Gaming is one of the top industries that has successfully integrated blockchain technology into itself. Blockchain may be a technology used for cross-country payments and other investing purposes, but various gaming companies can stand to gain a lot from incorporating this technology into their products. In this article, we will look into the blockchain gaming industry, and the various benefits associated with it, and we will also look into its future.
What Is Blockchain Gaming Or Crypto Gaming?
Blockchain gaming, aka crypto gaming, is a type of video game that integrates blockchain technology into its ecosystem to reward players with cryptos for the completion of various tasks and other challenges. It basically provides a good and engaging experience for players by offering an innovative gaming experience combined with the prospect of earning cryptocurrencies.
Unlike conventional virtual in-game currencies that are part of most games, crypto gaming introduces currencies that can essentially be used in the real world. This has revolutionized the crypto-gaming industry into something that allows players to earn, trade, and even cash out the assets that they accumulated in the game without any hassle. Many prominent cryptocurrencies like AXS, APE, SAND, and MANA have already been integrated into their respective gaming platforms.
Working Of Crypto Games
Crypto games are just like any other traditional game. However, there is one thing that mainly distinguishes them from other online games, and that is their reward system. This intricate reward system is where the true distinction lies. In normal traditional games, players are mostly rewarded with many points for the successful completion of their missions, but crypto gaming provides the reward with external currencies like crypto coins or other NFTs.
The main advantage of such rewards is that not only they can be used in the gaming ecosystem but also in the real world. Players can trade them on various exchanges like Binance or Kraken, and in some cases, can convert them into traditional money. As the main essence of crypto gaming is its reward system, many traditional games can still transcend themselves into crypto games by simply integrating crypto rewards into their game.
Future Of Crypto Gaming
As blockchain and cryptocurrencies become increasingly popular with each passing day, the future of crypto gaming is brighter than ever. It even has the potential to transform the traditional gaming sector into a financial ecosystem that allows players to earn money in a fun and engaging way. Developers can also introduce a transaction fee mechanism for the trades that take place within their ecosystem to boost their revenue.
Crypto gaming could also evolve into a major threat for various centralized game publishers and could potentially provide players with more freedom in the gaming ecosystem. If crypto gaming could introduce a feature that allows players to transfer their assets to another gaming ecosystem, it could potentially increase the user experience and also help attract more users to this industry. As of now, we can only wait and see what the future holds for the crypto gaming industry.
Advantages & Disadvantages Of Crypto Gaming
Crypto gaming also has its fair share of advantages as well as disadvantages associated with it. In this section, we will look into some of these important pros and cons that you need to keep in mind while immersing yourself in the gaming environment.
Pros
- Earn Money: Players can potentially earn real money from crypto games. It can be done through various in-game mechanisms like completing various tasks specified in it and through referrals.
- Ownership: In crypto gaming, any and all assets that the players gain are completely owned by them. They later can trade or sell these assets to other players or can use them in the ecosystem of that gaming platform.
- Decentralization: Crypto games are not controlled by any central authority like a major company or government. This means that players have more freedom and control over their in-game assets.
Cons
- Market Volatility: The market value of the gaming tokens can fluctuate rapidly in the market. This could lead to major losses for some traders.
- Regulations: As a still-blooming industry, crypto gaming hasn’t even reached its full potential. Therefore, it is still subject to a great deal of regulatory uncertainty regarding them.
- Complex: Crypto gaming can be complex, especially for beginners as they need to learn trading and its related concepts to profit from their in-game assets.
- Potential Scams: There have been many scams that have unfolded in the crypto gaming industry in recent times. So you need to stay clear of games that exhibit any suspicious behaviour.
It would be better if you keep in mind all these facts and research the game that you chose to verify its authenticity, before spending your valuable time in it. It would also benefit you if you learned all the basics of blockchain technology and trading before you immerse yourself in crypto gaming.
