The gaming landscape is witnessing myriad transformations offering new business models for businesses and developers. It has brought a paradigm shift to the gaming experiences in unprecedented ways. The integration of blockchain in the gaming space not only enhances the gaming experiences but also offers remunerative possibilities for the players.
As per the reports from Grand View Research, the global blockchain gaming market is anticipated to reach USD 301.53 billion in 2030 at a growing CAGR of 68.3%. This shows that the future of blockchain games is promising and will open up new avenues for game development. The blockchain concepts like NFT and cryptocurrencies are adding value to the blockchain space by boosting game economies. In this blog, we will be discussing the role of blockchain technology in game development.
Understanding The Role of Blockchain Technology in Game Development
Blockchain technology is advancing the gaming industry in novel ways creating additional ways for interaction and engagement.
Digital Ownership
Digital ownership is one of the major aspects that blockchain technology has brought to the gaming space. Traditional gaming does not allow players with direct ownership of digital assets. In blockchain games, the players can own the in-game assets as NFTs which can be used to sell, buy, and trade within and outside the gaming environment. This digital ownership of assets for players will boost player engagement and foster intertwined gaming experiences.
Security
The most pivotal benefit of blockchain games is security. Blockchain technology is immutable and transparent and the transactions stored in it cannot be altered. This empowers the advanced security within the gaming environment which minimizes cyber risks and protects the in-game assets and player data. Unlike traditional games, blockchain technology protects the gaming platform from fraudulent activities and data breaches.
Monetization Models
Blockchain games are known for their new monetization opportunities. This empowers players with multiple revenue-generating opportunities enriching the gaming economy. The play-to-earn (P2E) is the popular monetization mechanism that incentivizes the players to participate in the games. Some of the popular P2E games are Axie Infinity, The Sandbox, Decentraland, STEPN, etc.
Innovative Game Mechanics
Blockchain games are witnessing mainstream adoption owing to their innovative game mechanics. The developers can create the in-game assets according to their preferences through the smart contracts. Blockchain games are developed by integrating contemporary technologies such as AI, AR, VR, web3, etc which promotes immersive gaming experiences for the players driving engagement.
Player Engagement
The blockchain games’ rewarding mechanisms and monetization opportunities drive player engagement. The incentivizing approach boosts customer retention, leading to an active blockchain gaming community. Blockchain games are available across various geographical locations which still enhances the player’s accessibility to the game.
Interoperability
Interoperability is one of the key factors that captivates huge traction for blockchain games. Blockchain games empower the players to seamlessly transact the game assets from across various platforms. This aids in enhancing the value of the game assets and fosters community building.
Popular Blockchain Games 2024
The gaming realm is packed with a plethora of blockchain games that are fascinating for players and businesses to invest in. Some of the popular blockchain games ruling 2024 are listed below.
Axie Infinity
Axie Infinity is one of the popular blockchain games that embrace the virtual play-to-earn (P2E) mechanism. The players can participate in the game by building kingdoms and collecting, and breeding creatures called axies.
Decentraland
Decentraland is a virtual world where players can create, sell, and buy virtual lands and monetize their creations within the platform. Decentraland is built on the ethereum blockchain and it has its native coin called MANA.
The Sandbox
The sandbox is also a virtual space where the players can interact and participate in the virtual economy. The players can also purchase virtual land, create art, and conduct events. The sandbox runs on the Ethereum and Polygon blockchain and it owns a native called SAND.
Splinterlands
Splinterlands is a fast-paced digital card game that allows players to own cards and in-game assets. The cards in the game represent the NFTs and the players can use them to trade across various marketplaces.
Closing Thoughts
The blockchain technology holds a big place in the gaming space. It has shifted the gaming realm more from an entertainment to an investment model. Blockchain games are making prodigious profits intriguing more entrepreneurs, blockchain enthusiasts, and players to invest in them. Blockchain games have taken gaming standards to the next level opening avenues for revenue generation. Fueled by transformations in technologies such as AR, VR, AI, and ML the blockchain gaming landscape is reaching a wider audience. Businesses that are on the idea of creating blockchain games can connect with the best blockchain game development company in the market to craft thrilling and adventurous blockchain games.
How Blockchain Technology Influences Game Development? was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.