The development of blockchain technology has introduced additional usage scenarios to crypto, and the gaming environment is yet another good example of an industry that is getting benefits from its evolution.
Gaming developers working on significantly famous titles and the biggest live-streaming platforms have turned their vision to use the blockchain to push cryptocurrencies, and non-fungible tokens and leading the way in a new era of Web3 with special digital assets that enable players to explore crypto games.
In this blog, we are going to tell you about the concept of blockchain gaming, how it continues to expand in recent years, and how the Bitcoin casino acts as a determining factor in its development.
The State of Online Gaming and Microtransactions
The online gaming market is huge and growing, with a notable rise in digital game sales. Many games now follow a free-to-play (F2P) model, which relies heavily on microtransactions. According to Statista, F2P games’ revenue worldwide is projected to reach billions by 2024. Microtransactions are small purchases, such as skins, in-game currency, and extra lives. They are the reason why games like Fortnite and PUBG make a lot of money. However, this model can sometimes lead to “pay-to-win” scenarios, where players who spend more money gain an advantage.
Why Make the Use of Blockchain Technology and Crypto Gaming Platforms?
So why should traditional games think about using blockchain technology? Here’s a simple way to look at it: as we spend more time in the digital world, we’ll face issues like fake digital goods and scams.
Blockchain gaming helps by giving players more control over their virtual items and letting them truly own and trade these items.
In regular games, players don’t actually own their in-game items; those items belong to the game’s servers.
Blockchain technology changes that by letting players trade and sell their items. For example, Nexon, the company behind MapleStory, believes that adding blockchain can improve how players interact with the game’s economy.
Instead of trading items for cash on the black market, they’re working on a legal way for players to own and manage their own assets.
What Do NFTs and Other In-Game Items Mean for Blockchain Games?
- NFTs in Blockchain Gaming: NFTs (non-fungible tokens) are crucial in blockchain gaming, giving players ownership and control in virtual worlds.
- Early Examples and Trends: The first NFTs were Cryptokitties, inspired by games like Neopets. Now, NFTs are used for game characters and items, with gaming companies auctioning these assets. They’re considered art and collectibles rather than guaranteed investments.
- Bitcoin Rewards: Bitcoin rewards enhance player engagement and retention, enrich the gaming experience, and help build decentralized communities.
- Advancements: Modern blockchain games feature advanced graphics, and complex narratives, and use blockchain for secure transactions, fraud prevention, and virtual property ownership. Players can also transfer assets between games, creating personal collections.
- Notable Instances: Mark Cuban purchased the first Neopets NFT, which is displayed online and in his collection. Games like MapleStory are exploring the inclusion of famous NFTs like Bored Apes. NFTs are becoming the new collectible items, similar to baseball cards, with cultural and social significance.
Gaming Projects on the Bitcoin Blockchain
- Spells of Genesis: A mobile game blending trading card game elements with blockchain technology. Players can own, trade, and verify the authenticity of cards on the blockchain. The decentralized nature of the blockchain also supports a marketplace where players can sell goods and potentially earn real-world value.
- THNDR Games: A platform leveraging the Lightning Network to offer classic arcade games like Tetris, Solitaire, and Snake. Players can earn Bitcoin as they play, tapping into nostalgia while potentially reaping rewards for their gaming time.
- LightNite: An upcoming battle royale game from Satoshi’s Games, built on the Bitcoin blockchain. It features non-fungible characters and equipment that players can buy and sell, with elements reminiscent of Fortnite, such as season passes and ranked systems. The game plans to support large-scale exploration across two deathmatch maps.
How Web3 Is Transforming the Gaming Industry
- Traditional Gaming Experience: Video games have often been designed as standalone experiences, like single novels. Recent hits, such as “The Last of Us,” show how these can expand into other media, like TV shows.
- Multiplayer Potential: Modern games can host millions of players simultaneously. Blockchain technology can enhance these experiences by providing secure transactions and trustworthy asset management.
- Generative A.I. and Blockchain: With generative A.I. creating more fake content, blockchain technology can help by verifying transactions and assets. This will reduce scams and counterfeits, making games safer for players.
The Future of Blockchain in Gaming – Conclusion
As we dive into the Web3 era, people are excited about how blockchain technology will shape gaming. Neal Stephenson’s book “Snow Crash” is often mentioned, and many people now watch others play games online for a living. Former Twitch executives are investing in blockchain gaming to explore its future.
With Bitcoin and NFTs (non-fungible tokens), players now have more control over their games and assets. Blockchain technology offers many benefits, and soon, more games will use cryptocurrency to create a secure environment for developers. Players will have more ways to earn money, enjoy different gaming systems, and use crypto assets.
