Let’s look at the video gaming world from 20 years ago. We were stuck at 2D games, with pixelated graphics, no online multiplayer, and very limited options. Nowadays, we have cloud gaming, graphics that cannot be more realistic, and tons of gameplay features.
Quite a big leap, right? Well, I think that blockchain technology will revolutionise the video gaming industry more than the advancements we’ve seen over the last two decades. Yes, in just a few years’ time, the video gaming industry wouldn’t look the same.
Why? Well, we finally found a way to materialise or own digital items, which of course is game-changing for the video gaming industry. But that’s only scratching the surface of what’s possible with Blockchain technology.
We are also talking about a Metaverse (a digital space where different video games can share space), which will bring next-level excitement to gamers. I don’t know about you, but I am quite excited about what’s coming.
After all, we would be able to own digital items, make money by playing video games, and experience games unlike anything else before.
What’s the buzz about blockchain gaming?
At this point, you probably understand the hype around blockchain. No? Still sounds like a sci-fi movie? Well, imagine you are playing your favourite game, leveling up, collecting rare items, and slaughtering monsters. Now all of the progress you make with today’s video games is stuck in the developer’s server, which means that if they decide to close it, your progress is done.
Plus they limit what you can do with the items you “own” and they don’t have to be transparent in terms of rare items and their availability.
Well, with blockchain technology all of this is gone. We finally have a technology where your hard work pays off. Rare items and collectibles will act as NFTs and you’ll really own them.
This technology provides something quite crucial for today’s world which is called “true digital ownership.” We are talking smart contracts (that can be executed without a middleman), and non-fungible tokens.
Why is blockchain suddenly so popular?
Digital asset ownership
Since blockchain technology finally helped us tackle a decade-old problem of genuine ownership of digital assets, it makes it perfect for the video gaming industry. Finally, all the things you find, and grind for will be actually yours, and I don’t know about you, but for me, this makes gaming a lot more fun.
Play-to-earn models
Remember the days when your mom shouted at you, “Stop playing video games, they won’t make you any money”? Well, guess who’s laughing?
Video games now can make you money, and sometimes a lot of money, especially with blockchain technology.
We already have a bunch of play-to-earn games, but this is just the start of it. Just think about what’s going to be like in the Metaverse. Thousands of transactions every second, each a new opportunity to make money.
Also, crypto gambling sites are already popular, especially in places like Canada, and people are making a lot of money. Click here to read more about the best crypto gambling sites.
Interoperability between games
We mentioned this, but we still could not gasp it. Why? Well, because it still sounds interplanetary, or strange to the point where we couldn’t wrap our brain on how it works. This is essentially a way or a portal where games can travel from one world to another.
You’ll have Kratos from God of War stealing cars in GTA, and Octane from Apex Legends running wild in Red Dead Redemption 2.
This will bring a new way of experiencing games, and I know it sounds strange, but it is going to happen in the near future.
Is it all sunshine and rainbows?
Okay, okay, before we get too carried away with all the excitement, let’s hit the brakes a little. Like any new technology, blockchain gaming isn’t without its hurdles. Here are a few speed bumps on the road to widespread adoption:
- Environmental concerns: One of the biggest criticisms leveled at blockchain technology is its environmental impact. Traditional blockchains, like Bitcoin, use a lot of energy. However, newer blockchains, such as Ethereum 2.0, promise to reduce their carbon footprint by up to 99 per cent.
- Regulatory hurdles: Governments around the world are still trying to wrap their heads around blockchain, crypto, and NFTs. This means regulations could change overnight, affecting how games are developed, distributed, and monetised.
- User adoption: Let’s be honest – not every gamer is ready to jump into the crypto space. A recent survey revealed that nearly 40 per cent of gamers are still hesitant due to the complexity and volatility associated with cryptocurrencies.
What does the future hold?
The future of gaming is looking more decentralised, democratised, and downright exciting. By 2025, we could see blockchain-based games taking a significant chunk of the gaming market.
Industry insiders are predicting that blockchain could cover 20 per cent of the gaming market in the next few years, driven by gamers’ growing appetite for true ownership and fair monetisation.
So, should you care about blockchain gaming?
Well, if you’re a gamer, a developer, or even just someone who likes to stay ahead of tech trends, blockchain gaming is something you’ll want to keep an eye on. It’s not just about playing games – it’s about changing the very fabric of the gaming industry, putting more power in the hands of players, and creating new revenue models that didn’t exist before.