Photo by Sean Do/ Unsplash
by Contributing Author
Moving with the times, game developers have started creating games based on blockchain technology and integrating crypto directly into their gaming economies. As more players become fully immersed in online gaming, it is expected that cryptocurrency will play a large role.
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The games built with integrated crypto technology use blockchain — a database or ledger that stores information by sharing it with a network of computers. The network is considered secure because once a piece of information is added to the blockchain, it cannot be altered or removed. Crypto gaming garners a lot of attention and interest, especially in France. Deputy Chief Exec of Euroclear France Isabelle Delorme said “we have together successfully been able to measure the inherent benefits of this technology.” According to a Bitcoin Method site article, it is alleged that French video gaming giant Ubisoft is exploring potential blockchain applications. France recognising digital currencies is a big win for its respective communities.
What is crypto gaming?
Crypto gaming is defined as games where a cryptocurrency is a financial asset in circulation on the blockchain. The games utilise and reward players in crypto or non-fungible tokens (NFT). There are more blockchain games than one probably realises, with nearly 400 active games as of 2022. The video game sector is booming and has huge potential to keep growing.
When was crypto gaming invented?
Over the last five years, blockchain games have become a genre of their own, with CryptoKitties rising as the world’s first blockchain game, which was released in 2017 and developed by Dapper Labs. Since its inception, it has been opening doors in the gaming industry and paved the way for many more games.
How is crypto gaming built?
Blockchain gaming uses NFTs to create different parts of the games, such as rules, characters, weapons, and skins. Since NFTs are unique, they bring value to the game assets. Players can sell their NFTs at a market exchange or auction to earn cryptocurrency with play-to-earn games.
How does crypto gaming work?
There are different types of business models in crypto gaming. Some games offer users a means of earning or buying gaming tokens early and hope for many players to come into play. Some make money via advertising or sales of in-game items such as weapons or virtual lands. In some games, players are encouraged to complete quests to devote more hours to the games or reach higher levels without losing lives.
Disadvantages of crypto gaming
Unfortunately for crypto gamers, there are disadvantages associated with crypto games and tokens. They are subject to supply and demand with the game’s popularity — if players abandon the game, its currency may completely dry up and deem those tokens worthless. The market volatility can also impact the value of the assets and leave an individual with far less purchasing power than they had before.
Benefits of crypto gaming
Regardless, crypto gaming also has its advantages, such as security. Because of the way crypto technology is designed, gamers can feel safer when they are making payments, especially if you take the necessary steps to secure your crypto wallet. The use of crypto allows gamers to play internationally without any exchange rate issues. It will also enable gamers to pay and withdraw funds faster worldwide without restrictions. Privacy is also at the top of the crypto gaming list. Members of the crypto gaming community can remain anonymous if they prefer to.
However, with that said, the crypto gaming industry is worth a lot to blockchain technology, and nothing worth venturing into comes without its risks. There are digital economies that pay you for playing, and it’s fair to say that crypto gaming is booming, and the future is undoubtedly bright.