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The Role of Blockchain in the Gaming Industry

According to a 2022 study, over 85% of internet users aged between 16 and 45 years engage in gaming activities on different platforms. But men are more likely to do that than women.

Another survey proves that more than 75% of internet users play video games on their smartphones. This explains why smartphones are the most widely used platforms to play games globally. Computers come second, with 42%.

Blockchain technology is a great support, especially in the online gaming industry. Within just a few weeks, blockchain-based virtual games were accepted worldwide.

Blockchain also plays an important role in the gaming industry. Some of the ways blockchain boosts the gaming industry include the following:

1.      Add Value

Irrespective of what many gamers think, NFT is not a microtransaction. Players who are unable to control the NFT or the skin are certainly the sole owners of some features in a game.

Because NFTs are often backed by evidence of ownership, a player may trade the skin. A gamer may earn cash through gaming for quite some time.

But a blockchain developer ensures NFTs provide more assurance and flexibility. This, in turn, establishes an online platform for digital items and second-hand games.

2.      Increase Security

Hackers find it difficult to break into gaming data across servers because of the decentralization of blockchain as well as highly effective measures of encrypting data.

This develops a more secure environment for game developers and entrepreneurs, leading to increased productivity. This way, hackers find breaking down decentralized blockchain networks difficult because there is no server to damage.

3.      Cost-Effective Method of Processing Payment

The gaming sector has been accepted globally. Players from different parts of the world play games online. In typical virtual gaming, players must pay costly fees to enjoy playing games. Plus, while players may leverage fiat currencies, transactions are not pocket-friendly. A solution for transferring assets without processing payment for days was required.

Fortunately, blockchain came along to enable gamers to make payments instantly worldwide without any form of restriction. With blockchain, players are also able to do away with credit and debit cards. And regardless of small or big payments are, blockchain still provides a decentralized method.

4.      Total Control

In a blockchain game, gamers get full control over their digital assets and accounts. They know very well that they can gift, sell, or trade their own digital assets as they want. Not to mention, they get the freedom of interacting with their games’ economies. If they wish to use them in a competitor’s game, they may do that as well.

Here is the thing. In-game assets are not limited anymore by narrow game economies. Because a digital token normally represents in-game assets, you can trade them freely. This means players may use them in markets that work on blockchain technology.

Final Remarks!

Blockchain is capable of rebuilding the world of gaming as you know it. Do you know what it means? This could mean that it is the end of the monopolistic era of game developers and publishers.

While everyone has to wait for several years to witness more blockchain technology in the gaming realm, expect a more secure, demographic, and transparent gaming world soon.

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