Blockchain came out as the most revolutionary technology of the era. Though blockchain was introduced in a research paper in 1991, it was revived with the emergence of Bitcoin in 2009.
Since then, people have explored various ways blockchain can transform their businesses and make way for more revenue generation. The research into the potential of blockchain technology revealed to the world a completely new blockchain-powered world.
Today blockchain solutions are helping businesses streamline their processes. Blockchain-powered dApps, smart contracts, and other applications are making business systems decentralized, transparent, and efficient.
Moreover, blockchain-based businesses in various sectors have come out to be million-dollar ventures. One of the most profitable business evolutions is in the gaming sector.
As of 2021, blockchain gaming was evaluated to be a $198.40 billion industry. Experts have predicted that this number will reach $339.95 billion by 2027.
Let’s dive deeper into how blockchain has redefined the gaming industry. We will also have a look at how entrepreneurs view the blockchain gaming industry as a golden opportunity.
Blockchain games are also known as NFT games or Play-to-earn games. These are online games running on digital platforms. Some NFT games like Axie Infinity, Decentraland, Sandbox, and others have developed into popular metaverse platforms.
Blockchain games are virtual games powered by blockchain technology, NFTs, cryptocurrencies, and smart contracts. In these games, players have complete control over their creations and can create, sell or buy in-game assets.
The basic module of these games is play-to-earn or play-to-win. Here, the players complete daily missions and win battles to receive rewards. The rewards are in the form of valuable NFTs or tokens which the players can cash out in the marketplaces.
Blockchain has completely changed the gaming industry forever. It is offering 2.6 million gamers an enhanced, secure, decentralized, and transparent gaming experience.
Blockchain games have existed since 2017, but their market boomed during the pandemic years. In 2020 and 2021, the world was shut down. People were confined to their homes and bored. Many had lost their jobs.
People not only found entertainment but also a source of income through these games.
Moreover, it was also the years when the NFT market blasted giving a push to the NFT games. In addition, the exploration into 3D virtual worlds and the emergence of highly immersive metaverse platforms also supported the growth of blockchain games.
Several startups and entrepreneurs started exploring capitalizing opportunities in this sector. Many came forward with their innovative ideas and launched engaging and interactive NFT gaming platforms which are now popular worldwide.
You can too build metaverse 3D gaming platforms by leveraging our Metaverse game development services. Blocktech Brew also offers P2E gaming platform development and NFT gaming development solutions to kickstart your venture in the blockchain gaming industry.
Here are some of the reasons why should also consider developing your own blockchain gaming platform.
Blockchain has not only made games beneficial for gamers but also for game developers.
Game developers can use technologies like blockchain, smart contracts, 3D modeling, ML, AI, IoT, AR, and VR to create engaging games. Creating secure, scalable, and interactive gaming platforms help developers attract gamers worldwide. The more the gamer base they build the more revenue they create.
Here are some of the key features powered by blockchain integrated into the gaming modules that help developers offer an enhanced gaming experience.
Blockchain technology can assist with in-game asset ownership by bringing more transparency and regulation to the gaming industry.
One of the most crucial components of blockchain-based gaming is the true digital ownership of assets. It enables players to tokenize their in-game assets, trade them and earn profits.
Smart contracts are used to handle all transactions in a blockchain-based game. Smart contracts are irreversible and operate on pre-programmed parameters.
As a result, all in-game assets bought with smart contracts are immediately transferred to players’ public address accounts when a blockchain-based game is released.
Located in Vancouver, British Columbia, Canada On November 28, 2017, Axiom Zen introduced CryptoKitties to the world. Players had already spent $6.7 million on this game as of December 6th, 2021.
This shows that if you create an engaging enough blockchain game, gamers won’t hesitate to invest in intangible digital assets.
If you’re a game developer, you can offer a secure and seamless payment medium to the players by letting them pay within the platform and buy in-game items using cryptocurrency.
Players can instantly purchase game collectibles rather than having to wait for third-party payment processors to complete their fiat cash transactions.
To secure crypto token transactions, blockchain platforms use incredibly strong data encryption techniques such as the private key-public key. These data encryption techniques are invulnerable to hacking using the computing capabilities we currently have.
The blockchain transaction history of an established network cannot be altered or deleted by hackers, and DDoS attacks cannot be launched against these networks. Blockchain networks maintain network security using “Proof of Work” (POW) or other consensus techniques.
When you create your game on the blockchain, you have a secure environment as a game entrepreneur or developer.
The players will have adequate secure ways to conduct transactions if you build your game on the blockchain and let them exchange cryptocurrency for in-game goods.
The public address is available to cryptocurrency traders and investors, who can use it to conduct transactions on various blockchain networks.
Your players can transfer their specific public addresses from one game to the next if you build your games on the blockchain.
From the same public address, they can make cryptocurrency transactions across multiple gaming platforms.
By integrating your gaming platform with crypto wallets you can offer your players a secure way to safely store, transfer and manage their cryptocurrencies and assets.
By facilitating open communication between gamers and developers, blockchain is revolutionizing the video game business. This is possible because blockchain app developments are driven by community consensus.
An improvement or upgrade can be made to a game by a player or another developer. The improvements will be done if the community approves of them.
If you are an entrepreneur looking to venture into the gaming industry, we are here to help you build an enticing gaming platform with an engaging gaming module.
You can also leverage our Metaverse 3D game development services to build an immersive metaverse gaming platform. Our developers are proficient in integrating secure pre-coded smart contracts, dApps, NFT marketplaces, wallets, and other applications into the gaming platform.
We build interoperable, secure, scalable, and attractive NFT gaming platforms. Our team is well-versed in creating various gaming models like play-to-earn, play-to-win, move-to-earn, sleep-to-earn, and role-playing games.
Partner with industry leaders to build a metaverse gaming platform to attract the global gaming community.
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