Blockchain technology is an oncoming thing in the gaming industry. Blockchain-based games have been all around the corners for a few years. this technology has opened new opportunities for businesses that want to create decentralized gaming apps.
But before moving forward to introduce blockchain technology in gaming, let’s understand what is blockchain and how it is used in the gaming industry.
What is Blockchain and how is it used in gaming?
Blockchain is a decentralized and distributed digital ledger that enables secure transactions and maintains records. It is creating a new gaming experience for both businesses and players who use NFTs and cryptocurrencies to purchase in-game assets that could be exchanged for real-life money
Role of cryptocurrency in gaming.
With its popularity in the gaming industry, Cryptocurrency has also evolved. Cryptocurrency is a digital currency that uses cryptography to secure, verify and facilitate transactions. It allows users to make payments online without going through traditional payment systems like banks and credit card companies
Cryptocurrency, such as Bitcoin and Ethereum, enables secure and fast payments for various in-game purchases, like avatars, power-ups, themes, unique artifacts, etc. It also allows players to earn rewards or Crypto tokens while playing games.
Moreover, with the rise in blockchain games, there are various ways in which blockchain technology is being used in the gaming industry that include:
NFT’S are non-fungible tokens that can be traded or used within blockchain games to purchase characters, memes, videos, and other digital assets. NFTs create a way for gamers to own their digital possessions truly. This gives players more control over what happens to these items and makes them easier to trade and sell since there’s no need for an intermediary like another player.
The future of Blockchain in the gaming industry looks bright. With more and more business exploring blockchain technology we can expect to see more games and platforms that use Blockchain in the future.
By Apurv Abhay Modi