Will Blockchain Technology Revolutionise the Gaming Industry?

GameFi offers online players an exciting and new way to earn money while playing fun online crypto games. This new model based on blockchain technology provides a decentralised and more transparent marketplace, where players have more security and influence on their own gaming experience.

GameFi is a new and powerful combination of video games and blockchain technology. The term is used to describe ‘game finance’ as it interweaves traditional gaming with decentralised finance through the use of blockchain technology. GameFi is used to develop decentralised gaming marketplaces which can offer players many different financial opportunities. Here, online gamers are awarded tradeable tokens in the form of cryptocurrency as they play these play-to-earn games and participate in various game activities. Gaming tokens can then be used to acquire in-game features and items such as avatars, virtual land, costumes, and weapons. Or it can be used to trade with other players.

GameFi is a new wave of gaming innovation and it is in stark contrast to the traditional gaming industry, with more and more blockchain and gaming companies collaborating.

What Does the Blockchain Mean for Gaming?

Blockchain technology is the advanced technology that underpins all cryptocurrency, and other products such as NFTs (Non Fungible Tokens). This new model can give players more control over their overall gaming experience, for example, by providing a more secure and efficient way to engage in online crypto games, such as those at bigwins.com, and other online transactions, such as buying virtual assets. Players can play their favourite games, such as slots and table games simply by using cryptocurrency or fiat as payment. Transactions based on blockchain are immutable, which means that cybercriminals can’t cheat the system so easily. And it provides a decentralised and transparent ledger, which also means that players can track their transactions and assets much better. In a decentralised marketplace, there’s the possibility for a more transparent economy where gamers can sell or buy in-game items without intermediaries like for example game developers. Much crypto online gaming is based on a community of players, where decisions about features, updates, and so on, can be decided jointly. Upcoming market players like 0xBattleGround, CryptoBeast, and DeFI Kingdoms are based on decentralised ownership, which helps to improve player participation and engagement.

Some of the Advantages of This New Model

In recent years there has been a growing interest in crypto games and blockchain technology, where players can earn while they play. And it is very possible that blockchain gaming will continue to rise in popularity. As more and more businesses endorse this new form of technology, the traditional gaming industry may also be influenced into adapting and incorporating blockchain. Especially, blockchain-powered NFTs have the potential to hugely impact the future of the gaming industry. NFTs can be used to either verify players or block bad players from various games, improving the gaming experience for many. When you use blockchain to secure digital identities and reputation for players it improves the chances of preventing fraud. Another major benefit is transparent and secure transactions and players’ online security. In crypto games, players own their in-game assets and can monetize them more easily. It also makes assets less vulnerable to attack from cybercriminals, and players can store their game earnings more safely.

The Potential Disadvantages of Blockchain Gaming

Recently, various blockchain and gaming companies have formed The Blockchain Game Alliance focused on advocating for the use of blockchain within the gaming industry. Some of the companies include Gimli, Ubisoft, Alto, and Ultra. Despite the many benefits of blockchain technology used in online gaming, there are also a few disadvantages and risks for players and companies to consider. For some game developers, it may be difficult to implement blockchain technology if they don’t have the necessary technical skills required for this kind of advanced technology. Currently, there is also a limited number of online crypto games available for players, and this could potentially discourage other players from joining the community. Another major issue with blockchain technology is focused on scalability. Networks based on the blockchain can experience problems with handling the high volumes of transactions required for online games.