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Are you aware of the fact that we live in a world where 1/3 of the population is made up of gamers? The online gaming market is on the rise and is projected to increase from its current value of $178 billion to a whopping $268.8 billion by the year 2025.
Recent reports from Grand View Research reveal that the global blockchain in the gaming market reached a substantial value of USD 4.83 billion in 2022. The growth is expected to continue, with a remarkable compound annual growth rate (CAGR) of 68.3% anticipated from 2023 to 2030.
In 2022 alone, the blockchain gaming industry attracted a substantial amount of investment, totaling $2.5 billion according to a report by DappRadar.
This signifies a strong demand and confidence in the potential of blockchain technology within the gaming sector. As these investments continue to flow in, the impact on the gaming industry is likely to be transformative, introducing innovations and shaping the future landscape of online gaming.
Let’s break the widespread belief that cryptocurrency is the only use case of blockchain. According to experts, gaming will be the first practical application of blockchain. It renovates the way the gaming industry works and makes gamers’ experiences more exciting than ever before.
To learn how the entry of blockchain technology could revolutionize the gaming industry, continue reading this blog.
Blockchain gaming refers to a new form of gaming that is integrated with blockchain technology. Blockchain is used in many ways such as NFT, crypto, metaverse, and web3 for games. Depending on the way blockchain is used in gaming, it is called NFT games, crypto games, metaverse games, and web3 games.
With blockchain in gaming, players can buy, sell, or trade in-game assets using NFTs and Cryptocurrencies which can then be converted into real money. It often involves NFTs which are unique digital assets representing ownership of specific in-game items.
Players can use their assets across multiple games or even sell them on external marketplaces, creating a seamless and interconnected gaming experience. Being backed by blockchain technology, transactions made within the game are recorded in blocks to prevent fraud and cheating.
Gaming needs technologies like blockchain that can not only provide a unique gaming experience but also help secure payments, purchase in-game assets, and more. We can call them “play-to-earn” games since most players choose to play blockchain games to earn something that has value in the real world.
Blockchain is revolutionizing the gaming industry by introducing concepts like true ownership, secure transactions, decentralized economies, and play-to-earn models. Here's a simple explanation of how blockchain is used in gaming:
In blockchain games, people use cryptocurrency to pay online without having to use traditional payment methods. It uses end-to-end encryption like cryptography to make sure the transactions are done safely and quickly.
It is especially helpful when it comes to gaming, where players can use the money they earn to buy in-game assets like avatars, themes, artifacts, etc in the game. This way, gamers can get some extra rewards and cryptocurrency tokens as well while playing games.
NFTs are a new type of asset in gaming that lets you own the items in a game, as well as all the items you can own in traditional games. What makes blockchain games different from other conventional gaming systems is that it lets you play without having to pay for them again.
Each item in a game can have a unique identity that will be linked to your account, as long as you own it. If the game provider shuts down the game, your assets will still be there, safe and sound. There is no need for any intermediary to prove the asset ownership of players.
It is hard to stop scalping and ticket fraud when it comes to virtual contests. Yet, these issues can be resolved by using blockchain technology. It keeps a record of who received rewards for their matches.
This way, gamers can be sure that the rewards are going to the right people. It provides gamers with a safe and secure way to monitor their transactions and data across networks so that they can participate in online competitions and championships confidently.
Different types of blockchain games show how blockchain technology is used in the gaming industry. Each kind has special features and ways of playing that are different from regular games. This provides players with new opportunities to acquire virtual assets, earn money by playing games, and enjoy themselves in the digital realm.
NFT games use special digital things called NFTs. These can be characters, items, or other stuff in the game. Players own these things and can buy, sell, or trade them in different places. The fact that NFTs are rare and unique makes them valuable.
Play-to-earn games give players rewards like money or valuable in-game stuff for playing and doing well. Players can earn these rewards by doing different things in the game, like fighting, completing tasks, or helping the game's economy. This way, players can make money by playing.
Blockchain casino games use blockchain technology to make online gambling fair and clear. Smart contracts are like smart rules that automatically pay out and make sure everything is safe and easy to understand. Some of these games also give players special tokens or NFTs to use for playing.
Metaverse games make big virtual worlds where players can do a lot of things. Blockchain tech makes sure players own the things they have in the game, and they can trade or sell them. These games want to connect different virtual worlds so that players can always be there and help them grow.
Blockchain offers some great benefits for gaming, like making transactions faster and more secure. The following are some of the benefits of blockchain that make the gaming industry more innovative and improve the quality of games.
Blockchain helps make sure that there are no fraudulent transactions. It is transparent, secure, and immutable, which makes it a great choice for digital purchases. This works well for games where players need to exchange private information or virtual goods.
