It is estimated that the gaming industry is worth more than $300 Billion. So, if that’s true why change what isn’t broken?

The answer is simple: the gaming industry is forever evolving. What gaming was in the 1950s, where what was developed was mainly versions of tabletop games, is not the experience we have now in 2022.

So, what exactly is blockchain gaming and why should you care about it? 

What Is a Blockchain?

To understand blockchains for gaming, we first need to outline what blockchains are. In their simplest form, blockchains are digital ledgers that record transactions.

A blockchain conducts multiple security checks before it allows a miner to make changes to a block. This means it’s impossible to hack or change a blockchain. It is also decentralized, meaning the blockchain network is free from government control, putting the power to change it with the people.

You may be more familiar with blockchains in connection to cryptocurrency, but blockchains can be beneficial in many sectors, such as healthcare and banking, and of course gaming.

What Is Blockchain Gaming?

You may be familiar with the name CryptoKitties, which is recognized as the first blockchain game. Essentially, to own a CryptoKitty means you own it fully.

You can trade, sell, or give it away in any marketplace but this is what makes blockchains so important: ownership that does not just exist inside the confines of the game.

We’ve already seen what the benefits of blockchain in gaming can be with Ubisoft’s blockchain experiment HashCraft. Gaming in blockchain opens up a whole world, where transactions within gaming can occur.

You could charge a fee for people to access something you have created. Once people interact with it, because it’s decentralized, it then belongs to the very people who are interacting with it. The potential really is limitless.

There is also the positive of more security. Hackers have already successfully targeted big names like Sony and EA and stolen card details and data from customers, which would be impossible to do in terms of blockchains as cryptocurrencies are so secure and private.

NFTs and Blockchains

NFTs (or non-fungible tokens) are one of a kind. Unlike money, for example, where a one-dollar bill looks the same as another. NFTs are something unique and they are limited edition.

NFTs within gaming would be considered to be weapons, characters, potions, or skins. Examples of NFTs in a blockchain gaming project can be found in this NFT game.

There is the opportunity for constant revenue out of unlocking an NFT for the first time if you choose to sell it. Every time it is resold afterward, you would still make a cut of the profits. 

The Limit Is Your Imagination

The blockchain gaming industry is still in its infancy, but it’s an exciting start. Blockchain gaming offers users security and the potential to earn money doing something they love.

Whatever the future holds for it, you can’t deny, it’s going to completely change the gaming industry.

We hope you found this helpful. Whether you want to learn more about gaming or the world of cryptocurrency and blockchains you’ll find some interesting¬†information here – check them out!

By Manali