Video games on the blockchain
Blockchain! A word that needs no introduction in the year 2022! But a few people are still unaware of its potential in various industries, including gaming. Imagining blockchain in the gaming industry might have sent you shockwaves, but that is the reality of present-day that is day by day expanding with 360-degree improvement.
Not long back, in 2017, a game named CryptoKitties was released with unhackable assets. The game was based on breeding virtual cats and selling them. It seems too good to be true, but that is real. The game was developed by a company named Axion Zen with a motive to operate on a platform based on the blockchain Ethereum.
Shocking was the news to digest that a virtual kitten was sold for an amount of $100,00. Since then, the industry does not seems to slow down with ever-evolving new video games on the blockchain. And naming blockchain the future of gaming itself won’t be a short-fetched conclusion.
So, let’s dig a little deep into the concept of blockchain, and learn more about its history, and its popularity in the gaming industry.
History of Blockchain
Blockchain’s emergence dates back to the 1990s. Its arrival was declared a great innovation, creating ripple effects in sectors including finance, education, manufacturing, etc. Its popularity never looked back and emerged as a full-blown commodity in today’s economy worldwide. But the duration it took to reach its full-blown stage was quite appealable. So here is the summarized journey of starting blockchain while leaving its time stamps.
The year 1991 to 2008: The Beginning
- Scott Stornetta and Stuart Haber were two enthusiasts who manifested the idea of what people know as blockchain nowadays. Their involvement started with researching and developing a secured chain of cryptographic blocks that could never be tampered with. Their work continued to the year 1992 following an upgrade in their system. As a result, they could incorporate Merkle Trees in their system and enhance the efficiency of collecting more documents on an individual block.
But in 2008, the idea got its first manifestation, and the name behind it was Satoshi Nakamoto. Whether he was a single person or a group of people, Satoshi Nakamoto introduced the first blockchain application by the name Bitcoin. Officially, the first white paper was released in 2009, which paved the way for other blockchain technologies and cryptocurrencies to evolve and enhance user experience.
The ear 2008 to 2013: The evolution phase
During this phase, people got to understand the difference between the technology and its applications. In addition, they got the much-awaited clarification that Blockchain and Bitcoin are not identical.
Blockchain is the technology underlying the application of Bitcoin. It powers the existence of Bitcoin and all other cryptocurrencies present in the market at the present day. The release of the white paper of Satoshi Nakamoto revealed all about the Peer-to-Peer system of blocks that contain all the transaction information.
Slowly Bitcoin gained popularity in the market, and many businesses leveraged the benefits of that ledger technology by incorporating them in many applications and their principles of working.
The year 2013 to 2015: The improvement phase
Though Bitcoin was the first and one of its kind application based on blockchain technology, but it lacked innovation and capabilities. Thus, innovation had to step in to take the technology from the initial levels to the next levels. Vitalik Buterin worked in this direction to make Bitcoin more functional and usable for Peer-to-Peer network transactions.
His efforts resulted in the development and release of Ethereum in 2013 – a more versatile public blockchain. It was a pivotal innovation in the entire history of blockchain technology. Furthermore, Buterin gave Ethereum the capability of recording assets which could establish a totally new ecosystem of “smart contracts” between two people without allowing the middlemen to take benefits of the coalition performed.
Ethereum’s success requires no fancy words to describe it. At present, it has successfully established an ecosystem where it’s been used daily to support various applications and smart contracts. As a result, the market cap has significantly risen in the late years.
The year 2018: The Future
If you are an enthusiast of Blockchain technology and its application, you know that the evolution of this technology never stopped with Bitcoin and Ethereum. As a result, there are plenty of projects in the market harnessing the benefits of capabilities of Blockchain Technology.
Now, the world has to witness the new revelation – blockchain in the gaming industry. Although the gaming industry had its first blockchain technology-based game in 2017, real changes are yet to be witnessed.
Blockchain in the gaming industry
Have you heard about NFTs or Non Fungible Tokens?! Well, if you have played games like Ghost Recon Breakpoint, Creed, Far Cry, etc., you would know what this term is concerned with. But if you are totally new to this world, here is the information about video games on blockchain and how they work.
What is NFT?
NFT is a digital asset that can represent real-world commodities such as game items, art, music, videos, etc. You can buy and sell NFT using cryptocurrencies and work on the same software as cryptocurrencies. With the passing days, these digital assets are gaining popularity and hype because of their infinite supply.
It would totally change the landscape of the gaming industry, favoring player freedom and the right to own their asset indefinitely. The best part of owning NFT is that publishers do not hold the right to pull the plug on their digital assets. Therefore, you can keep your digital assets for your lifetime if you want and retain their value as per the growing demand. In fact, these digital assets are interchangeable with cryptocurrencies to pay off the time and effort players put into playing games.
Rules of the blockchain gaming industry
Rules are meant to be amended. The rules of video games on blockchain are still in their writing phase. Better versions of games are still to be released to reach the epitome of using the blockchain platform. In fact, Ethereum is set to launch its version 2.0 for better robustness.
Therefore, always keep your eyes and ears open to gather all the information and learn more about playing video games dealing with NFTs.
Prep yourself with all the information so that you can make the best out of the technology and earn in the form of a digital asset by inputting your efforts and time playing games.
An important thing you should know as a blockchain game player
Owning NFTs while playing games seems too good to be true. But this is 2022. What less can you expect? These digital assets are backed by ownership certificates that can’t be forged. All records are encrypted, and the records cannot be deleted.
Therefore, the idea of introducing blockchain in the gaming industry is revolutionary, and you can be an integral part of this revolution with very less effort. But before you set sail, here are three important things which you should know.
You can make a career out of playing game
Playing games and earning has been a much-revered dream of many. But the generation of 2017 and onwards is blessed to realize this dream. In many countries worldwide, play-to-earn is becoming a career alternative. Philippines is one of the most notable countries boasting 20% of its population adopting these online games and minting money out of them.
Countries like Brazil, Argentina, etc. are trailing behind with ever-increasing blockchain game lovers. People are amazed at its capacity to pour real money quickly. It may seem too quick, but it is true.
But while you indulge in the same, you must remember that games are for a fun time.
Should you buy NFTs to play games?!
Unlike real money, NFTs are secured and cannot be tempered. Therefore, if you are a person who likes to invest in games while playing, you should invest in the form of NFTs so that you cannot be scammed. You can accumulate the digital asset as much as you want and for a variable time span. Then, depending upon the market demand and value, you can directly sell it and make real money out of it.
Moreover, Non Fungible Tokens (NFTs) have a decentralized marketplace. Therefore, they have no option for middlemen to squeeze in your commission.
Apparently, there are plenty of reasons to invest in NFT because of underlying benefits. But, you should not invest in NFTs because you can. Instead, learn its pros and consequences to make better decisions.
Video games on blockchain are redefining the gaming industry and player experience. Gamers can now trust the in-game assets and benefit from the transaction based on smart contracts. So enjoy the new dimension in the gaming industry and make your gaming more real, and benefitting from the advent of blockchain games.