The gaming industry has been booming for the past several decades now. Online gaming has given this industry a new life. It is currently worth billions of dollars and has been estimated to continue growing into hundreds of billions in the next few years. On top of this, online gaming is no longer limited to the games on your mobile phone, but today, we have blockchain games that not only provide you with lots of entertainment but also let you earn while playing your favorite games.
Blockchain Games
Blockchain games have spread like wildfire in the gaming community, and people enjoy the thrill of earning money while playing these games. This genre of games has made gaming more practical and approachable. It is no secret that gaming is an entertaining activity, but fun no longer holds the motivation for its players as games demand quite a lot of time and sometimes money too. Thus, gamers have been exploring games that can help them earn some money too. However, there is not a wide range of games available which can help them with their finances other than some esports games that have been introduced relatively recently.
Traditionally, games have marketplaces used to sell or purchase items such as avatars, guns, or loot boxes. Even if they pay for them in total cash, they won’t be able to own them. This is because of a centralized paradigm selected by the gaming developers that allows them to control the gaming dynamics fully. As a single business contains the game, the user’s gaming items and accounts are worthless. Along with this, traditional games have no transparency, which comes with the inability to modify the gaming mechanism.
Blockchain technology allows the existence of decentralized virtual marketplaces. Due to this, the gaming companies no longer possess complete control of the games.
Advantages Of Blockchain Games
- It promotes interoperability. Blockchain tokens connect the in-game assets, allowing gamers to trade the assets on gaming marketplaces hosted on different blockchain networks.
- Blockchain games provide the games with actual ownership. Players can own and manage the in-game assets in real-time.
- Blockchain creates a transparent, distributed, and open ecosystem that provides a fair gaming environment. Players can decide on the game’s updates through a voting mechanism. Also, blockchain eradicates the cheaters that ruin the game for others too.
- In a traditional centralized game, the developer of the game can shut down the game at any moment. But in the blockchain game, even if the creator of the game no longer wants to continue, the game will live on with its other participants and can be extended with new storylines.
Cryptokitties was one of the first blockchain games that brought blockchain into mainstream games. It became prevalent after its release in 2017. In this game, players would sell, purchase, and manufacture virtual cats. The more unique the kittens were, the higher their cost would be.
Games And Money
Games on the blockchain allow you to earn money through two methods: integration of cryptocurrency into games and NFTs.
In the games consisting of NFTs, players own unique assets related to the game that they can trade with other players in the same game or on any NFT marketplace.
Another way of earning money through blockchain is by participating in the markets. For example, gamers often sell or purchase gaming collectibles and sometimes desire a reward.
How To Get Started With Blockchain Games
- To get started in this business, you would need a system. It can be a computer system, or a simple mobile phone will also work.
- The next step is using a cryptocurrency trading platform. It can be any trading platform, but be sure to use a regulated one, so your transactions remain secure, such as the LCX exchange.
- Next, you would need to understand where you want to invest.
- After that, create a digital wallet. Today, there are so many options available for opening a digital wallet.
- Then you can play any blockchain game, buy its assets as NFTs using your cryptocurrency, and trade them on any NFT marketplace.
Defi Monetizing The Games
Decentralized finance has emerged as one of the most successful branches of crypto. It is expected that the expenditure of the gaming industry will increase by billions of dollars in the coming years. Game developers, producers, and players are all looking for ways to monetize the games as more and more people participate in the fun. Blockchain games will be the best way to achieve such monetization. Players have to complete specific tasks in the games. When they complete their tasks, tokens are mined. Defi protocols are used to transmit the acquired tokens during the game.
Conclusion
Blockchain games have enabled traditional games to be profitable for their players. It is done either by NFTs or by cryptocurrency. DeFi is looking forward to monetizing all these blockchain games as the DeFi protocol is used to transfer tokens acquired during the game. The future holds many opportunities for blockchain games as they have massive potential for profitable gains for their participants. They just need to follow a secure and transparent mechanism to reach their extent.
