Blockchain has emerged as one of the most essential technologies in the last decade. And now it appears that everyone is talking about it, regardless of whether they understand blockchain or how it works.
For those who are unfamiliar with blockchain, we have an article titled "What is Blockchain and How It Works" that you can read before proceeding.
According to Markets and Markets, the global market for blockchain gaming is predicted to rise at a CAGR of 70.3% to $65.7 billion by 2027. Without a question, the adoption of blockchain technology will have a significant impact on the gaming sector.
But first, what exactly is blockchain gaming, how will it affect the gaming business, and what are the potential challenges?
What exactly is Blockchain Gaming?
Let us first study about blockchain before diving into blockchain gaming. A blockchain is an immutable, decentralized, and shared ledger that enables asset tracking and transaction recording in a network.
Blockchain has expanded the virtual economy's prospects, first with cryptocurrency and now with decentralized games.
Read more about Blockchain Technology.
A Blockchain Development Company in Dubai can assist in creating a video game in blockchain gaming comprising components of blockchain technology such as Non-Fungible Tokens and Cryptocurrencies. In-game objects can be traded using cryptocurrencies and NFTs (digital assets whose ownership evidence is recorded in a blockchain network), with game creators taking a charge for each transaction to monetize.
Play-to-earn games are a subset of blockchain games in that they allow users to earn cryptocurrency while they play.
What is the Importance of Blockchain in the Gaming Industry?
If you're wondering how blockchain can benefit the gaming business. Let us first examine some of the qualities and behaviors of gaming platforms before examining how blockchain fits into each situation.
- Game creators and publishers want secure environments in which to create, launch, and sell their games.
- To make in-game purchases, players want secure surroundings.
- Players may desire interoperable profiles in order to play on many platforms.
- Players want to securely store virtual assets, and the gaming company's centralized server can't help them with that, making their assets an easier target for hackers.
- One of the most difficult aspects of purchasing assets in the online gaming sector is that you never truly control them; rather, the gaming corporation does, bringing up potential for disruption.
Also Read: How To Browse a Blockchain Development Company in Dubai, UAE?
How might blockchain technology be used to solve problems?
- Transactions that are transparent and secure:
Blockchain is an immutable, secure, and transparent record that eliminates the possibility of fraudulent transactions or double spending. It can add an extra degree of protection for gamers to commit digital transactions while making it easier to trade virtual assets/sensitive information in the gaming business.
- Improved User Experience:
The use of blockchain technology in gaming gives gamers more control. It enables players to develop their own storylines/characters or download any game from any location without interfering with their gaming experience.
- Verifications:
Blockchain can assist avoid fraud in gaming platform interactions and transactions by validating the persons involved through proof of work.
- Increased Security:
As blockchain adds Two-Factor Authentication and Secure Messaging encryptions, the game's, players', and user transactions become more secure.
- Programs for Reward:
Players in centralized gaming can only win reward points, which have no real-world worth outside of the game. Implementing blockchain, on the other hand, can aid in the development of better reward programs in which players can earn cryptocurrencies and use them to make purchases not only within the gaming platform but also outside of it.
- Profiles for Integrated Games:
Developers can use blockchain technology to create a centralized community that allows players to access various games from a single profile across multiple platforms.
- Resources for Trading:
Players can swap their virtual assets for other resources or earnings with complete transparency because blockchain produces an immutable record of each transaction, item, and ownership.
Is Blockchain the Gaming Industry's Future?
Although there are some challenges in blockchain gaming, we are sure to see some advancements in the future. Some of the blockchain technological breakthroughs that will enable blockchain in gaming are the Cross-Chain Interoperability Protocol, Chainlinks, Wallet account Abstraction, Chainlink Verifiable Random Function, Smart-Contract Automation, and Layer-2 scalability.
Despite the difficulties, some of the most popular blockchain games on the market are Alien Worlds, Farmers World, Planet IX, Nine Chronicles, and Tiny World.
Given this, we may predict that the blockchain's future in the gaming sector will be bright. With the unlimited possibilities that blockchain technology provides, we may expect to see more games and platforms built on it in the near future.
Also Read: Top 10 IoT Development Companies in Dubai, United Arab Emirates
Cost of Blockchain Game Development
Creating a blockchain game might cost between $40,000 and $200,000. The size of the game (small, mid, or high-level), 2D/3D visuals, complexity, features, and, most significantly, the region of the development team you will be outsourcing are all elements that influence the development cost of blockchain games.
