5 ways blockchain will revolutionise gaming

The gaming industry has seized the opportunities offered by blockchain and is turning them into innovation.

The global gaming market is expected to be worth $256.97 billion by 2025, and it looks as if blockchain will contribute a significant chunk of that money.

Since the launch of the first blockchain-based games, like Crypto Kitties, blockchain gaming has grown exponentially. Daily activity grew by 35% in 2020, ending the year with 28,000 daily active users, according to DappRadar.

Here are five of the most important ways blockchain transforming how games are developed and played.

 

  • Decentralised Gaming

Much like banking, before blockchain was invented, all games ran on centralised infrastructures that left gamers exposed to systemic risks like being controlled by one party.

Developers are now building games on decentralised blockchain networks like Ethereum and EOS. As well as decentralised governance, these offer valuable options like verifiable scarcity and true ownership, allowing gamers to run the game themselves through a Decentralised Autonomous Organisation (DAO).

 

  • Non-Fungible Tokens (NFT) Gaming Platforms

Non-fungible Tokens (NFTs) are a new form of crypto token where each token is unique, making them a natural fit for blockchain games, where they enable gamers to buy or rent in-game items instead of level grinding for them.

On NFT platforms like the Hoard Marketplace, users are trading not only in-game items but also digital art and domain names. Hoard users can even lend, borrow or stake their NFTs on the DeFi market for network rewards.

 

  • DeFi Staking

An up-and-coming crypto niche currently worth nearly $60 billion, DeFi relies on users who run nodes or stake crypto assets to sustain decentralised DeFi networks. Stakers are rewarded with native tokens and other incentives.

For gamers, DeFi offers a variety of staking options where they can earn passive income on their NFTs. For example, using the Hoard native token 'HRD', users can provide liquidity across multiple decentralised DeFi exchanges, as well as staking their HRD to earn Hoard network rewards.

 

  • Online Gambling

 The blockchain revolution has also reached eSports betting, creating decentralised online gambling ecosystems. By using provably fair algorithms, blockchain obviates the need for a third-party “house” in gambling. Blockchain-powered casinos also allow users to bet crypto assets, including bitcoin.

 

  • Play-to-Earn Gaming

Blockchain is also behind new gaming models that reward players with native tokens that can be traded for in-game items or sold as NFTs. One of the most popular of these games is Axie Infinity, which is similar to Crypto Kitties. Some players are making a full-time living at the game, where they breed cute collectable creatures called Axies. Through adventure gaming and PVP Axie battles, players earn tokens they can sell on secondary markets.

 

Conclusion 

 With over 2.5 billion gamers worldwide, gaming is one of the world’s fastest-growing industries. Blockchain may be the catalyst that takes it to the next level. Blockchain networks need to scale up rapidly to accommodate the massive opportunities offered by gaming.

Recent Posts

Press A to Apply: Crafting Irresistible Job Offers in Gaming March 7, 2024

In the competitive gaming industry, attracting top talent can be as challenging as conquering a final-level boss. The demand for skilled professionals in game development, design, marketing, and other specialised fields has never been higher. To stand out in this crowded landscape, employers need to go beyond the ordinary and create irresistible job offers that not only entice candidates but also make them eager to press the metaphorical 'A' button and join your team.

Breaking Barriers: Diversity and Inclusion in Tech Recruitment February 28, 2024

In the fast-paced world of technology, diversity and inclusion have become imperative for fostering innovation, creativity, and sustainable growth. Breaking barriers in tech recruitment is not just a moral imperative but a strategic necessity for companies looking to thrive in the digital age. In this article, we explore the importance of diversity in the tech industry, ways companies can enhance the recruitment process to achieve greater inclusivity, and the role of recruitment agencies in building diverse tech teams.

Crafting the Future: Trends in Tech Engineering February 21, 2024

In the ever-evolving landscape of technology, staying ahead of the curve is not just a choice; it's a necessity. One of the trends that has been gaining significant traction is DevOps, a set of practices that combines software development and IT operations. The importance and business value of DevOps in today's tech-driven world cannot be overstated, and its role is only set to grow in the future.