Blockchain gaming is a new type of gaming that uses blockchain technology to give players a unique gaming experience. In blockchain gaming, the rules and logic of the game are stored on the blockchain, which is a decentralized ledger that keeps track of every transaction made on the network. This makes the game clear and safe, so players know the results are fair and they can trust the game they are playing.
Blockchain gaming increased by 2000% in 2022 & 2023 compared to 2021. Microeconomics and macroeconomics are both challenging, but blockchain in gaming is a stable asset that has attracted more than $2.5 billion in investments from venture capitalists and other global investors.
In addition, gaming dApp development is picking up steam, and the metaverse ecosystem is opening up new doors for games to shine on the blockchain.
Many banks have predicted that the fast-developing decentralized metaverse has the potential to dominate a market worth $8 trillion. The important aspect driving the expansion of this kind of market is the use of Blockchain technology in gaming applications.
According to a report by MarketsandMarkets, the blockchain gaming market is expected to grow from $56 million in 2022 to $792 million by 2025, at a compound annual growth rate (CAGR) of 70.5%. This rapid growth is driven by the increasing popularity of online gaming and the growing demand for more secure and transparent gaming experiences.
Before we dive into the advantages of blockchain gaming, we should have to know about the types of blockchain games that exist.
Types of Blockchain Gaming
There are two main types of blockchain-based games:
- Pure blockchain games
- Hybrid blockchain games
Pure blockchain games are built entirely on blockchain technology, while hybrid blockchain games combine blockchain technology with traditional gaming infrastructure.
Benefits of Blockchain Gaming
- Control Over Weapons assets and their digital assets: Blockchain-based games give you control over their digital assets, such as skins, weapons, and characters. This creates a more rewarding gaming experience and can lead to new revenue streams for players. Additionally, blockchain technology provides enhanced security and transparency, which is increasingly important in the gaming industry.
- Interoperability of assets: Blockchain gaming is interoperable, which means that players can use their in-game assets across multiple games and platforms. This feature has opened up new opportunities for game developers to collaborate and build interconnected gaming ecosystems. Furthermore, players can use their assets to participate in different games and earn rewards across multiple platforms.
- Earn cryptocurrency in Blockchain Gaming: Blockchain gaming offers players rewards and incentives for playing the game. These rewards can come in the form of cryptocurrency or other in-game assets. This feature has made blockchain gaming more engaging, as players are motivated to play the game and earn rewards. Additionally, players can earn cryptocurrency by participating in blockchain games, providing a new source of income for gamers.
Investing in Blockchain Gaming
Blockchain gaming’s popularity has opened up new financial options. Investors can invest in gaming companies that are using blockchain technology, as well as blockchain infrastructure companies that provide the technology behind blockchain-based games.
Enjin, Animoca Brands, and Immutable are three companies that have earned a solid reputation in the blockchain-based game industry. These businesses are not only creating games that are powered by blockchain technology, but they are also offering blockchain infrastructure to other gaming companies.
One Last thing
Blockchain gaming represents a groundbreaking innovation that has the potential to revolutionize the gaming industry. By leveraging blockchain technology, these games offer enhanced security, ownership, and transparency, fostering a more inclusive and rewarding gaming ecosystem for players and developers alike. However, as with any emerging technology, there are challenges to overcome, such as scalability and public perception. Nonetheless, the future of blockchain gaming appears promising and may pave the way for a new era of digital entertainment.