The worldwide technical landscape saw substantial changes during the COVID-19 pandemic. The entertainment modes have expanded into virtual space, giving them access to previously unreachable areas. One of the most engaging activities that have captured people’s interest, excitement, and passion is gaming, among other things. Thanks to its wider community and ease of accessibility, gaming has been able to entice players of all ages and social backgrounds.
With a CAGR of 8.94% from 2022 to 2027, the gaming market is expected to rise from its value of USD 198.40 billion in 2021 to USD 339.95 billion by 2027. Nearly 1 billion people worldwide currently play online games, and this number is growing quickly.
However, everything excellent has drawbacks. The gaming business similarly faces problems. Some of these problems are:
- The centralized platform used by the gaming industry is one of these problems. The need to find a solution for the issue of storing a sizable amount of user data in a safe location to thwart data theft and hacking has grown with the company’s user base’s year-after-year growth. A centralized platform makes it simple for hackers and cybercriminals to access your data, steal your credentials, and obtain other crucial information. They are capable of stealing anything, including the game’s source code and whatever personal data you have stored in your online account.
- In some cases, even if you can afford the game’s assets, they are useless outside of that particular game. Even if you pay for the in-game assets you buy, the gaming company still owns the assets. You cannot trade or sell your assets in an online game, and you will lose all of your costly in-game purchases if any gaming site goes offline.
- There is no transparency when it comes to the game’s mechanics and the costs involved with playing or making purchases within the game. When paying through an online gambling platform, there is a considerable risk of transaction fraud.
Some people think that applying blockchain technology to the gaming industry can assist resolve these problems because of its decentralized technology. Let’s understand the definition and operation of blockchain technology.
A blockchain is a decentralized innovation that gives data owners complete ownership and data transparency while storing their information across several locations.
By using proper authentication and validation, blockchain technology integration in the online gaming industry helps gaming apps secure all types of digital data. It thoroughly strips game owners and administrators of their ability to maintain user information by checking all game transactions, histories, and data for all gaming assets. Blockchain games, in contrast to conventional games, are constructed on a decentralized network that distributes all of the game’s resources to the participants rather than the game’s owner company.
Blockchain gaming mostly consists of cryptocurrency and non-fungible tokens (NFTs). These two elements both have value outside of the game and are built on the blockchain.
Digital images, music, cards, and skins are just a few examples of NFTs, which are assets in blockchain gaming that you can buy or trade for cryptocurrency, which is a cryptocurrency that runs on Ethereum or another blockchain. Blockchain platforms use the private key-public key data encryption method, which is very successful, to secure all crypto token-related transactions.
Future of Blockchain in the Gaming Industry
The percentage growth of the current blockchain games provides the answer to this query, and as a matter of fact, they are performing really well.
A blockchain-based game called Axie Infinity has surpassed over $4 billion in total sales. Best Play to Earn Crypto Games? In developed nations like the United States, United Kingdom, and Canada, games like RushRaids and Crypto Kitties have already become extremely popular.
The enormous potential that this technology has to address every significant problem the current gaming community was facing is being made public by gaming companies. So, yes, blockchain gaming is without a doubt the future of the gaming industry. It is a thriving industry that, in the near future, will surely become a well-liked activity.
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Blockchain and gaming make perfect allies. Consider the benefits of blockchain technologies for game distribution in addition to other benefits when developing the next big hit.
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