Gaming is no exception, hence blockchain gaming offers opportunities to players as well as developers a new way of monetization with its decentralized system and digital ownership. Blockchain technology has revolutionized different industries and plays to earn gaming & freemium blockchain games. Blockchain is a technology known for cryptocurrency transactions. This uses a distributed network that can easily track the transactions.
Blockchain also finds a variety of use cases. The list of industries utilizing blockchain is long: manufacturing, financial services, cybersecurity, healthcare/pharma, and supply chain management. This is done mainly so that the gamers can avail the security, transparency, and privacy benefits of blockchain games
Different businesses opt for this kind of transition for a secured transaction. This replaces the traditional way of the transaction with automated processes in turn increases the security & protection of sensitive information. In the year 2022 the blockchain market was about $7.18 billion and by 2029 it is expected to grow by $163.83 billion.
Before understanding blockchain game development company benefits businesses, let us know what it is & how it works. In this blog you will learn about blockchain game development, understanding the blockchain gaming market & the future of blockchain in the gaming industry
What is Blockchain Technology?
In simple words, blockchain technology is a secure and tamper-proof way to store and share information across the network. This helps to speed up the transaction process, maintains the accuracy, and security of data & builds trust among the users.
The blockchain games arrange the entries sequentially. It encrypts the data for transformation which provides a high level of security and time stamping. The value used to encrypt the data is stored as digital tokens
The term blockchain gaming can be defined as integrating blockchain technology into video games. This interacts with games and their assets. One can grant ownership of the game asset using blockchain gaming solutions
How Blockchain Works?
Let us understand in brief about how blockchain works :
- Each piece of data in the blockchain is called a “block”. This block is stored in a chain that is secured using cryptography.
- Once the block is added to the blockchain it then becomes fixed & cannot be changed or removed. This ensures the security of the transaction.
- This technology provides transparency. The number of transactions and its history is visible to everyone in the network
- Hence, for this reason, it is known for being utilized in different fields like gaming, finance, healthcare, supply chain management, etc. This helps to improve transparency, efficiency, and security.
How Does Game Development with Blockchain Benefit Your Business?
Blockchain offers an array of benefits in the gaming industry and has the potential to transform different industries as well. The blockchain game first came into existence in 2017 and hence for the last several years, it has been offering benefits to different industries.
Since its inception it has been seen that blockchain gaming is never going to be diminished & is also going to benefit immense businesses Following are some of the key blockchain game benefits to the businesses.
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Secured & Transparent
With blockchain game development, there are no chances of double spending or an occurrence of fraudulent transactions in the record. When the user gets engaged with the transaction it boosts their confidence in doing with the digital transactions. With blockchain games, it’s safe for users, especially in the case of NFTs sharing sensitive data or virtual assets.
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Enhanced User Experience
With data security, blockchain games also help to improve the overall user experience with more efficiency in performing digital transactions. This provides a secure and transparent way to perform transactions. With the help of blockchain games, most users are well-focused on the overall gaming experience.
Using this trend, users can create characters and storylines and have an outstanding gaming experience. Along with this, users can download different versions of video games from different locations without interrupting the gaming experience.
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Verification
To prevent fraud and other gaming challenges, verification is an important factor to be considered. It ensures that the transactions done are verified and legitimate among the third parties. Additionally, no individual has made the payment twice for the same service. The transactions done by the users are also recorded.
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Earning Rewards
Completing questions and missions, it offers opportunities for players to earn rewards in the form of cryptocurrency. There is a difference between traditional games & blockchain-based games. Traditionally, players are awarded reward points that don't have any monetary value.
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Authorized Trading & Gaming Profiles
With the blockchain, the player can trade their items without worrying about stolen or duplicate items. This is because the blockchain creates a record of each item & transaction. Hence, the players can sell or buy game assets from other players.
Blockchain is a centralized community that allows users to access different games using a single profile. With one profile, users can use multiple users which enhances users' engagement & experience. Blockchain game development has revolutionized traditional gaming and has taken over the entire gaming industry.
Future Aspects of the Blockchain Game
With the more demand and use of blockchain technology, the future of blockchain in the gaming industry seems bright. As many businesses are now exploring blockchain technology, hence more games are expected to grow with blockchain technology.
In the year 2022, the estimated market of blockchain gaming was $4.6 billion and it's now estimated to grow up to $65.7 billion by 2029. According to the blockchain game development trends, blockchain game development growth is expected to grow substantially in the coming years.
The core part that increased the fame of blockchain game development is blockchain game developers providing business growth and also players can have their digital assets. There is also an unexpected growth in gaming models like P2E and NFT. Blockchain games for business growth are measured by having secured payment rails, owing digital assets that take the gaming ecosystem to a new level.
To empower gamers in the gaming industry, one can introduce cryptocurrency games with robust gaming wallets and users can have their digital entities.
Conclusion
From traditional to tech-intuitive gaming experiences, blockchain game development has accelerated with tremendous growth. Considering the growth of blockchain in the gaming industry, a business investing in blockchain is one of the most profitable choices. Integrating blockchain is an entangled process, especially for those who are unaware of the technology.
In the coming years, blockchain games are going to expand with the metaverse. This is going to create an immersive experience for the gamers by integrating virtual characters into the game. This blockchain game development is going to thrive in the digital economy of the gaming industry. There will be different sources for developers to open the revenue stream in different ways. Different revenue streams like virtual real estate, digital collectibles, tokenized crowdfunding, etc. allow growing revenue with blockchain game development.
Blockchain games in adherence to legal standards and ethical practices are the things that are to be prioritized first. This ensures the credibility of the blockchain games among the users. Since it is an advanced & growing technological trend, for a business blockchain game development is a good option to invest in. Blockchain is ideal for keeping records of financial transactions & allows access to real-time data on the network. It is going to grow to the peak due to built-in security features like trust, & a high level of transparency.
