What is the one word that seamlessly ties together the eras of Nintendo, Sony PlayStation and Blockchain? – Revolution.
Have no doubt – Blockchain has the power to reshape the gaming industry the way Nintendo Entertainment System (NES) did in the 1980s with its iconic franchises like Super Mario and The Legend of Zelda. Or the PlayStation’s 3D revolution with Final Fantasy VII in 1994. The new age of gaming is on the rise, offering players the traditional entertainment experience weaved together with incredible earning possibilities.
Intrigued? Read on and discover how Blockchain technology is transforming the gaming landscape.
Blockchain Games: Transforming the Gaming Industry Ecosystem
Imagine the possibility of buying, selling, holding and trading in-game items through a single market and exchanging it for real money. Or earning revenues by simply playing the game you love the most. This is all possible thanks to blockchain games.
Crypto enthusiasts experienced the same with the CEX.IO crypto ecosystem. Not only can they purchase, sell or trade their favorite cryptocurrencies, but they can enjoy other incentives like earning 15% in annual crypto rewards just by holding their assets. Moreover, they earn by merely participating in daily, weekly and monthly activities and climbing the leaderboard.
Blockchain games offer the same opportunity to all gaming aficionados. By playing their favorite titles, players can earn in-game tokens by completing objectives and daily tasks. They can earn digital money by simply dedicating a specific amount of time playing the game. Also, gamers are rewarded with in-game currency for contributing to the blockchain gaming community.
The best part about it? Gamers can exchange the in-game currency for other digital assets, be it Bitcoin, Ethereum or any other alternative cryptocurrency. The possibilities are endless as you can choose whether to hold your crypto, swap for other popular coins, trade them on crypto platforms or exchange them for fiat money.
The convergence of Blockchain and gaming offers crypto and gaming enthusiasts the best of both worlds – endless entertainment combined with significant earning opportunities.
Revolutionizing Ownership: The Impact on In-Game Assets
The introduction of Blockchain into the gaming world was a real game changer (pun intended). It allowed the implementation of Blockchain-related elements such as non-fungible tokens (NFTs).
NFTs represent unique in-game assets that are recorded on the blockchain. This allowed players true ownership over their game items, breaking free from traditional gaming norms and paving the way for a new gaming era with player-driven economies and transparent ownership.
What does it mean for an average Joe playing World of Tanks? For example, it means that once you grind the M48A1 Patton, this tank becomes yours (but truly). In other words, if WOT were utilizing Blockchain technology, the game developers wouldn’t be able to swap your tank with another in-game item.
Passionate WOT players remember when the infamous T18 and T82 were replaced with the T3 HMC and T56 GMC, not to mention the WT auf E 100 incident when the game engineers decided to remove the tank because it was too powerful and impossible to balance.
The same inconvenience struck PUBG lovers when the PUBG Corp decided to “temporarily ” disable trading, resulting in trapping 964,243 skins in OPSkin’s bot inventories, causing players to lose over $1 million.
Introducing Blockchain into the gaming world could significantly enhance transparency and ownership. All transactions would be recorded in the blockchain and become tamper-resistant. To reiterate, once you win your M48A1 Patton or a valuable skin in PUBG, this becomes permanently recorded in the blockchain, giving you full ownership and control over items.
This would prevent the game developers from swapping, deleting or blocking the in-game items and allow players to sell, trade or exchange these assets as they please.
The Play and Earn Concept
In traditional games, you can earn in-game currency (if there is one) or items and use them while you play. However, you are not able to use the earned rewards outside the game’s ecosystem. However, with the emergence of Blockchain, a new gaming concept has blossomed, granting players the ability to earn real money.
The play-to-earn concept allows players to monetize their efforts through various in-game activities. Players earn in-game cryptocurrency by competing in quests, achieving milestones or participating in different game-related tasks. Thus, eliminating the specific number of opponents, owning land, purchasing items, or merely spending time in the game earns you crypto.
An excellent example of such practice is Axie Infinity, a blockchain-based game similar to Pokemon Go. Players collect, breed and battle fantasy creatures called Axies. In return, they receive the game’s native currency – Smooth Love Potion (SLP). Players can later sell the SLP, swap it for other crypto, or simply hold it until it reaches the right price and potentially earn more.
Conclusion
Back in the 80s, Nintendo managed to revive the gaming market after the North American video game industry crash. Today, more and more players are becoming dissatisfied with the game developers’ decisions to change the game rules and items on the go.
Introducing Blockchain into the gaming industry redefines the rules of play. Gamers get the true ownership of items, granting them full control over the decision-making process. As a result, the power shifts from centralized authorities (game developers) to the gaming community itself, making players the most crucial shareholders.
