What Is Blockchain Gaming and Why It’s Getting Popular?
“What Is Blockchain Gaming and Why It’s Getting Popular?” by Julia Beyers
Those who like playing video games should be definitely happy with the coming of blockchain gaming. Why? Because it’s a perfect combination of what you love with an extra source to get crypto! How to get USDT in such games? Which platforms offer such games? Read on—we will get you covered!
What Is Blockchain Gaming?
Once it became clear that cryptocurrencies weren’t the only blockchain applications, the technology was hailed as disruptive. However, the technology’s applications seem too promising to practice, and many believe it is overhyped.
It’s not the same with gaming. The gaming industry is set to go through a sea-change; they say the first real use case for blockchain in gaming. Blockchain technology may reconstruct the industry, overturn the monopolistic console market, create a multiverse, and make games more immersive and boundary-blurring than ever before. Other sectors considering widespread adoption will learn from how gaming navigates the remaining hurdles.
How Does Crypto Gaming Work and Why It’s Getting Popular?
Crypto exchanges make it easy for individuals to buy and sell cryptos via digital wallets. However, how does this apply to online gaming? Let’s find out.
Online gaming traditionally monetises through affiliate marketing, in-app purchases, and in-app advertising. In addition, most gamers today have some familiarity with in-game coins, such as Game ones they get when playing the Game of life or mobile games like Candy Crush. Unfortunately, these coins have had no value outside of the game’s scope for so long, which is very disappointing.
The value that crypto gaming adds to users’ purchases separates it from traditional gaming. A distributed ledger atop a crypto network is often used to store tokens, such as in-game items. Due to this distributed ledger, known as the blockchain, game products can be exchanged for cryptocurrency and then transferred to fiat money.
Players can purchase coins, extra lives, outfits, accessories, and custom characters directly from the game. When it comes to crypto gaming, in-app purchases occur when players buy items with cryptocurrency. Unlike traditional games, assets are typically purchased from a central developer’s store, which profits the developer rather than the player.
A player cannot control the game life cycle in traditional games. The operator will take away unused virtual properties when the server is turned off, so the player no longer has access. It is the game operator who owns all merchandise sold in the game, not the player.
Despite digital ownership in modern-day games, they do not come with the stakes or value that crypto games do. For example, you cannot sell in-game assets to other players, although you can own them. In contrast, all the concepts in crypto games are entirely different, from the ownership of virtual assets to the fact that players’ assets are distributed globally and aren’t restricted to gaming.
The Blockchain Gaming Companies
Let’s see which companies gained popularity.
One of the Mythical Games’ biggest games released in 2020, the Blankos Block Party, is blockchain. Unlike many other projects, they did not release proofs of concepts or alpha versions of the game. Mythical Games went differently from the typical small indie project in the crypto-gaming space, but it is widespread with small indie projects.
Their game was released after completion, and they also marketed it differently. Instead of emphasising the blockchain aspect, Mythical Games tried to emphasise the player-driven economies that are parts of the game.
At the moment, Sky Mavis is possibly one of the major blockchain gaming companies in the world. As well as being one of the first successful ones, it has also lasted a long time and continues to see vast numbers of players consistently.
Among the top five NFT games is Axie Infinity. Axies, the NFTs used in OpenSea and other NFT-based games, can be sold or traded – and users are also breeding new ones, then selling them.
In crypto-gaming, earning money by playing a game is a real possibility with Axie Infinity—it is virtually synonymous with Play2Earn. Some users earn a surprising amount of money from it, especially in 3rd world countries, whereas in the West, they usually just make some pocket change on the side to bolster their investment.
This company has several unique projects, such as the Decentraland gaming platform announced in 2017, where you can use a crypto token to trade or use virtual land.
Besides avatars, Decentraland offers collectables and additional tools to allow users to customise their space as they prefer. Ultimately, Decentraland plans on becoming a Metaverse—a collective shared virtual space where physical and virtual reality converge. Other land-based crypto-gaming platforms include CryptoVoxels and Somnium Space.
ITAM Games, based in South Korea, is certainly not lacking in ambition. Early in 2019, it launched its blockchain-based mobile game store and its RPG debut, Blue Dawn. During that time, ten more games were released, including Dark Town, The Onion Knights and Spookiz, while the platform business was expanded.
Despite not producing games, OpenSea is one of the central elements of the current blockchain gaming landscape. OpenSea is an NFT exchange where users can buy, sell, and auction off their tokens. Axie Infinity or Decentraland, for instance, make use of these tokens in their games. Although it doesn’t have its own game, OpenSea is an essential trading platform for blockchain gaming fans.
As well as allowing users to trade gaming NFTs, OpenSea also enables them to trade collectables, art content, and more. As a result, the platform has sold NFTs daily for astronomical amounts, with sales exceeding billions of dollars.