Blockchain might be the only technology that is useful in every industry. Blockchain has entered industries like Music Industry and the health care industry. Everyone came to know about blockchain technology with the help of bitcoin.
Bitcoin comprised the leading traditional blockchain. The analogy of blockchain is with a conventional data record that stores information. To better understand cryptocurrency trading, check bitcoin trading site for more details. However, blockchain is very different from an old school database as it is more convenient to use, more transparent, and more scalable. The transparency of this database is very high.
Not only transparent, but there is also privacy-focused blockchain. The transparency of blockchain can be low or high, but the security and scalability of this technology are extreme. Most digital currencies have a public blockchain, but cryptocurrencies like Monero and Dash have a privacy-focused blockchain.
Dash is the mere currency that simultaneously acts like both private and public digital currency. These days, the blockchain and gaming industry is getting along to build a better game. Blockchain promises to fuel the economy of the gaming industry in no time as it has introduced NFT games. Here are a few advantages and applications of blockchain technology in the gaming industry.
Value of in-game assets
Earlier in-game assets had a value and utility in that game only. However, with the help of blockchain, the in-game assets have value in the real-life marketplace. Therefore, NFT games permit users to sell off their in-game assets for other cryptocurrencies.
A few NFT games have their marketplace and depend on other platforms for buying and selling actions. In short, since you can sell the in-game assets outside the game, these in-game assets have some definite value.
NFT games are only possible with blockchain. Developers or creators need to use a blockchain platform to blaze the trail of minting NFTs. Minting NFTs will cost you some money on a blockchain in the form of gas fees. Currently, the utmost lavishing blockchain is ethereum, but the gas fees of this platform make it very expensive. To mint NFTs, one can choose any intelligent chain or blockchain.
Some hot launch pads amongst the NFT minters and game developers are Cardano and Binance Smart Chain. Binance Smart Chain is the blockchain model that binance released recently. To pay gas fees for processing transactions on the BSC, you need bnb coins. The gas fees of both blockchain models are pretty affordable as this technology works on the proof of stake model.
Blockchain allows developers to create decentralized finance applications and other NFT projects without difficulties. Blockchain and peer to peer networks are the only technology promoting and encouraging the utility of the decentralized finance segment. Decentralized finance was reported to have a contract value of $40 billion by the end of 2020, but now NFT games have fueled the contract value of DeFi by almost ten folds.
Is blockchain boosting the economy of the gaming industry?
Blockchain games, popular as play to earn NFT games, offer us a chance to create a livelihood from just a few games. Blockchain games are the only reason people in developing countries leave their jobs to play games at home.
In India, players make 2-3 lakh INR by playing a few games. In short, yes, NFT games are fueling the gaming industry’s economy. The more profitable a game is, the more people will invest in that project. The top profitable NFT games are bombcrypto, farmer’s world, Axie Infinity, Gods unchained, and a few others.
Is the blockchain gaming industry sustainable?
Many misconceptions are that NFT games are short spanned games and are not here to stay. Undeniably, people play these games to make money, but more engaging games are arriving nowadays. Moreover, the in-game currency of many games has been listed on a popular exchange like Binance, and several merchants or people in business are accepting NFT or in-game currency as a payment method.