaces where players can buy and sell stuff like guns, avatars, and prizes. Even if they pay cash for it, they may not actually own any of it. For most of gaming history, producers had entire control over game aspects, from plot to game assets obtained by players, thanks to a centralised paradigm. Because everything is held by one organisation, players have no genuine ownership over their accounts or possessions.
Because gaming companies no longer have complete control over the entire gaming experience, blockchain created decentralised and fair virtual markets in which players have a significant say for the first time.
Blockchain’s Promise in Gaming Goes Beyond Powering Virtual Economic Systems:
Fairly Good Experience
Blockchain enables the creation of open, distributed, and open ecosystems. Rather than gaming companies controlling game dynamics, players can vote on changes. Misdemeanours are likewise barred from spoiling the fun.
Players have complete ownership and control over their in-game assets in blockchain-based games. Non-fungible unique tokens are frequently used to represent assets (NFTs).
When a game is housed on a central server, the developers can shut it down at any time. Due to blockchain, players can continue to play a game even if the creators are no longer working, and games can spontaneously evolve with new themes and content.
In 2017, the game CryptoKitties became the driving force behind this transformation, allowing users to buy, sell, and manufacture various types of virtual cats in the type of NFTs, which transform each virtual kitten into a unique, valuable digital asset. The more uncommon the kitten, the higher its value, and the most expensive kitten is valued at over $170,000. This sparked a vibrant virtual market, which has now expanded to include many additional titles.
Can You Make Money Playing Blockchain Games?
As previously noted, two characteristics separate blockchain games: the usage of cryptocurrencies for in-platform payments and the use of NFTs. NFTs are a significant advancement since they allow users to own unique assets that may be traded with other players in the same game or transferred between platforms. Additionally, just like in real-world economies, you can profit from marketplaces within blockchain games. However, engaging in blockchain games requires a certain amount of cryptocurrency or fiat. For some, you might need to break the bank. For others like https://bitcoin-profit.app/, the barrier to entry is low. One thing is vital though— you need to understand how to play before thinking of making money from it.
The most dedicated gamers can win cash awards for their efforts, while those with creative abilities can develop and sell collectible items. The potential is huge, and game developers are just getting started.
Some have entered the gaming industry solely to become capitalists, while others have made it their job.
Why Should You Engage With Blockchain Games?
The urge for players to profit from their gaming talents and time spent in front of a screen is nothing new. You will not only be able to make money in transparent and fair virtual economies, but you will also have true ownership of game assets and be recognised as a stakeholder by contributing to a community-driven ecosystem and having your voice heard on game-related decisions. None of this would be possible in traditional, centralised gaming, and the more crypto games that emerge, the greater the incentive for more people to engage in more equal and transparent exchanges.
Why Blockchain Gaming Is the Way of the Future?
Blockchains enable natural growth in the gaming economy. Its open protocols reduce and compress the prices of existing technology. Additionally, public blockchains are highly individualised and accessible to everybody. Because blockchain technologies are open and stateless, anyone can build on them.
Thanks to blockchain-based games, people can now enjoy gaming in a new way. And, because they provide users with real-world earning opportunities and increased power, they are likely to attract those who would not otherwise play games. It’ll be fascinating to observe how things develop. However, internet gaming, particularly blockchain-based gaming, promises to have a bright future.
Although blockchain technology has yet to significantly influence the global gaming business, it has made waves in the broader blockchain industry. Because of its size and global availability, blockchain gaming advances are most likely to begin in the mobile gaming market. Blockchain will become a mainstay technology in gaming as we know it once it is mastered. Right now, the question is: who will be the trend-setters out there that will lead us forward?