Blockchain Gaming: What You Need to Know

Did you know blockchain technology has completely changed the game regarding exchanging money, storing data, and communicating with others? It’s incredible how quickly it’s happened! And now, with remarkable new inventions like NFTs and the Metaverse, blockchain is opening up tremendous opportunities in the gaming industry.

In this article, we will look into the concept of blockchain games.

Blockchain Game — Explained

Blockchain games, or NFT/Crypto games, are games that use blockchain technology to enhance or rearchitect traditional video games. As such, it allows players to earn crypto or NFTs through gameplay.

In most blockchain games, players must pay a cryptocurrency fee or hold certain coins in their digital wallets. Once in the game, players can win, buy, sell, or transfer in-game NFT assets to other gamers. Assets can be traded on decentralized marketplaces for crypto, and these transactions are monetized as a model for gamers and developers to earn.

Since it gained popularity in 2017, blockchain game has been a promising part of the decentralized ecosystem, which will aid the extraordinary growth of blockchain technology and the gaming industry. The early adopters of blockchain games were traditional gamers who saw great potential in integrating cryptocurrencies into the gaming industry.

CryptoKitties was the first-ever video game produced to use blockchain technology. Popular Canadian studio Dapper Labs launched CryptoKitties in 2017 as a blockchain game that allows users to purchase virtual kittens with Ethereum cryptocurrency. These kittens are bred in the game to produce another set of kittens as in-game NFTs. The emergence of CryptoKitties gave birth to subsequent blockchain games such as Decentraland.

Pros and Cons of Blockchain Gaming

Pros

• Total ownership of in-game assets: Players of blockchain games have 100% ownership of their in-game NFT assets. The assets are secured with their unique identity and cannot be taken away from them.
• Decentralized decision-making: Unlike traditional gamers, players in Blockchain games are not restricted to the developers’ decisions. They (players) can also decide on their assets and what they choose to do with them.
• Interoperability of gaming profiles: Using a player’s unique public address, they can transact easily with crypto on different games. Players can also use their in-game assets in entirely different gaming metaverses.
• Secure in-game exchanges: The emergence of trusted digital wallets like MetaMask, Trust Wallet, CoinBase, and more, makes it easy for players to safely buy, sell, and transact crypto tokens, in-game assets, and more.

Cons

• Expensive entry barriers: The required fees to play certain blockchain games can hold users back. Players in third-world countries affected by financial crises would find it hard to embrace blockchain games due to their low-income level.
• Monetizing a hobby: Games were initially designed for fun and relaxation. The monetization of games disinterests some players as games become more of a ‘do or die’ venture. This strips it of its initial fun, making it an unhealthy lifestyle.
• Technological Immaturity: While many people have embraced blockchain gaming, we must recognize that thousands still need help with onboarding. Blockchain gaming is a new and evolving technology, and it will take enough time to mature and garner the required adoption rate fully.

10 Most Popular Blockchain Games

1. Axie Infinity

2. The Sandbox

3. Decentraland

4. Farmers World

5. Planex IX

6. Alien Worlds

7. Upland

8. Meta Apes

9. Oath of Peak

10. Tiny World

About TNB (Time New Bank)

Time New Bank (TNB) is a fully decentralized blockchain-based metaverse project aiming to build the most prominent intellectual property (IP) platform. TNB seeks to do this by bringing together metaverse artists, promoters, brokers, IP scouts, and NFT collectors. Several intellectual properties, such as virtual idols, virtual pets, virtual lands, virtual architecture, virtual tools, and in-game assets, will be traded on the TNB platform.

Follow TNB socials for more updated news:

Telegram: https://t.me/tmnsEn

Channel: https://t.me/tnbofficial

Twitter: https://twitter.com/TimeNewBank

Medium: https://timenewbank.medium.com/

Discord: https://discord.gg/6KgzeaGn67