GameFi | The Blockchain Gaming Revolution

How Blockchain Technology is Transforming the Online Gaming Industry.

The proliferation of blockchain technology has simply exploded over the last couple of years. Although, the major premise for the development of the blockchain was to solve the core problems of the slow, prohibitively costly and inefficiency-riddled paper-cash financial system. But due to its outstanding versatility, and unique features it wasn’t long before people found new ways to apply the technology towards other aspects of human life.

So, asides from decentralized finance, Cross border investments, payments and remittances, another area that has witnessed the massive adoption of Blockchain technology is the Gaming Industry.

You might be wondering, what has the blockchain and decentralized finance got to do with gaming? Well, sit tight, let dive right into it.

How does Blockchain Gaming Work?

In simple terms, Blockchain gaming refers to the use of unique technology and decentralized validation and public ledger protocols that powers cryptocurrencies like Bitcoin and Ethereum to build exciting games.

Instead of the usual in-game assets that are worth next to nothing the moment you turn off your console, Blockchain gaming has cryptocurrencies embedded in it and uses it as a form of payment in the game. It effectively transforms gamers into traders, slackers into active investors.

If you’re wondering how you too can get started, there are many platforms such as Avocado DAO that are making giant strides towards helping users switch from traditional gaming to the super-lucrative and interactive blockchain gaming system.

Here are some of the ways that the Blockchain revolution is changing the face of gaming.

1. Integrated Gaming Profiles

Most gaming platforms require users to create a gaming profile before they can access the platform’s games and other features. Since most gamers love to play multiple games with multiple franchises across different platforms, it becomes difficult to manage all their gaming profiles. Blockchain gaming protocols now offer gamers the unique ability to create a single gaming profile that can be accessed and fully-integrated across different gaming portals.

No doubts, this new feature has created an enhanced user experience for gamers across the world.

2. Decentralized-Storage

For a passionate gamer, nothing hurts more than losing all of your progress due to the loss of a storage device or console malfunction. This problem has plagued the gaming industry for decades.

In some cases, the gaming platforms themselves can fall victim of hack attacks or other challenges that may lead to loss of crucial user-data. Because most of the traditional gaming platforms make use of centralized storage systems, there’s always a risk of damage or hacker attacks that often leads to thousands of gamers losing their in-game data.

With Blockchain technology, all of these have become a thing of the past. Blockchain gaming platforms deploys cryptographic validation to expedite decentralized gaming-resource storage. This will create a sense or reliability and enhanced security for in-game assets and progress data storage.

Decentralized servers ensure that data is stored across multiple validation nodes in different locations. Because the blockchain is fully-encrypted and decentralized, it effectively becomes almost impossible for the resources to be hacked, intercepted, misused or lost!

In addition, decentralized storage also keeps the gaming platform sane and secured. When playing blockchain games, it is nearly impossible to cheat or beat the system. This is because every move any player makes is monitored and a record of it is also kept on the public ledger.

3. Personalization and Monetization

This enhanced security feature of decentralized storage lays a fundamental groundwork for personalization and commercialized of data that allows gamers as well as developers to trade and earn cryptocurrencies and store them in e-wallets for transactional purposes.

Blockchain games afford players the privilege to monetize the time they spend playing the game. It is even possible for very skilled players to get tangible rewards for their expertise. Other players who happen to be very creative can also benefit by designing items in the game that they can sell.

Blockchain gaming platforms make use of non-fungible tokens (NFTs). An NFT is any unique asset that can be tracked on a blockchain. This can be any special assets like a weapon purchased in a game, healing potions, a jersey or other in-game collectibles.

With the deployment of NFT protocols, these special assets can actually be bought or sold to other gamers, in exchange for official fiat currencies or other cryptocurrencies.

4. Cross-chain (Cross-game) Transfer of Assets

With Blockchain Technology, there is also the possibility of moving in-game assets across other gaming platforms seamlessly.

This innovation is actually good news for game players who going by their experience with traditional games cannot make use of the in-game assets they have acquired outside the game.

These gamers have always been compelled to make use of in-game assets within the confines of that particular game. This can be frustrating for a lot of them. The introduction of blockchain gaming is a major game-changer.

The use of blockchain allows the storage of information like the name of the person that owns the game’s assets and also the monetary value of such assets.

This mechanism allows for the trading of the game’s assets to be done securely. Anyone who wants to buy an asset can trust the items, and confirm if it is genuine or not. The person selling will also have access to a record of all the sales that have taken place.

5. Globalized Payments

Blockchain gaming applications provide an enhance transaction experience through native crypto tokens process transactions. Gamers can now pay for these tokens using cryptocurrencies or any other traditional method such as credit or debit cards, bank transfers etc. These transactions are recorded, encrypted and validated in real-time forestall any errors or fraud.

6. Community Governance

Blockchain technology has also facilitated the development of consensus community governance on popular gaming platforms. Using blockchain technology many gaming platforms now have users communicating in real-time and participating in the crucial decision-making processes on the platform. Users now get to vote and have a say when it comes to adding new features or making any significant modifications to the gameplay.

Conclusion:

Until recently, gaming has been a largely centralized activity, with all data, assets, and in-game currency effectively confined to the game from which they have originated. Likewise, the ownership of such items is retained by the developers. The addition of blockchain has seen a paradigm shift to a decentralized gaming future.

In this el-dorado, items won or purchased in one game can now be transferred between users and across platforms. Thereby placing real-world value on digital in-game assets.

In simple terms, this means that you can now earn some cryptocurrency and trade your in-game assets for cash that you can spend in reality, while enjoying your favorite games.

Absolute dream come true isn’t it? Well, wait till you see all other opportunities and unique contributions that blockchain technology brings to the gaming world.

Stay tuned for our next article where we’ll discuss how you too can become a millionaire by gaming from your couch.

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