There was no way an ordinary player could retrieve or monetize any in-game items once a game was declared out of service or shut down by the developer, but now the rising popularity of decentralized games like Splinterlands, CryptoMines, etc is changing the scenario, and even many established game publishers are bending their rules to grab the maximum share of the decentralized gaming market. Before the introduction of NFTs and cryptocurrencies in video games, all the characters, skins, weapons, rewards, and various other elements of a game used to be the property of the game developers.Some interesting aspects and examples of blockchain technology in gaming are: The 3D action-adventure game Age of Rust allows players to search for Bitcoin and Enjin Coin, along with, " highly functional NFTs that also have millions of dollars worth of resale value, due to their incredible utility across the blockchain ecosystem.” In 2017, Age of Rust was one of the first games to use Enjin blockchain to mint and integrate NFTs that could be used for things like unlocking content. Sorare combines fantasy football with blockchain in a game in which players can win Ethereum. AXS tokens can then be traded on some crypto exchanges. The game also uses NFT monsters that can be bought, sold, traded, and bred to battle each other, earning their owners additional digital tokens. Players can earn cryptocurrency tokens such as Axie Infinity Shards (AXS) by playing the game. The use of digital currencies and tokens has become so popular that various games have launched their own in-game NFTs and cryptocurrencies that players can trade to earn rewards while participating in the game.įor example the well-known blockchain-based game Axie Infinity is an online game built on the Ethereum blockchain. There are approximately 300 million crypto users across the globe who together fuels an economy worth three trillion dollars, and all of it runs on decentralized blockchains. The most popular use of blockchain technology is the transaction of NFTs and cryptocurrencies on the internet on different blockchain networks. Moreover, every piece of data on a blockchain is visible to all the users on the blockchain network, which makes it a very transparent and trustworthy system.
These information blocks are secured using cryptographic hashing, a programming algorithm that can not be reversed, therefore, the entries made on a blockchain can never be altered. How blockchain technology is revolutionizing the gaming industry? Source: Karolina Grabowska/pexelsīlockchain is a decentralized data recording system or a digital ledger that stores information in blocks that are distributed across a network of computers. This new model allows players to earn financial rewards while playing a video game and through trading in-game items at different marketplaces on the internet. Until now, only the brands, developers, and artists involved in the production of video games were able to generate income, along with gamers who earn money by livestreaming or playing in tournaments, but the emergence of blockchain-based technologies like NFTs, smart contracts, and virtual gaming worlds may now be giving rise to a new play-to-earn (P2E) business model in the gaming domain.
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