Blockchain technology will revolutionize the gaming industry in 2023

Technologists in the gaming industry have always been the guinea pigs of the tech world, and right now they are abuzz with the buzz surrounding blockchain technology.
It is now believed to be the world’s leading software solution for digital assets.
After blockchain has found its successful application in almost every industry including finance, agriculture and geospatial fields, the decentralized technology developed by the anonymous Satoshi Nakamoto is now entering the gaming space.
In fact, some believe that the gaming industry is the first to see the next generation using blockchain technology.

The journey of the gaming industry

Since ancient times, games have been a timeless part of human culture for social interaction. Back then we didn’t have access to technology and games were limited to the real world.
Later, with the advancement of technology, came the era of video games, after which we had games that could be played on computers and mobile phones.
Earlier, these games were mostly limited to one player, or another player sitting next to us. This all changed as game developers brought massively multiplayer online (MMO) games; games that allow multiple players on the same server. Related: What is Blockchain Technology? How will blockchain work?
Now they are trying to shift their focus to blockchain technology.
Blockchain technology will revolutionize the gaming industry

The gaming industry today
The gaming industry is unique and attractive to both developers, users and investors. However, it still has a few sore spots.
Let’s walk you through some of them so you know how blockchain can solve these problems.
Fear of losing digital assets
Some of us spend a lot of time and sometimes money to acquire valuable in-game assets. But, there is always the fear that we can lose any day.
Several scenarios can lead to this result. The creator of the game may go out of business, or some central authority may ban us from playing the game.
This happens all the time because we do not own these numerical values. Rather, they are centralized on a server.
Digital assets from one game have no value in another
Let’s say you spent a lot of time and money to get a sword in one game. You finish the game and want to move on to the next one. Related: -Blockchain Technology Explained
You can’t use this sword in a new game because you don’t own it (even though you spent time and money to get it). You cannot exchange it for anything else in another game.

Separate servers for different regions

In an MMO role-playing game, there are separate servers for different regions. In fact, many sub-servers are required to form the entire system.
So if there are players from different regions, multiple servers are used. Also, if one server goes down, a large area loses connectivity.
Micro transaction is a myth
Free-to-play games are based on the strategy of offering cheap products that are upgraded step by step by paying almost a pittance. Gradually, this small amount can add up to a large amount.
For example, a game might offer a sword for $15, then raise it to the next level for $0.25. Game developers can add, say, 100 upgraded features.
As gamers, we don’t think too much before buying something for $0.25. Therefore, most of us end up buying a product and upgrading it without knowing how much money we are spending on it.
However, traditional payment methods do not allow these micro-transactions. Payment channels like PayPal charge $0.35 + 2.5 percent of the transaction amount. So true micro-transaction is a myth in the gaming industry at this point.

The developers are screwed
Credit card companies, especially in Western countries, are extremely good at protecting their customers’ rights. If you have any problems with your card purchases, you are free to file a dispute and request your money back.
In that case, there is very little the game developer can do.
Furthermore, game developers must pay a penalty for each disputed transaction. Because of this, the gaming industry is losing millions of dollars in customer service.

Blockchain to the rescue

Blockchain technology has the potential to end all of the above problems. Games based on blockchain technology offer solutions for game developers as well as players. There are endless possibilities that blockchain offers. Some of the benefits are given below.

Beneficial Ownership of Virtual Assets

In blockchain games, virtual assets belong to you because you bought them. Creators can’t take away those assets either.
These virtual assets can be stored as tokens in your digital wallet. Tokens can be convertible or non-convertible. Related: Exide’s EV battery plant with Swiss Leclanche to be operational by December in Gujarat
With blockchain games, you don’t lose your digital assets even if you get banned or quit the game or the company shuts down.

Cross-game compatibility

Since games characters, items or karma are stored on the blockchain, it allows you to see your existing characters or items on a completely unrelated game.
This could usher in a new era of gaming where characters from different game genres can play together in one game.
When you’re building your own game, instead of building new characters, you can use existing game assets or invite players from large gaming communities to jump right into your game with characters they already have. This is one of the coolest features of blockchain technology.

Uniformity in virtual assets of different games

The design of blockchain games is fundamentally different from traditional ones.
These games do not allow in-game currency to be generated indefinitely.
Currently, in some games, golds can be generated by killing a monster, while in others, they can be a scarce resource. Blockchain can end this infinite generation of coins in the game.

Blockchain technology will revolutionize the gaming industry in 2023

Eliminate the need for subservers

Blockchain technology in MMO role-playing games ends the need to have different servers or sub-servers for different regions. Sodium batteries will replace lithium-ion batteries, says scientist CNR Rao.
Therefore, there cannot be an outage in a particular region due to a server failure in that or another region.
Cheap and safe trading of virtual assets
Blockchain allows you to turn your virtual assets into tokens, making them free to buy, sell and trade at will.
A record of all transactions exists on the blockchain itself, eliminating the risk of fraudulent activity.
Game characters, items, and the like can be controlled through smart contracts, as was done in Cryptokitties, a game that made a big splash in the blockchain industry.
Blockchain technology even has the potential to offer micro-transactions involving cryptocurrency in transactions.

Building Blockchain Games

Realizing the potential of blockchain technology for the next generation of online gaming, developers have already started using it in several verticals of the gaming industry.
There are several platforms for blockchain game development, in addition to payment gateways for purchasing such games.
While some are already on the market, others are in beta mode or have raised funding through initial coin offerings.
Each project has its own purpose, but all of these together look promising for building the future of gaming.

Blockchain games are available today

There are many blockchain based games in the market. Many are built on top of Ethereum, like Crytopkitties. The game uses ERC 721 tokens which are irreplaceable, indivisible and unique.
It uses smart contracts to own and distribute virtual cats. It is considered the first non-financial blockchain application.
Other blockchain games are Ethermons, Cryptopets, Cryptouppies and Etherarmy.
Ethereum isn’t the only blockchain attracting game developers. The blockchain game, called Spell of Genesis, is built on top of Bitcoin.

Payment systems

There are a number of blockchain-based platforms that have been created to sell, buy and promote games online. Some of them are GameCredits, Enjincoin and Refereum.
Gaming corporations like Valve Corp. allow games to be purchased with Bitcoin.
A platform for building blockchain-based games
Such platforms promise to offer all the above features for blockchain games. These aim to simplify the ownership, exchange and trading of virtual assets.Related:-PS4 Price in India Drops to Rs. 29,990, the new 1TB pack is available mid-September

Platforms such as Bitguild and Chimaera are expected to launch this year. There are also other platforms like Decentraland and Voxelus that offer a virtual space for blockchain-based 3D graphics and games.

Blockchain technology has already started to spread its roots in almost all verticals of the gaming world.

From tokenizing virtual goods to improving betting and payouts, every area is undergoing several experiments.

Although it has a lot to offer, there are speed issues with blockchain, especially when it comes to MMO role-playing games.
We currently have an MMO role-playing game based on blockchain, but it is still in beta mode.

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