New technology is always going to bring with it a variety of new industries. The surge in
popularity of virtual reality, augmented reality, artificial intelligence, and the internet of things has led to the creation of whole new markets where there were none before.
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Now we are seeing a similar movement with blockchain and cryptocurrency. New market niches are emerging which are built on these technologies. One such niche is the use of blockchain to create games that have their own digital economies. This article will explore what blockchain gaming is, how it works and what benefits it can give you as a game developer or player.
What is Blockchain Gaming?
Blockchain gaming is the use of blockchain technology to create games with their own economic system. These games are typically online multiplayer games where players earn, buy and sell in-game assets using a cryptocurrency. Blockchain gaming is a relatively new niche and only a handful of companies have attempted to create blockchain games. It is an exciting area of gaming as it promises to revolutionize gaming by removing trust barriers, creating truly unique assets, and rewarding dedicated players. The best way to understand blockchain gaming is to compare it to the traditional way that games have been made and played.
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In standard gaming, a developer will design a game and create all the assets within that game. They will then release the game onto the market with those assets. Players will play the game and earn items or experience points which will allow them to advance within the game. After a game is released, the developer has no control over how the game is played or how the assets are used. If a player in the game wants to sell an in-game asset, there is no way to stop them from doing so. If a player wants to buy an item from another player, there is no way for the game developer to confirm the transaction is legit.
How Does Blockchain Gaming Work?
The idea behind blockchain gaming is to bring the trust and security of blockchain technology into the gaming world. Blockchain gaming uses a blockchain platform as the backbone for the game. This is a decentralized network where all the game assets, transactions, and activities are recorded onto a digital ledger. This ledger is not controlled by any one party but instead is distributed across thousands of computers that make up the blockchain network. This means that any player can access the ledger and see the same information as everyone else. It also means that any player can add new information to the ledger which is verified by the rest of the network.
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This makes the blockchain ledger tamper-proof and secure. In blockchain gaming, the blockchain acts as a central ledger that records every transaction made by players. This includes buying, selling, trading, or earning assets in the game. The blockchain ledger will then automatically verify the authenticity of the asset and record the data onto the ledger. This means that if a player buys a sword in the game, the blockchain will verify that the sword is an authentic item and record that it belongs to that specific player. The blockchain also verifies that the player has the correct amount of cryptocurrency to make the transaction. This ensures that the game developer does not have the power to add or remove items from the game.
Benefits of Using Blockchain in Gaming
The main benefit of using blockchain to build a game is that it creates a truly decentralized gaming experience. No central authority controls the game or the items in it. This also means that there is no central authority that can be hacked or manipulated. Players can verify items they buy or sell as they can access the blockchain ledger and see the item’s true history. Blockchain games create digital assets that cannot be copied or deleted. This creates a truly unique asset that players can own and sell on the open market free from any manipulation by the game developer. This could have huge implications for online games where players can use their assets to make money in the real world.
Imagine if a game like Fortnite allowed players to sell their skins or costumes for real money. This could create a huge demand for certain items and give dedicated players a significant source of revenue. One of the biggest challenges facing game developers is retention. It’s incredibly difficult to keep players engaged for long periods of time and even harder to bring them back after they’ve left. This creates a significant barrier to growth for any gaming company as it is expensive to acquire new players and even more expensive to get them to stay. Blockchain games can create an environment where players feel invested in the success of the game. This can happen if the game uses a token or cryptocurrency which players can hold or trade. If the token appreciates in value, it creates a whole new motivation for players to stay and play the game.
Limitations of Current Blockchain Games
Although blockchain gaming is a promising new niche, it is still in its infancy and there are some limitations that need to be addressed before it can become fully mainstream. The biggest challenge facing blockchain gaming is that many people don’t understand the blockchain. This is understandable as the technology has only been in the public consciousness for the last three years or so. As such, many people have a limited understanding of what the blockchain is and how it works. This lack of understanding could lead to trust issues for players who don’t fully understand the technology. To become mainstream, blockchain gaming will need to do a better job educating players and making the benefits of blockchain technology clear.
Another challenge facing blockchain gaming is network capacity. As blockchain games become more popular and more people start playing them, they will place more strain on the network. This is particularly true if blockchain games start offering incentives to play. This could overwhelm the network and lead to problems with slow transaction speeds and network congestion. This could hinder blockchain gaming and prevent it from reaching its full potential. Network issues could be overcome by blockchain gaming companies building their own private networks, but this comes with its own challenges.
Key takeaway
Blockchain gaming is a new way of creating and playing games where the game assets are stored on a digital ledger and verified using blockchain technology. Using blockchain in gaming gives game developers a way to create and store game assets that is decentralized and tamper-proof. This also creates a truly decentralized gaming experience where players can earn, buy and sell assets using cryptocurrency. Blockchain gaming could revolutionize gaming by creating truly unique assets, rewarding dedicated players, and removing trust issues between players.
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