5 Ways Blockchain Is Effective in the Gaming Sector
You must have heard the word blockchain being used constantly if you move in tech circles. It has been consistently in the headlines for the past few years, with most people pretending to know what it is even if they don’t have the vaguest idea. Basically, blockchain is a digital ledger of records and transactions spread across various systems along the chain. This distributed formation prevents sole ownership and makes it hard for anyone to hack into the information. Simply put, it is a decentralized way to conduct transactions. Theoretically, it can protect all your transaction records, from your Spectrum deal subscriptions to your latest online clothing purchases.
Blockchain is particularly in use in cryptocurrency and rose to fame because of its booming popularity. However, it also has its uses in other sectors, particularly gaming. Gaming is a steadily evolving field and is often the pioneer of innovative technologies which are then applicable in real life. Therefore, its relationship to the blockchain should be no different, especially as gaming is now increasingly online. Here are a few use-cases where the blockchain can improve the gaming sector.
Makes In-Game Purchases Secure
In-game purchases are often the bane of a gamer’s insistence. However, these can actually contribute to your gaming experience, particularly in a cosmetic manner. While this is all well and good, they can put your information at risk. There have been numerous incidents where people’s financial data was leaked from video game servers.
Blockchain is the right way to counter this hacking, as it doesn’t place all of your information in a central ledger. Instead, it distributes it in a decentralized manner, making it much harder to exploit. So, you can buy all those hats and gems you want while playing video games, without worrying about your credit card information being sold on the dark web.
Allows Game Assets to Have Real Value
The recent hype around non-fungible tokens (NFTs) has shown that people think differently about digital assets than they would have just a few years ago. Video game assets have always been a major market but were largely informal until blockchain entered the picture.
Now, blockchain ensures that these assets have some sort of actual, quantifiable, and standardized value to them. This can also help video game developers to explore new avenues and take more artistic liberties, as digital art is now firmly part of the hallowed art world. Who would have thought just a few years ago that a digital render of the Formula 1 Grand Prix De Monaco 2020 circuit in the F1 Delta Time game would sell for $3 million? But that’s exactly what happened, and it is one of the most expensive video game NFT purchases ever.
Improves Development Experience
One of the best things blockchain is doing for the gaming industry is democratizing it. Previously, it would take a lot of time and resources to make it big in the sector and get your game across to a large audience. Now, you can take your great game ideas and develop them as DApp games, which function using Ethereum.
There are networks and platforms out there which can help you learn how to develop these games and publish them for your audience. This also lets you explore innovative ideas which AAA studios may not necessarily want to explore. So, the open-source nature of these tools and the protection offer the right balance between accessibility and viability.
Help Gamers Verify Asset Rarity
While blockchain’s main appeal is security, its digital records are also quite valuable. It serves as an accurate ledger for many cases. In gaming, you want to know how rare a certain asset you received is. This is hard to do, as that supposedly legendary Helm of Wisdom could just be a common asset every other player can get.
However, if you access the digital ledgers in the blockchain, then you can verify the rarity of your assets. In addition, blockchain’s smart contracts also allow games to create even rarer and more valuable assets. Cryptokitties is a prime example of this, as the game creates rare cat NFTs which are sold at incredibly high prices.
Promote Collectible NFTs
Leading on from the digital ledger and the verifiability, blockchain can help promote collectible NFTs in the gaming sector. These collectible items have always been popular with avid gamers but now have proper financial value. This opens up multiple avenues for developers and game studios.
Resultantly, they can be more creative with their digital assets, as they know gamers will find them valuable. This can trickle into the actual gaming experience, leading to stunning visuals and unique video game ideas.
To sum it all up, blockchain has the potential to add a lot to the gaming industry. Resultantly, the sector can be more creative, democratic, and accessible.