Blockchain has always had its share of securing currencies such as Bitcoin and Ethereum with real-world value backed by the time and energy spent encrypting them. Blockchain has now seen the mainstream light due to the rapid growth of multi-million dollar NFT’s and cryptocurrencies. On the other hand, the gaming industry has seen a boom in profits due to the recent pandemic. Gaming industries have been highly profitable as more and more people enroll themselves while away from their time in the pandemic. So, we can all imagine now what would happen if both these profitable platforms shook hands? You would be at a loss for words for even thinking about this for a second.
MAKING MONEY BY PLAYING BLOCKCHAIN GAMES:
Usage of cryptographic blockchain technology in video games is called Blockchain video games. To be more precise, this is a marketing strategy used by many Blockchain units to enroll ordinary gamers into the universe of cryptocurrencies. For example, imagine spending 1000 hours in a game like Dota, unlocking or buying most of the items, and then selling your inventory to a new player or just offloading the experience points in a game like Red Dead Redemption 2 for real-world money. Yes, you guessed it right. It is possible in Blockchain gaming. Blockchain technology helps a game and a player by securing individual assets and sharing them with other players/new players. The unique asset is that players buy customizations like skins, avatars, etc., with cryptocurrencies like Ethereum and can also sell those assets in the marketplace. One of the best examples of a blockchain game is “SandBox,” a replica of games like Roblox and Minecraft. Here, players buy crafting tools with a particular currency called SAND. Using those craft tools, players can build anything and everything on its in-game map called LAND. One of the largest industries in gaming, Atari, is a proud partner of Sandbox. So, now you would all be wondering, how much is it all worth? According to a recent interview with the developers, The market capital of the currency SAND is now worth around one billion dollars.
EFFECT OF BLOCKCHAIN GAMES IN THE GAMING INDUSTRY:
According to Citrus, a rapidly growing Blockchain gaming platform, “Blockchain gaming has brought in a massive tectonic shift in the gaming platforms. It enables the players to experience actual item ownership from the same technology that lies in the center of cryptocurrencies such as Binance coins” says the company’s COO Hardik Joshi. Companies like Citrus offer gamers real-time rewards and bonuses for playing blockchain video games. Citrus has a gaming token that can be mined to fund blockchain gaming and support the technological advancements of online battle arena games.
Gaming has always been a part of many people. Whether playing games as a casual gamer or taking one step forward on becoming a competitive gamer, Gaming has always had its share of entertaining people. With blockchain games emerging to its peak, It is a boon to many gamers who have made gaming their mainstream business. Including the fact that these are online games that can be played with other people makes these games even more intriguing. According to Hardik Joshi and the Citrus team, Blockchain gaming is a huge technological advancement in the gaming sector and has to be appreciated.
BACKLASH OF BLOCKCHAIN GAMES:
Hardik Joshi, COO of Citrus, when quizzed about the backlash of blockchain gaming, says “When it comes to the negative factor of blockchain gaming, two factors have to be considered; risk and PR”. Any investor would want to have a steady, predictable, and growing profit. To transfer values to players, a gaming company has to come forward and remove some of its values. Blockchain gaming doesn’t support that yet. Gaming studios are very conservative when it comes to monetization. To adopt the concept of monetization and provide users with the idea of digital ownership might take some time.
BLOCKCHAIN GAMING: A BOON OR A BANE?
A few years back, when people were investing in customizations like gun skins in Counter-Strike, they would have never thought that a mechanism of buying and selling inventories would be possible, or they might make money by selling and gaining assets. But now, Technological advancements have made people think the unthinkable. The same goes for the gaming industry. This is a massive advancement in the gaming sector and is likely to gain more and more fame among gamers around the globe. So is it a boon or a bane? Even though blockchain gaming has its disadvantages, its advantages outweigh more. So it is definitely considered a boon for millions.