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Blockchain has been a buzzword for a while. What has mostly been associated with the financial world, is now making waves in the gaming industry, with blockchain gaming massively gaining traction. Especially in recent times, the gaming world has seen a rapid surge in games that incorporate blockchain, cryptocurrency, and NFTs in one way or another. Opening up new opportunities for developers and businesses to create innovative experiences and game concepts as well as allowing gamers to interact with games in new ways, blockchain technology is shaping the future of games. From safe payment options to earning tokens by playing and owning your in-game assets, there are many ways in which blockchain technology is already being used in the gaming sector.
Cryptocurrencies as a form of payment in and for games
The first way in which blockchain technology was used in the gaming world was by allowing players to pay for their games using cryptocurrencies such as Bitcoin and Ethereum. Based on the decentralized blockchain, cryptocurrencies allow for secure and fast payments and easy transactions across borders. There are different ways to purchase games using cryptocurrencies, for instance by buying gaming gift cards for platforms like Steam, PlayStation Store, and Xbox Store through specialized platforms such as Bitrefill.
Some iGaming platforms, where security and anonymity are especially important for players, offer payments through cryptocurrencies directly on their platforms. Players who want to access casino games such as slots and table games from specific regions such as the Middle East safely can use a good VPN and one of the best-rated platforms that offer a variety of payment options such as Neteller, Skrill, both of which support cryptocurrency payments, and direct cryptocurrency transfers to play at online casinos safely and anonymously. On top of that, with the rise of blockchain-centered games, players are also able to purchase in-game items using cryptocurrency. In most cases, blockchain games support their native crypto tokens for such payments.
P2E gaming is making headway
Besides paying for games, users can now even get paid through games. With the rise of blockchain gaming, a new game model has emerged: play-to-earn (P2E). It’s the first innovation through which players can monetize the progress they make and the time they spend within a video game, without needing any type of third party in the process. Through the P2E model, players earn rewards with real-world value in the form of crypto tokens or NFTs by playing the game. Completing tasks, going against other players, progressing through different levels of the game, and essentially spending time within the game can earn players such rewards.
Due to the decentralized nature of blockchain technology and cryptocurrencies, players can take these rewards outside of the game to sell them for money they can use in the real world. While P2E games have been around since 2017 when one of the world’s first blockchain-based games, CryptoKitties, launched, they have been making immense headway in the last year with many types of blockchain-based P2E games emerging. Titles such as Chainmonsters, Gods Unchained, and Spells of Genesis are just a few examples from the newly emerged game genre.
True ownership and customization of in-game assets
Making use of blockchain technology such as NFTs within games has also led to the possibility for players to gain true ownership over their in-game assets. Players have already been used to buying items such as equipment, skins, and weapons and changing and customizing the way their avatar looks. Until now, however, it was not possible for users to actually own these assets outside of the game.
Enter NFTs. Using non-fungible tokens, it is now possible to own in-game items and make use of them in the real world by trading or selling them on platforms outside of the game. By tokenizing certain digital assets, they become 100% unique and have a value depending on their characteristics and rarity. In the popular Web3 game CryptoKitties, for instance, players raise and breed their own digital cats, which can all be turned into NFTs. Depending on their characteristics, looks, and abilities, they have a certain value from which players can profit outside of the game.
Blockchain technology has been gaining popularity and has now found its way into the gaming sector, changing the way players interact with games in many ways. While we are still in an early stage, blockchain technology is already having an impact on the future of gaming.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.