Latest buzzwords or the next big thing? Blockchain gaming.
We’re already used to seeing articles about how blockchain will change the world of finance but right now, the focus is on its potential impact on the world of gaming.
That’s because not only will it revolutionize how you play online games, but crypto gaming also introduces the potential of earning money while you play.
So, what are the main advantages of blockchain gaming? How are things going to change for gamers with its arrival? And how can you earn money while playing!
The Blockchain
Blockchain is a decentralized ledger system that records every single transaction. It’s a way of moving information from one place to another without compromising its accuracy.
The great thing about blockchain is that no one can change the records once they’ve been recorded because it doesn’t rely on any centralized authority.
This makes blockchain a very secure system, and gamers need this security when you consider how frequently their hard-earned in-game assets get stolen.
How will blockchain change gaming?
So, if blockchain provides gamers with a reliable and incorruptible record-keeping system, there’s no reason why it can’t be used for video games. Right now, we’re seeing a rush to develop blockchain-based games. But what does this mean for gamers?
Security
The main benefit is that gamers can keep their digital assets safe and secure, no matter how many times they get traded or sold on the market.
We’ve already seen several cases where gamers have had their accounts hacked and lost all their items; these valued items can be worth thousands of dollars in some cases. By using blockchain asset trading will become much more reliable through increased security
Transparency
Another significant advantage of blockchain is transparency. All transactions are recorded on the network, making them publicly visible, but ownership rights can only be transferred with encrypted signatures. So even though the whole network has access to your transaction history, your identity remains anonymous.
Streamlined Trading
One of the big problems with gaming these days is that many games have a thriving second-hand market where players will sell items earned by spending hours playing. This means that gamers can trade assets acquired in one game for digital currency or assets from another. It’s great for players, but it can be challenging to keep track of all your transactions and even harder to prove you own the items you’re selling.
By using blockchain technology, gamers record their transaction history, providing indisputable proof of ownership. That means they won’t have to go through all the usual rigmarole of proving who they are and what they own before trading.
Earn Real Money from Playing!
Blockchain gaming opens the opportunity for gamers to make meaningful investments that can be sold at a profit. The world of business has recently woken up to this potential with Marketwatch reporting the potential for earning whilst taking part in blockchain games
Rewards for using Blockchain-based Games
One of the most common ways gamers will make some extra money is through rewards programs offered by blockchain-based games. These platforms aim to incentivize players by rewarding them with crypto tokens that can be used as currency or sold on exchanges.
Referrals are another way of making money with tokens received for every person that signs up with your code. This then makes it easy for players to monetize their social networks.
Community driven funding
The most exciting prospect of blockchain gaming comes with community-driven funding. This means that developers can pitch ideas directly to gamers by holding ICO’s (Initial Coin Offering). Crypto tokens are sold, which then become a form of currency within the game or platform itself. This is similar to how other cryptocurrencies work outside the gaming world.
The idea is that this provides a transparent and secure method for both gamers and developers to communicate their ideas and plans. This also allows gamers to become stakeholders by owning game assets, meaning they’ll receive dividends based on the game’s performance.
The future of online gaming
This is just the beginning of blockchain gaming, and it will be exciting to watch the market develop over the next few years. The integration of these technologies into mainstream video games promises so many benefits for both players and developers. We can all look forward to more seamless trading systems with greater security, transparency, and accountable transactions while making money from our hobbies!