The video game sector is huge. There are more than two billion gamers across the world \u2014 that is around 26% of the world’s population. <\/span>If you add the annual revenues generated by Hollywood and all the sporting events in the U.S., the obtained figures still won\u2019t be enough to surpass the earnings of the digital gaming industry alone. Companies like Sony, Microsoft, and Activision, generate billions of dollars every year from selling games and related products, but thanks to blockchain technology now you can also earn money by playing metaverse-based games<\/a>.<\/span><\/p>\n 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<\/a>, smart contracts, and virtual gaming worlds may now be giving rise to a new play-to-earn (P2E) business model in the gaming domain. 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.<\/span><\/p>\n Blockchain is a decentralized data recording system or a digital ledger that stores information in blocks that are distributed across a network of computers. These information blocks are secured using cryptographic hashing, a programming algorithm that <\/span>can not be reversed<\/span><\/a>, therefore, the entries made on a blockchain can never be altered. 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.<\/span><\/p>\n The most popular use of blockchain technology is the transaction of NFTs and cryptocurrencies on the internet on different blockchain networks. There are approximately <\/span>300 million crypto users<\/span><\/a> across the globe who together fuels an economy <\/span>worth three trillion dollars<\/span><\/a>, and all of it runs on decentralized blockchains. The use of digital currencies and tokens has become so popular that various games have launched their own in-game NFTs and cryptocurrencies<\/a> that players can trade to earn rewards while participating in the game.<\/span><\/p>\n For example; the well-known blockchain-based game <\/span>Axie Infinity\u00a0<\/span><\/em>is an online game built on\u00a0the Ethereum blockchain. Players can earn cryptocurrency\u00a0tokens such as Axie Infinity Shards (AXS) by playing the game. AXS tokens can then be traded on some crypto exchanges.\u00a0The game also uses NFT monsters that can be bought, sold, traded, and bred to battle each other, earning their owners additional digital tokens.\u00a0<\/span><\/p>\n <\/span>Sorare<\/span><\/em> combines fantasy football with blockchain in a game in which players can win\u00a0Ethereum. The 3D action-adventure game\u00a0<\/span>Age of Rust allows<\/span><\/em>\u00a0players to search for Bitcoin and Enjin Coin, along with<\/a>, “highly functional NFTs that also have millions of dollars worth of resale value, due to their incredible utility across the blockchain ecosystem.\u201d\u00a0<\/span>In 2017, Age of Rust was one of the first games to use Enjin blockchain<\/span>\u00a0to mint and integrate NFTs that could be used for things like unlocking content.<\/span><\/p>\n Some interesting aspects and examples of blockchain technology in gaming are:<\/span><\/p>\n The play-to-earn gaming model has proved to be <\/span>a huge success in 2021<\/span><\/a> in terms of attracting new users. Some blockchain-based metaverse games like <\/span>Decentraland <\/span><\/em>and <\/span>Sandbox <\/span><\/em>even <\/span>allow users to buy<\/span><\/a> and sell virtual real estate. In Decentraland, t<\/span>ransactions are made with MANA, the game’s native cryptocurrency, and proof of ownership of virtual property is verified via NFTs. In November, 2021,\u00a0\u00a0a plot of “land” in Decentraland sold for \u20ac2.1 million. Following the announcement, MANA crypto was<\/span> trading at \u20ac4.06 a token, compared with \u20ac0.07 at the beginning of the year.<\/p>\n This rapid growth and earnings potential is the reason why this new blockchain-based gaming ecosystem is attracting not just ordinary players but also investors to become a part of the gaming economy.\u00a0<\/p>\n Axie Infinity, <\/span><\/em>which is one of the most popular games in this segment, has garnered sales worth $2.5 billion, and the Ethereum-based game is currently being played by <\/span>1.8 million gamers<\/span><\/a> on a daily basis.<\/span><\/p>\n The gaming industry is already divided on the use of blockchain technology. In October 2021, the largest digital game distribution service, Steam,\u00a0<\/span>introduced a new rule<\/span><\/a> that prohibited game publishers from introducing blockchain games on the platform. Many crypto enthusiasts and companies like SpacePirate Games, which was looking forward to releasing its new NFT-based game on Steam, were not happy with this decision.