The gaming sector has a lot of promise. Blockchain technology is being used by businesses like World Gaming to improve the gaming experience in an effort to change this. Blockchain technology is the gaming industry’s future. Blockchain-based video games have been anticipated for a while. But more games are now accessible than ever before. This innovation makes it possible to develop decentralized gaming applications.
According to the most recent Technavio report, the worldwide gaming and i-gaming market is expected to grow by $125.65 billion from 2020 to 2025, with a CAGR of 12.40%. The adoption of blockchain technology in gaming applications is a major factor driving the market’s growth.
BLOCKCHAIN AND HOW IT IS USED GAMES
Blockchain is a digital ledger that is distributed and decentralized, allowing for secure transactions and keeping records. For businesses and gamers that use NFTs and cryptocurrencies to buy in-game assets that may be converted into real money, it has created a unique gaming experience. For instance, the game firm Axie Infinity has millions of users of Ethereum-based cryptocurrency worldwide.
ROLE OF CRYPTOCURRENCIES IN I-GAMING
The i-gaming business has helped cryptocurrency grow in sophistication. Digital money known as cryptocurrency employs encryption to safeguard, confirm, and speed up transactions. Users are able to pay online without using conventional payment methods like banks or credit card firms.
Avatars, power-ups, themes, special artifacts, and other in-game purchases can all be made securely and quickly using cryptocurrencies like Bitcoin and Ethereum. Players can also gain incentives or cryptocurrency tokens by playing games.
You cannot ignore the shifting cryptocurrency trends that destroyed the entire gaming market along with a substantial increase in the gaming sector. Furthermore, there are many ways that blockchain technology is being applied in the i-gaming business as a result of the development in cryptogames and blockchain games.
PLAY AND EARN
The term “Crypto-Games” is a new subgenre created by blockchain technology. Games that allow players to earn cryptocurrency (or digital currency) while playing the game set them apart from typical games. These games’ cryptocurrency can be exchanged for real money or used to purchase additional in-game goods. How does this operate?
You receive a cryptocurrency as a prize for participating in a cryptocurrency game that you can use in “the real world” instead of the game. The goal is to motivate players to keep playing by offering them a reward in bitcoin that they can use to purchase products and services in the real world.
How is blockchain technology impacting the gaming sector?
- Transactions that are Transparent and Safe
Blockchain technology prevents double-spending and fraud in transaction records by making them safe, transparent, and unchangeable. It increases customer confidence while making digital purchases, making it perfect for games where players exchange private information or virtual goods, such as NFTs.
- Improved Security
Blockchain can guard sensitive data like player identification, game data, and user transactions from being altered or hacked because it adds an extra layer of security through the use of encryption methods like Secure Messaging and Two-Factor Authentication.
- Increased User Experience
Blockchain can enhance user experience by offering a more effective, safe, and transparent method of conducting business.
- Verifications
A blockchain gaming platform aids in ensuring the legitimacy of all exchanges and interactions between parties.
- Earning Rewards
As a reward for completing missions and tasks, players can receive cryptocurrencies.
FUTURE OF BLOCKCHAIN IN I-GAMING INDUSTRY
Blockchain seems to have a bright future in the gaming industry. As more companies investigate blockchain technology, we may anticipate seeing more blockchain-based games and platforms in the future.
We may also anticipate further features and applications for blockchain technology in i-gaming, such as faster and more secure transactions, decentralized platforms for virtual worlds, and new kinds of digital assets, as the technology advances and is more generally embraced.
The social component of gaming also becomes more crucial to gamers’ overall experiences as the gaming community expands.
