The Future of Gaming is Blockchain
Updated: Aug 11, 2022
There's so much more to the blockchain than just bitcoin. The gaming world is one of the industries set to see massive disruption soon. What seems to be a sure thing is that the video gaming industry is set to be rocked over the next couple of years and decades.
What Is Blockchain Gaming?
At the moment, most traditional gaming works in a centralized format. Users must pay the developer or company to play the game and can't go anywhere else. The owner of the video game has complete control over how they structure pricing, what features are available, and who can stay or who has to leave.
But blockchain gaming, things are different.
Many people worldwide recognize that there's a real possibility to create value. Blockchain gaming is no different. The power of blockchain can create opportunities out of thin air, materializing concepts such as virtual economies and gaming economies.
What is so revolutionary about blockchain gaming is how it's structured. With being decentralized, all gaming assets are dispersed equally amongst all players, with no one being able to dominate anyone else. These assets, known as NFTs or non-fungible tokens, are the most common way players use to exchange value and earn their cryptocurrencies.
NFTs, A Key Ingredient
In blockchain gaming, players receive their own NFT, which is unique and one of a kind. From there, all players can decide what they want to do with their asset, and they can sell it for cold hard cash or roll the dice and hold on for the long run. A pivotal point to remember is that the gaming company will usually retain the right to own all assets within the game until made into cash.
As players go along and become slowly better at the blockchain video game, they have chances to acquire more and more of these digital assets. Like in video games from back in the day, players could get more points and rise through different levels; players can do the same with NFTs.
The Numbers Don't Lie.
Reuters recently stated that the NFT market accounted for a whopping $2.5 billion in the first half of 2021, increasing $13.7 million from the year before. As more companies enter this new lucrative industry, blockchain gaming could soon dominate the entire gaming sector.
In 2020, the global gaming industry was worth $173.7 billion, which will increase by 2026 to $314.5 billion. The number of active players is about one billion users, or 1/7 people on the planet are regular blockchain gamers. With tons of growth potential, it'll be interesting to see what the future has in store.
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