\u00a0<\/span><\/p>\n Soon after Steam came up with this new rule, Tim Sweeney, programmer and CEO of Epic Games (a rival platform of Steam) <\/span>said on Twitter<\/span><\/a>, \u201cEpic Games Store will welcome games that make use of blockchain tech provided they follow the relevant laws, disclose their terms, and are age-rated by an appropriate group\u201d. However, apart from whether or not a platform shows interest in blockchain games, there are various other challenges that game companies need to overcome to make the gaming world blockchain-friendly.\u00a0<\/span><\/p>\n For instance, how will developers ensure that games remain democratic, preventing scenarios where, for example, a rookie but wealthy gamer will not buy up all the important in-game assets (such as weapons, skins, accessories) and end up winning against experienced but not so deep-pocketed players? For example, Ubisoft is getting around this concern by making its Digit NFT’s cosmetic-only, so they do not affect the gameplay in any way<\/span><\/p>\n Game companies would also be required to develop\u00a0additional infrastructure<\/a> to support the large transactional volume on their blockchain networks, and this could take a lot of time and budget.\u00a0<\/p>\n Many gamers are still not familiar with blockchain-based innovations like NFTs, so the excessive use of such technologies in popular games could increase the barrier for new players to enter gaming. Another challenge for developers is to ensure that blockchain games, gaming platforms, and decentralized marketplaces are <\/span>compatible with one another<\/span><\/a> so that players can conveniently trade their in-game virtual assets across games and platforms.\u00a0<\/span><\/p>\n Another issue may be whether some of these games are breaching rules against gambling.\u00a0<\/span>Sorare, for example, is currently under investigation by the UK\u2019s Gambling Commission, which is seeking\u00a0to establish whether the company requires an operating licence.<\/p>\n Though the NFT and crypto <\/span>markets are growing<\/span><\/a> at an impressive rate, for now, it would be too soon to predict whether these blockchain technologies would have a successful run in gaming or not. However, due to its immense potential to transform the gaming industry, its use is likely to continue to expand<\/span>.\u00a0<\/span><\/p>\n<\/p><\/div>\n !function(f,b,e,v,n,t,s) {if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)}; if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′; n.queue=[];t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e)[0]; s.parentNode.insertBefore(t,s)}(window, document,’script’, ‘https:\/\/connect.facebook.net\/en_US\/fbevents.js’); fbq(‘init’, ‘657415324884715’); fbq(‘track’, ‘PageView’); The video game sector is huge. There are more than two billion gamers across the world \u2014 that is around 26% of the world’s population. If you add the annual revenues generated by Hollywood and all the sporting events in the U.S., the obtained figures still won\u2019t be enough to surpass the earnings of the […]<\/p>\n","protected":false},"author":1,"featured_media":4230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[38],"tags":[73,2970,3270,1169,71,417,3271,3269],"class_list":["post-4229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-blockchain","tag-earning","tag-exciting","tag-games","tag-money","tag-opportunities","tag-playing","tag-unlocks"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/01\/blockchain-game_md.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/4229","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4229"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/4229\/revisions"}],"predecessor-version":[{"id":4231,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/4229\/revisions\/4231"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/4230"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4229"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}How blockchain technology is revolutionizing the gaming industry?\u00a0\u00a0\u00a0<\/span><\/h2>\n
![\"How](\"https:\/\/inteng-storage.s3.amazonaws.com\/img\/iea\/y5wWky1PwX\/sizes\/blockchain-technology-gaming_resize_md.jpg\" "\\"How")
\n
\n
\n
Is it possible to fully decentralize the gaming industry?<\/h2>\n
![\"How](\"https:\/\/inteng-storage.s3.amazonaws.com\/img\/iea\/y5wWky1PwX\/sizes\/future-of-blockchain-tech_resize_md.jpg\" "\\"How")
\n
\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"