With the increasing mainstream acceptance of cryptocurrency and blockchain technology, no field out there is left undisrupted. From traveling to marketing and commerce, cryptocurrency and blockchain technology is everywhere. The gaming sector, however, was the early adopter of blockchain technology. Now you may be wondering how blockchain games work or what the future holds for blockchain games.

This article will be your guide to blockchain games and everything you need to know about it.

Blockchain-based games have been inciting interest in the gaming community and providing countless ways of earning and playing. According to the latest Technavio report, the global gaming industry is expected to progress at a CAGR of 12.40% from 2020 to 2025. The value increase is going to be around $125.65 billion.

What are Blockchain Games?

Blockchain technology is used to secure transactions and maintain a record on a distributed ledger. With this technology entering the gaming industry, players and businesses that use cryptocurrency and NFTs have found multiple opportunities to create real money by using in-game assets. Users can buy Litecoin or other cryptocurrencies and trade easily.

Players can trade digital assets, play games, and earn money. For example, a blockchain game Axie Infinity has millions of players around the globe using Ethereum-based cryptocurrencies.

How is Blockchain Technology Impacting the Gaming Sector?

Blockchain technology has been here for some time, but it was until recently that we realized its true potential. The gaming industry is one of the early adopters of blockchain technology because of the limitless benefits, which include:

  1. Transparency

Blockchain ensures secure, transparent, and immutable transactions. It not only diminishes the risk of fraud but also adds a layer of confidence and assurance when buying digital assets and engaging in digital transactions. This makes it ideal for games where users have to share personal information and virtual assets such as NFT art.

  1. Advanced Security

Since Blockchain Technology is encrypted, it creates an enhanced sense of security. Be it two-factor authentication or secure messaging, the security provided by blockchain technology is incomparable. It is easy to protect sensitive data, player information, transaction records, and game data. The chances of hacking and theft are meager.

  1. Earning Real-life Rewards

Players can earn rewards by completing missions and quests just like we do in traditional games, but there’s a catch. These rewards are in the form of cryptocurrencies such as Bitcoin and Litecoin and use it as real money to purchase goods and services online.

  1. Better User Experience

Blockchain provides an accurate, secure, transparent way, thus offering an overall better experience for its users. With blockchain gaming, users are experiencing a more controlled gaming affair.  Players can design their own characters, buy assets, earn real-life money, and create plots and storylines for their characters. They can play from anywhere and download games in different versions without lowering the quality of their gaming experience.

  1. Authenticity and Verification

One of the most significant benefits that blockchain technology has is verification. It makes sure that all transactions on the chain are legitimate and authentic. There is no room for fraud and hacks, even in the gaming industry. When you buy valuable in-game assets, cryptocurrencies, or NFTs, your transactions are secured and verified; hence it’s nearly impossible for hackers to retrieve data, don’t forget to use your best adblocker to avoid unnecessary spam and ads.

Top Blockchain Games to Play:

There are hundreds of blockchain games available today; some of the top ones are:

  • Decentraland:  Decentraland is a virtual gaming platform that uses blockchain technology and creates a decentralized digital world. Users can create characters, assets, and content that can generate real-world money. The world in Decentraland allows users to buy property, roam in and explore, play games and try out living like builders.
  • CryptoKitties: It is one of the first blockchain games launched in 2017. This game allows users to trade their kitties with cryptocurrency. Kitties are small characters with unique traits that users can exchange with each other. Each kitty’s personality can be customized, which will increase its value. KittyCoin is the native currency of the platform that can be used to purchase in-game assets.
  • Axie Infinity: Axie Infinity is based on little creatures called Axies. Users can train, collect and battle with other Axies. The platform has its own currency called AXS.
  • Gods Unchained: Gods Unchained is a collectible card game that tracks card ownership using Ethereum. Gods Unchained cards are exclusive and precious since they are digital assets that cannot be reproduced or altered without the owner’s consent.
  • Etheremon: Etheremon is similar to Axie Infinity, as it lets you train, collect and play with virtual monsters. It uses the Ethereum blockchain and has its own native currency called Etheremons.
  • The Last Will: The Last Will is based on the Ethereum blockchain, allowing users to inherit digital assets from other users. Users can make wills, set up trusts, and assign executors.

Conclusion

Blockchain Technology is not yet thoroughly probed; there is so much more that we are yet to explore. We expect to see many new blockchain gaming platforms in the future as more and more businesses and companies are open up to blockchain technology.

According to the CEO of Quantum Economics, cryptocurrency is the future of gaming. The things we own in games will have real-world value, and the games will imitate the real world. So for a better blockchain gaming future, the work starts today.