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.
What Are Blockchain Games?
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 development 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.
Before the coming of blockchain, the traditional online gaming system was loaded with flaws.
- The players had no authority over their gaming characters, assets, or rewards they have won in the game.
- The game developers had complete authority over the platform.
- There was no way for the players to win real cash through gaming.
- The conventional games were based on the buy-to-play model. The players had to buy weapons and accessories to win battles or complete game levels.
- The assets of one gaming platform were useless on another.
- There was no way for the players to recover their investment in the game if they decide to sign out of the game.
Blockchain transformed the basic structure and functioning of the gaming industry.
- Blockchain games have shifted the power into the hands of gamers.
- Now gamers have full control over their gaming characters, assets, and rewards.
- They can tokenize and trade their in-game assets securely.
- Players can now monetize their online gaming and create a source of income through it.
- In blockchain games, players receive NFTs, tokens, and assets which they can trade in the marketplaces for crypto or fiat currencies.
- Some blockchain gaming platform uses DAO for their governance. The community members vote on crucial platform development proposals instead of developers making all the decisions.
- Through the interoperability feature, players can use avatars, skins, weapons, and other assets across multiple gaming platforms.
Blockchain has completely changed the gaming industry forever. It is offering 2.6 million gamers an enhanced, secure, decentralized, and transparent gaming experience.
Why Should You Invest in Blockchain Games?
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 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.
- There is a 22,000% increase in the number of blockchain games played in the first quarter of 2021.
- 52% of all activities on blockchain come from the players interacting with blockchain gaming platforms.
- The first few months of 2022 saw a 21% increase in gaming activity on the Polygon.
- The blockchain gaming industry received a total of $2.5 billion in funding in the first quarter of 2022.
- Global Games Market Forecast survey indicates a 9.6% revenue growth in the blockchain gaming industry.
How Game Developers Can Take Advantage Of Blockchain In Gaming?
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.
Ownership Of Assets
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.
Enhancing the Value Of Intangible Assets
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.
Cryptocurrencies for seamless in-game purchases
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.
Creating a Safe & Secure Environment
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.
Secure Trading Of In-game assets
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.
Interoperable Gaming Profiles
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.
Secured Storage of Game Assets
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.
Allow Players To Collaborate
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.
How Can Blocktech Brew Help You Venture Into Blockchain Gaming Industry?
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 development services. 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.
Talk to our experts today!
I am the CEO and founder of Blocktech Brew, a team of blockchain and Web 3.0 experts who are helping businesses adopt, implement and integrate blockchain solutions to achieve business excellence. Having successfully delivered 1000+ projects to clients across 150+ countries, our team is dedicated to designing and developing smart solutions to scale your business growth. We are focused on harnessing the power of Web 3.0 technologies to offer world-class blockchain, NFT, Metaverse, Defi, and Crypto development services to businesses to help them achieve their goals.