For numerous reasons, both businesses, developers, and video gamers favor gaming systems that support blockchain technologies. From a consumer perspective, the digital assets obtained, earned, and used on the blockchain video programs may be stored for later use, traded, or used for in-app, store, or gaming purchases. The businesses associating their video games with blockchain technology may benefit from the security and enhanced applications that are involved with these system types.
For this reason, enterprises within the gaming industry must review the potential benefits of pairing their existing and future gaming products with blockchain systems to enhance user experience, generate more revenue, and boost brand value. To learn more about blockchain development services and the crypto technologies best suited for your business, enterprises may reach out to a local Los Angeles blockchain development company, like Sunlight Media LLC.
The Benefits of Using Blockchain Video Games
Allowing the players within your video game to own and manage in-game assets offers users the opportunity to invest in particular assets that may be reused when interacting with an alternative or future brand products and services. Additionally, video games built on software platforms, like Ethereum, provides gamers the opportunity to trade digital assets and may even allow users the ability to convert their earnings into assets that may be used as an alternative to real-world currencies.
Unlike traditional gaming systems, developers construct the platform to run programs that only correspond to the core’s logical structures, however blockchain video games take advantage of numerous security, ownership, immutability, and reduced fee benefits when properly integrated. The data used, transactions made, profiles generated, and assets stored are formed on various decentralized data blocks with unique data encryption keys that make any hacking attempts difficult for any cyber attackers.
Furthermore, due to the blockchain technologies used for video games, the expenses involved with running transactions, preventing fraud, and charging end users are significantly reduced. The reason is, users interacting with blockchain technologies may authenticate each interaction and transaction through unique encryption keys, and the processes due require any third-party intermediaries to process each performed request. As a plus of this process type, the activity is easily and more accurately recorded, which enhances overall reliability and transparency when using brands’ products and services.
How do Blockchain Video Games Operate?
Games with Blockchain technologies are typically run and managed by smart contracts, which are continually reused by the users. This process is unlike traditional gaming systems, as the developers do not need to construct looping code structures around a central core data processor. Depending on the company’s goals and system requirements and preferences, the platforms may store assets on the blockchain, provide players with nonfungible tokens (NFTs), and trade different crypto-currencies, like Bitcoin, for particular in-game digital assets.
For more information about how that process works, businesses may review an in depth review of the BTC6X exchange.
These blockchain networks use consensus algorithms, such as proof of work (POW) or Proof of Stake (POS), to retain network security while recognizing public addresses to enable end-users the ability to use digital assets across different blockchain platforms and systems.
What is GameFi?
GameFi shares similar blockchain development principles to DeFi, where there is no middleman or intermediary between the transactions. GameFi offers “play to earn” incentives while facilitating player-owned economies within the blockchain gaming systems. Blockchain developers may integrate these systems using Bitcoin and Ethereum cryptography, which interact with smart contracts on dAPPS.
With NFTs integrated within the blockchain game, users gain more control over in-game assets such as player and item skins, upgrades, perks, maps, and more. Based on the token models, blockchain developers may assign rarity to specific assets by limiting the value of certain tokens or releasing features with short lifespans.
Popular Blockchain Games
Users may govern specific tokens associated with Axie Infiniti to improve in-game Axies or “pet” battle capabilities. These tokens may be acquired from outside the game parameters, which means that common blockchain purchases at markets and exchanges become applicable for in-game features. In order to expand on user digital assets, cryptocurrencies may be converted into the games Smooth Love Potion (SLP) tokens or players may generate more tokens through various in-game quests, battles, and performing different challenges. Additionally, these “pets’ ‘ may be traded on Ethereum NFT marketplaces.
Neon District is an Ethereum-based game with in-game purchasing options for gamers to release particular characters, weapons, skins, armors, pets, and upgrades. The main objective for gamers in Neon District is to devise different team strategies to outperform other online competitors and players. As a role-playing game (RPG), different in-game items that serve as the NFTs may be collected when in play by different players. With those collected or earned NFTs, gamers may monetize their digital assets for future trading and transaction purposes.
Neon District is a role-playing game (RPG) that allows users to collect characters, gears, and crafts. Like all the games highlighted in this guide, the in-game items and characters featured on Neon District are NFTs. As such, the in-game items found on Neon District are essentially digital collectibles backed on the blockchain. You have the right to monetize your participation by selling earned or purchased in-game assets to other players.
Sandbox serves as a virtual metaverse with play-to-earn features. Gamers may navigate around the different maps to explore and purchase different online real estate and digital land. The main cryptocurrency used on the Ethereum network is named “sand,” which may be purchased, traded, or earned through user-configured games and digital assets transactions.
In conclusion, numerous enterprises may take advantage of blockchain technologies for video games in order to generate additional revenue, increase brand value, and enhance customer engagement. Since there are many applications involved with blockchain games, companies may work with their software engineers to devise multiple different ways to offer users more control over managing their digital assets while planning effective methods for the promotion and selling of in-game NFT tokens.
Jhonathon Badalof works at Sunlight Media LLC in Downtown Los Angeles, California. As a Project Manager, Jhon collaborates with clients on website and app design and development, marketing, and creative solutions for campaigns. In addition to Project Management, Jhon is a content writer who writes articles that rank well on Google and other social media platforms. His skill sets include social media marketing, eCommerce, brand development, programming, web design, and graphic design.