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Blockchain in Gaming: Pros, Cons and Real-World Examples




The gaming industry is massive in number and is growing beyond bounds. The gaming market was valued at USD 198.40 billion in 2021 and is forecasted to reach a value of about USD 339.96 billion by 2027 at a CAGR of 8.94% by 2027. The nationwide lockdown has created a turning point in the gaming industry captivating numerous gamers and players. The continuous technological advancements in the gaming industry are propelling the industry’s growth. Leveraging blockchain technology in gaming is driving the demand and improving the engagement of numerous players, boosting market growth. In this case, blockchain gaming is evolving as a business investment in the blockchain space. In this blog let us have a detailed view of blockchain gaming.

What is Blockchain Gaming?

Blockchain gaming is simply the development of a gaming platform incorporating blockchain technology thereby changing the view of gaming. Blockchain technology has created a great impact on the gaming industry by creating a decentralized ecosystem for the player and gamers. Blockchain games are created in such a way by enhancing the gaming experience through immersive technologies and multiple monetization ideas. Blockchain can rebuild the gaming world by bringing in top unique features like decentralization, transparency, interoperability, and enhanced security. Owing to this many solopreneurs are opting for blockchain game development to make their entry into the thriving blockchain space.

Blockchain Gaming: Pros and Cons

Pros of Blockchain Gaming

Transparency

Blockchain games provide complete transparency to the users as blockchain technology is transparent and immutable. The transactions carried out are transparent and completely visible to anyone.

Enriched Security

Blockchain technology is decentralized and highly secured, thus it will help protect certain confidential details like player’s Info, game data, and other transactions enabling two-factor authentication, etc.

In-Game Currency

The players can earn rewards as cryptocurrencies in blockchain games to purchase in-game assets they require which can be used in the next level of games.

Micro-Payments

Micro-payments help in making quick transactions with low fees. The gamers gain in-game subscriptions and they can monetize their in-game assets.

Improved User experience

Blockchain enhances the overall gaming experience in the most secure and efficient way. The players gain complete control over the game by creating their own avatars, characters, storyline, etc.

Cons of Blockchain Gaming

Scalability

The biggest disadvantage of blockchain technology is scalability. Thus handling numerous users in blockchain gaming platforms might be a challenge.

Complexity

Blockchain technology is complex in terms of operationality and cost efficiency. As blockchain operations cannot be duplicated it requires a deeper understanding.

Regulatory Issues

This is one of the limitations that is, certain countries impose regulatory issues for using cryptocurrency and blockchain in terms of security.

Real-world examples of blockchain games

The growing blockchain market has paved the way for numerous real-world blockchain gaming. Here are some of the popular blockchain games.

Axie Infinity

Axieinfinity is an NFT-based blockchain video game that was built on the Ronin network, an ethereum linked sidechain in the year 2018. It is a popular wild blockchain game where the players can earn rewards for playing like battling and breeding.

CryptoKitties

Cryptokitties are the world’s first blockchain-based game developed on the Ethereum blockchain by a Canadian studio Dapper Labs in the year 2017. Here the game is all about purchasing, breeding, and selling virtual kitties.

Decentraland

Decentraland is the 3D virtual world that was developed on the Ethereum blockchain where users can purchase virtual plots of land using MANA the native currency decentraland.

Conclusion

The future of blockchain gaming is likely to have a bright and promising future. Blockchain gaming will progress to new heights with promising trends such as play-to-earn games, NFTs, and merging social media. These potential trends will help blockchain gaming to lead the way in the flourishing blockchain world. If you are one who is interested in developing your blockchain gaming platform, collaborate with the best blockchain game development company in the market which provides outstanding blockchain gaming platform development services. Take your gaming business to new heights through blockchain gaming.

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