Blockchain101: How does Blockchain make gamers become a new job occupation?
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In a Game-Fi world underlying the Blockchain technology, gamers may earn some game tokens or coins through games or smart transactions, and then convert them into fiat currency on the trading platform.
That’s not the only way of making money in the Game-Fi world. Through looking for resources with limited supply, gamers can create their own, rare and unique assets that are valuable in the market for trading real money.
Without the help of Blockchian technology, the Game-Fi world may not exist. “Play to Earn” model makes gamers become the upcoming stars in this generation. In the following, we will go through this billion dollar industry for you.
Contents
Blockchain Gaming landscape
How does Blockchain revolutionize the gaming industry?
The future of the gaming industry
Blockchain Gaming landscape
The gaming industry will be completely revolutionized by the Blockchain. Through the decentralization of a game, gamers become part of the developer that can contribute to the community and receive rewards.
In-game transactions will become more popular, like stock trading in the real world, as the property rights in the game world are recorded on the Blockchain. This type of decentralized game is called “Game-Fi” (Game Finance), which implies that gamers are motivated by the financial incentives to participate in a game.
Gamers may earn game tokens or cryptos through completing a mission or task which may contribute to the game world. Also, they may carry out trading of in-game NFTs, like the skin, character or weapon, as gamers have ownership of their creations in the game, rather than owned by the game developers or company.
Through carrying out in-game peer-to-peer transactions, gamers can earn fiat currencies through selling or trading the digital assets in the game. All of this makes blockchain games more attractive than traditional games with a centralized server to control everything in the game.
Thanks to the Ethereum-based game CryptoKitties in 2017, game-fi projects like MOBOX Platform, CryptoZoon, the Axie universe have been truly influential. GameFi provides financial incentives that users can play to earn, enjoy gaming and make money at the same time, that’s the main reason why Game-Fi is a popular industry..
How does Blockchain revolutionize the gaming industry?
In a traditional online game, imagine you were one of the players. One day, the game administrator suddenly banned the character you love. Your complaint was ignored by the game company and you lost your character forever.
That’s the real experience of the founder of Ethereum, Vitalik Buterin. The property right is not secured in the traditional game. The gaming company has the final decision on everything, including your character, weapons, even control of your account…
If someday the central server of the game is hacked and loses part of the information, including your assets in the game, what is the proof of ownership of the assets you claimed that you have?
But with Blockchain technology, the data of the game world is stored in the distributed nodes around the globe, including your ranking, weapons, resources, assets or characters. Unless the hacker has raised a 51% attack to the Blockchain, the proof of ownership of the assets may not be changed easily.
Blockchain is one of the most secure technologies for storing value. All in-game transactions are completely protected. On the other hand, peer-to-peer transactions will replace intermediaries or exchanges. Efficiency is increased and time and money will be saved for both players and developers.
Since the right to use (a weapon in a game), right to transfer (weapon trading) and the right to generate income (leasing of land or character to other gamers) are recorded on the Blockchain, which means gamers may carry out inter-game peer-to-peer transactions with other gamers, no matter the exist of the game developers.
This causes an increase in the value of the digital assets in the game, like resources, skin, character, land, weapons… and much much more! Blockchain technology ensures property rights in the Game-Fi world, which means gamers can carry out transactions like in the real world, but without paying lawyer’s fees!
The Blockchain has created a billion worth Game Finance industry that allows people to earn a decent income through playing games!
For example, Axie Infinity (AXS), which is the token of the Axie universe, a Pokémon-inspired digital pet world built on the Ethereum blockchain. Anyone can be rewarded with tokens for skilled gameplay and contributions to the ecosystem. It led to the trend of play to earn.
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The future of the gaming industry
Even though Blockchain Gaming is still at the beginning stage, with the success of different Game-Fi projects like Mech Master, Faraland or Heroverse, Game-Fi is not only a marketing term but a trend that really comes true.
Gaming is not only a leisure behavior that will affect the future of the teenager. It has already become a lucrative behavior that gamers around the globe are able to generate a decent income to have a better life through gaming.
As Game-Fi becomes more popular, the technology and the transactions system will become more mature and user-friendly. Virtual worlds have been created based on the Blockchain technology that fairly and transparently rewards gamers for their help in contributing to the game world, like creating a reward system with a smart contract on the Blockchain that can’t be changed easily.
As the game world becomes more open and transparent, the governance of the game world will be decentralized. The power of governance will be shifted from the game company or developers to the gamers by setting up an election system.
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Disclaimer: All products and projects listed on this article are not endorsements, and are provided for informational purposes only.