Blockchain and World of Gaming
Many people have no idea that compared to 2021, blockchain gaming activity increased by 2000% in 2022. Blockchain in gaming is a reliable asset that has received more than $2.5 billion in investment from VCs and other international investors, despite the industry’s difficult micro- and macroeconomic conditions.
Also, the metaverse ecosystem has given games additional opportunity to shine in the blockchain universe while at the same time, development activities for gaming dApps continue to rise.
The potential of the fast-developing decentralized metaverse like BattleSpecies to dominate the $8 trillion industry has also been estimated by some financial organizations. The key aspect promoting this kind of business expansion is the incorporation of Blockchain technology into gaming applications.
The concept of putting significant in-game assets on the blockchain has people fascinated. Once obtained by players, these assets can be traded for money, and game creators can build on persistent platforms they have built. Although these concepts appear very intriguing, the industry is still developing and has a unique set of challenges. First, let us grasp what blockchain is and how it is employed in the gaming business before moving on and getting into the specifics for the same.
How is blockchain utilized in gaming? What is it?
Blockchain is a ledger that has been decentralized. This very ledger has some or many coins which are called cryptos or collectibles that are worth something. Cryptos can be bought with real world money and can be sold. Every crypto is recorded along with its transaction history. As it completely lived on the ledger, it cannot be forfeited. Some blockchains have coins or NFTs are only for the verse where these are minted. Some of these NFTs are of more than others within the gaming verse. This technology has changed the face of gaming and comic book world.
Many in-game purchases, including those for avatars, power-ups, themes, unique artefacts, and so on, may now be made securely and quickly thanks to cryptocurrencies like Bitcoin and Ethereum or game specific NFTs that fuel that specific metaverse. While they play games, gamers can also win bonuses or virtual currency tokens.