Evolved from humble beginnings, the online gaming industry has come a long way! From Super Mario on a gaming console, the gaming industry has now evolved into an emotion-churning, engrossing virtual reality game that rewards precision and planning. Today most of these games are streamed online and players use virtual assets to achieve success and establish their superiority. Online gaming has quickly become a world sport and is a $138 billion industry!

The online industry has seen significant growth as a result of improved technology and recent innovations such as machine learning (ML), artificial intelligence (AI), virtual reality (VR) and augmented reality (AR), and blockchain. But what is blockchain and why is it a potential game-changer for the online game industry?

Simply put, blockchain is a new way of data storage and transmission. Its main function is to decompose data into millions of fragments and distribute them throughout the network. This method of data storage provides a unique set of properties for the blockchain. First, because the data is decentralized, distributed on the network, rather than stored in one place, no individual or organization owns or maintains the data. Second, the data cannot be modified or manipulated as it is immutable. Blockchain technology constantly checks the data chain, making any malicious changes or activities immediately visible. Third, the entire blockchain infrastructure is protected by complex cryptography that promotes robust data encryption. As we know, these attributes are now being used to change the game in new ways.

Here are some key areas that blockchain technology that is helping in redefining the gaming industry:

Ownership of in-game assets: There are numerous assets in the game that players would want to keep, such as the weapons that they have collected over the course of their game. Blockchain technology makes this possible, just like NFT. Therefore, each asset of the game can be created as a token with a unique identity. This will improve the gaming industry because tokens can be distributed through the network.

Empowering gamers: The way most games are set up, as a game player, if you don’t like a particular asset, you can’t do anything about it. As blockchain technology returns power to players, this situation will change. Therefore, developers can listen to the voices and comments of players and make any necessary adjustments.

Verifiable scarcity: One of the characteristics of these assets that makes them valuable is scarcity. However, with the current configuration, players can’t know how rare a particular Kevlar armor is. If these assets are issued on the blockchain, players can easily verify the total amount on the blockchain ledger. This increases confidence, thereby increasing the value of the market itself.

Collectible Items: Blockchain can also store value in the form of irreplaceable or NFT tokens. These are tokens that represent a single value. The game has a unique collection of assets. These assets are very valuable. NFT can be used to represent these items and make them easy to store on a wallet, thereby reducing sales and transaction costs on the open market.
Digital assets exchange: Currently, digital assets are traded in games or on exchanges such as Wax, OpenSea, and RareBits. These exchanges can be more transparent on decentralized exchanges in the form of tokens. Paying for such transactions always brings risks, such as exposure to scammers or buying false assets. The decentralized exchange on the blockchain solves this problem.

Streamlined Payment Options: Gaming has become a global industry and it has brought the world closer. Players from different countries play games like Counter-Strike with each other now and then. Did you ever think, how would they transfer their assets when it takes days for processing payments and requires a lot of jumping through legal hoops? Blockchain is a decentralized system, so there is no middleman. This will reduce the cost of the game and increase the speed of completing transactions.

Blockchain is the future of the gaming world and is expected to change the industry. This may be the end of the monopoly of game developers and publishers. Players will have a wide range of choices and don’t have to spend so much money when playing online games. Although it may take some time to feel the effect, it certainly will be worth the wait!

Credits: Novinite