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How Blockchain Could Redefine the Gaming Industry

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The global gaming sector is huge, and by mid-2020, the projected revenue is set to exceed $140 billion. If you are an aspiring developer or enthusiast, there are many things that you need to be aware of this year. This article looks at everything you need to know about why this type is going to be the next big thing.

Easier in-game purchases using cryptocurrency

When you’re developing games, it is possible to help players by allowing them to make in-game purchases using cryptocurrency. The player doesn’t need to then wait for third party providers of payments to process fiat currency transactions. Instead, you can purchase collectibles in games within an instant. It is great for players because it enables them to save on fees, and it is no wonder that a lot of blood chain start-ups are cashing in on such an opportunity. As an example, a famous start-up Enjin has already been developing frameworks, which include the following:
  1. SDKs.
  2. Game plugins.
  3. Wallets.
  4. Applications for payment gateways and item management.
Blockchain-based technology is also being brought into the video gaming industry; for instance, their Enjin Coin will help support any transactions within their platform.

Much safer and more secure environments developers and entrepreneurs

The vast majority of blockchain-based platforms by using state-of-the-art data encryption technology to secure blockchain token transactions. It is possible to hack some of these encryptions, and this is a problem for people. However, the hacker won’t be able to hack into and destroy a blockchain network. The basis of this digital architecture prevents you from having something to hack into since there is no single server to destroy.

Everybody has a more extensive tool, which includes every single transaction that has ever occurred, therefore preventing hackers from modifying existing operations. Every blockchain network uses a “proof of work” algorithm that allows it to keep the system secured. If you’re an entrepreneur or developer, you will have a fully safe environment to develop your games.

In gaming using notching helps people buy and sell assets in-game

Crypto gaming is becoming revolutionary because of the way that it allows the purchasing and sale of crypto tokens. If you’re going to develop blockchain games, users will be able to buy and sell different assets using cryptocurrencies. People have the means to facilitate secure transactions, that can make things more appealing to users. People can also keep hold of their digital currency safely when they aren’t being used in hardware wallets. All that the player needs to do is to secure their private key, and then the transactions will be safe. However, it should not slack off when it comes to computer maintenance, e.g., backing up data regularly, avoiding dodgy websites, and not keeping too many types of cryptocurrency in their wallet.

In gaming with blockchain

Many cryptocurrency investors and traders can have public access to transactions across various blockchain networks. If you are to create the game on a blockchain, players will be able to take unique public addresses from one app to another. People will be able to transact with their cryptocurrencies from the same public address, across various games.

In gaming within blockchain facilitates the projection of value on assets

You need only to look at the example of CryptoKitties to see how much people have spent, with a total of $6 million spent by players since its launch in 2017. This statistic highlights that if the apps are built on a blockchain basis, people will not shy away from projecting their real value on any intangible collectibles acquired within them. If you make an exciting and funny game, allowing people to make instantaneous transactions using cryptocurrency to spend on items, the sky’s the limit. It’s the reason why a lot of companies have credit been tapping into and for good reasons.

Cryptokitties game

Securely storing in-game assets

<
p>As we’ve mentioned before, hackers love to target a centralized server. If they can break into it, they can have the power to do whatever they want, and all the assets stored within the server will be theirs. With a blockchain, you can’t do that. As players make purchases using cryptocurrency, they will be able to store them securely in a crypto wallet. There is no way that a hacker will be able to break into a single server point of entry in other apps such as the book of ra online. This added safety makes gaming all the more enticing.

Owning in-game assets

Now when people know that the assets they purchase are secure, they will genuinely feel as though they own them. Smart contracts are used to govern various transactions inside again, and this makes a world of difference. These are executed on an automatic basis after conditions are fulfilled, and the results are irreversible.

When a blockchain-powered game is launched, all of the assets that are purchased and accrued through smart contracts, are transferred to public addresses. It allows full transparency of anything that is bought, and every player can check the rules.


How Blockchain Could Redefine the Gaming Industry key takeaways:

#1. Easier in-game purchases using cryptocurrency
#2. Much safer and more secure environments developers and entrepreneurs
#3. In gaming using notching helps people buy and sell assets in-game
#4. In gaming with blockchain
#5. In gaming within blockchain facilitates the projection of value on assets
#6. Securely storing in-game assets
#7. Owning in-game assets

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Yuri Musienko
Author of the post

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