It is now easy to keep sensitive data like a player’s identity, game, and transaction data safe by using encryption methods like end-to-end encryption and Two-Factor Authentication. This makes it harder for hackers to alter or steal these items.
Blockchain can help make things easier for people who use digital tools, by creating a more efficient way to do things and keep things secure. You can control what happens in your games, from creating your characters to choosing which games to play. This means you can play any game version, from any location, without worrying about losing your progress.
Blockchain in gaming helps keep things legit and fair in gaming transactions. This way, businesses can be sure that no one is scamming them, and that all transactions are accurate. Plus, it can be used to prevent people from getting paid twice for the same service.
With blockchain in gaming, players can trade their crypto-collectibles for profits or other resources. Since blockchain keeps track of each item's ownership, players can be sure that their items will not be stolen or duplicated. It allows players to trade in-game assets with other players.
There are a lot of blockchain games out there, and some people have decided to create a centralized community where users can access a bunch of different games. This would be easier to do if there was just one profile that users could use on different platforms.
Players receive prizes in the form of cryptocurrencies through blockchain-based games by completing missions and objectives. They can use them as real money to buy goods from other gamers or even through e-commerce websites.
Here are the top blockchain games that you’ll want to watch out for. They will allow you to play, create, and share your experiences in new and exciting ways.
Decentraland is a decentralized virtual world where you can buy, build, and sell pieces of digital land. Imagine it as a big online space that's not owned by anyone. It is decentralized. It runs on something called Ethereum, a type of technology that makes sure you truly own the things you have in this virtual world.
In Decentraland, you're not just playing a game. It's more like being in a cool mix of a virtual world, a social hub, and a marketplace. You can explore, meet other people, and even trade or sell the digital stuff you own.
Axie Infinity is a game where you collect, breed, and battle fantasy creatures called Axies. What makes Axie Infinity stand out is that each Axie is like a special digital token, and it's unique. It's not just a regular token. It is a Non-Fungible Token or NFT, which means it's one-of-a-kind. And guess what? You own these Axies, and you can do things like sell them or use them in battles to win cryptocurrency.
You can earn real-world money by playing Axie Infinity. It's what they call a "play-to-earn" game. So, besides having fun with these adorable creatures, you get the chance to make some cash too.
The Sandbox is a virtual world and game creation platform where players can build, own, and monetize their gaming experiences. Imagine having your world where you can design everything – from the land to the items and characters. The cool part is that in The Sandbox, you truly own what you create. It uses blockchain technology to make sure that the things you build are yours.
So, if you're into being creative and making your games, The Sandbox is perfect for you. It's like a big playground where you can use creative tools to bring your ideas to life. Plus, you can share your games with others and even earn rewards for your creations.
Gods Unchained is a blockchain-based trading card game where players collect and trade digital cards representing powerful mythical creatures and spells. Each of these is like a special digital treasure, and what makes them extra special is that they are one-of-a-kind.
In Gods Unchained, you're not just playing with regular cards. They are Non-Fungible Tokens or NFTs. This means they're unique and truly yours, just like having a rare collectible.
The game is all about battles where you use your cards to defeat opponents. What's awesome is that winning battles helps you earn more cards and rewards. These rewards are valuable, and you can even trade them with other players.
Cryptokitties is one of the first blockchain games where you collect, breed, and trade virtual cats. But these aren't just regular cats. They are unique digital kitties that you can own, breed, and even trade with other players.
In Cryptokitties, you can breed your kitties to create new ones with different traits and features. Some kitties are more rare and valuable than others, and people might want to trade with you to get their paws on your unique kitties.
Many big companies and a huge number of Web3 builders are betting upon blockchain gaming. Whether you realize it or not, blockchain gaming is growing by leaps and bounds. It attracts more than just gamers.
Web3 gaming will let developers add new financial systems to their games, which will help the gaming industry grow even further. Blockchain technology underlies web3 will help secure payment rails and help players own digital assets. This will help make gaming even more enjoyable for everyone involved.
Brands need to come up with new gaming scenarios for different blockchain gaming platforms, and they can do this by introducing new cryptocurrency games with robust gaming wallets. This will empower gamers and give them more control over their digital identities.
Maticz is a well-known Game development company known for creating engaging blockchain game platforms by establishing high gaming standards. Our team of experienced game developers works dynamically and innovatively to create top-quality blockchain games. We ensure that your games are the best in the market by beating your competitors.
At Maticz, our professionals are dedicated to delivering projects on schedule and within budget. We offer unending support for the duration of the development process so that you can create the blockchain games you want. Contact us now to learn how our blockchain game development services can assist you in creating blockchain games for your company.
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