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Everything You Need to Know About Blockchain Gaming in 2022

Everything You Need to Know About Blockchain Gaming in 2022

The gaming industry is in the midst of some kind of a revolution. From being dubbed as a wasteful ecosystem of nerds and introverts, it has fast become of the best and hottest growing sectors in the world. The stocks of game developers and companies are trading at record highs and platforms are seeing an exponential increase in players. 

From first-person shooting games to sports competitions and MMORPG, every possible online gaming niche is exploding! Technology, digitization and penetration of internet is to be credited for soaring popularity levels in different parts of the world. In recent years, the advent of Crypto and Blockchain to the gaming mix has added fuel to the fire of growth. 

According to many experts, the online video games world is perfectly suited to integrate Cryptocurrencies, Blockchain, and NFTs. In this article, we are going to discuss about blockchain games. Specifically, we are going to explore reasons of their success and appeal.

What are Blockchain Games: Meaning and Definition

If you want to understand Blockchain Games, you first need to know about the technology that is running them. 

A Blockchain is an interconnected medium of digital information. It stores data, information, facts, and figures and connects them with other points and nodes in the system. This means that it is a decentralized ledger that contains information on all records and transactions. 

The charm and attractiveness of Blockchain technology lie in the fact that every data stored on it is unique and can be traced back to its owner. This is great in terms of games where digital assets like resources, ammunitions, blood, and life are often bought through in-app purchases. 

Each player that plays an MMORPG game, for example, has their own unique digital assets that they have created and paid for. This makes it the perfect case for NFTs as they can establish digital asset ownership. The player reserves the right to all their purchases in blockchain games. 

5 Major Reasons why Blockchain Games are Becoming Popular

1. Player Investments do not go to Waste

Let me ask you a question- what would happen if a specific game where you made significant in-app purchases would end? The answer was obvious- you would lose the money and it would be lost forever. Not anymore, if Blockchain game developers are to be believed. Now players can claim ownership of the assets that they have created and sell them at fair prices. 

2. ‘Play to Earn’ Models are Picking Up

Many Blockchain gaming companies are opting for pay-to-earn or play-to-earn models. In the former, you can add crypto to your player wallet and make in-app purchases. In the latter, the game and platform reward you when you cross significant Many Blockchain gaming companies are opting for pay-to-earn or play to earn models. In the former, you can add crypto to your player wallet and make in-app purchases. In the latter, the game and platform reward you when you cross significant milestones and landmarks. In both cases, the attractiveness of Cryptocurrencies is pushed forward and maintained on the games.

3. Promoting Safety and Security of the Gaming Ecosystem

Every industry is under fire when it comes to cyberattacks. The gaming industry is no different. By pursuing Blockchain technology, games can be made to be more robust and secure in keeping scammers and hackers out. Just for your information, Blockchain Technology is immutable and has not been hacked up until this date. We are 13 years and counting. 

4. Helps Impart Tangible Value Projections to Intangible Assets

How much is a particular character worth is something that could not have been answered successfully before the advent of NFTs. You might say that a character could be worth what the player has spent on in-app purchases. However, you would then be discounting the emotional investments, the playing times, and other intangibles. This has been corrected now. 

5. Promoting Multiple Payment Models in the Industry

There are some industries that can play an active role in promoting crypto usage and transactions. Given how well connected the gaming industry is, this can help give crypto transactions and adoption a significant boost. This is one major reason why blockchain games are drawing and attracting a whole new player base and contributing to their appeal.

The Bottom Line

Cryptocurrencies and Blockchain Technology are expected to grow in value and popularity in the coming years. They have breathed new life into gaming and made the ecosystem far more enjoyable than it was. 

From promoting player safety to encouraging the use of crypto transactions, it would be safe to say that Blockchain Games are the future of the gaming verse! 

If you have any questions, that you would like us to address on the topic, please let us know in the comments below. We will be more than happy to address as many of your queries as possible. 

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