How Blockchain Technology Can Improve the Gaming Industry

Gaming Industry

The crypto world has moved beyond finance to impact various industries worldwide that can benefit from blockchain and crypto technology. One industry that is being heavily influenced is the videogame industry. Blockchain technology is helping many videogame developers overcome specific challenges in the industry involving security, ownership, fraud, and more. Here’s a run down of these challenges and how blockchain technology can impact gamers and developers.

Gaming and Digitalization

The gaming industry grew by over 23% in 2020 during the pandemic. Not only was everyone staying home and looking for new activities, but video games offered an opportunity for people to socialize together virtually. The gaming industry continues to grow and offers new opportunities for both developers and gamers to improve the industry.

A few of the gaming industry’s main challenges are fraud, malware, and other security issues. Some of the most popular multiplayer online games (MMOs) struggle with these issues regularly. However, as the pandemic pushed us towards greater digitalization of our daily lives, videogame developers have begun to invest more heavily in immersive game development and blockchain technologies to improve security and gameplay.

Blockchain Games

New game developers are exploring the benefits of blockchain technology to create a new type of game. Blockchains offer high security for gamers, and blockchain games can utilize NFT technology to create immutable ownership records over in-game items and other rewards. NFT games can incentivize players to participate regularly to generate new in-game item NFTs and other rewards. An NFT or non-fungible token is secured on the blockchain. It encrypts not only the digital asset file of the in-game item but also a continuous record of proprietary information over that particular item. Today, several popular blockchain games offer these benefits to their players. Two of the most significant advantages to gamers are greater control over their gaming assets and an accessible exchange to buy and sell other gaming assets for real money.

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The Metaverse

The metaverse is the next evolution of the internet and, in many ways, resembles these blockchain videogames in its design and functionality. When complete, the metaverse will be a series of digital universes, all interconnected and synchronous. In the metaverse, users can create their avatars and choose to immerse themselves in these digital realities fully. Users can have digital social interactions, from hanging out with friends to conducting business meetings and even attending virtual live events in the metaverse. Users of the metaverse can play virtual games to earn rewards in the form of crypto. The entire metaverse, like blockchain gaming, will be backed by cryptocurrency systems which will allow players and users to buy, sell, and exchange crypto and other virtual goods as NFTs. By utilizing these blockchains, developers are creating self-sustaining digital economies in-game that the players will help govern and regulate as the game and the metaverse are developed.

Game developers in 2022 and in the years to come will explore the possibilities of integrating blockchain technology into their video games. The future of fully-immersive gaming is also blossoming as projects like the metaverse push developers to create more opportunities for extended reality for improved gameplay. The future of gaming will be more secure. It will offer gamers more significant control over their game assets and the ability to easily exchange within the network and make money through participating in the game. You can join a crypto news platform like FTX to stay up to date on the latest in crypto gaming.

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