The Journey of Gaming from Consoles to Blockchain
Blockchain-based gaming has recently become a big thing in the #gaming industry. Well, if you haven’t really experienced it yet, you’ll soon want to (if you’re a gamer) because there is a lot going around this revolutionary change in the traditional gaming structure. Even the recent global crypto downturn could not drag down the number of players enjoying blockchain powered games.
The gaming industry is huge, even larger than the music and movie industries combined.
Don’t believe it?
Well, you can do your own research, and you’ll find out.
The gaming industry has already witnessed much evolution after it started commercially in the 1950s. Many advancements took place, and gaming today has blossomed into one of the most prominent entertainment industries in the world. There are many contributors to this growth; mobile technology and mass internet adoption are the main factors that contributed significantly and enticed an all-new generation of gamers.
It has been through a lot, from pixelated screens and limited sounds to computer games and console-based gaming. Gaming consoles were the first significant development in the gaming sector; however, the explosion of mobile technology just transformed the way gaming was enjoyed by users. The easy-to-use mobile phones caused a significant decline in console and PC-based gaming. A person is no more required to sit in front of a television or monitor.
Moreover, as technology improved, so did games. As a result, video games are more lifelike today. It is an all-consuming experience, with twists and turns and ultra-realistic animations throughout, offering the users an endless stream of entertainment content. Gamers have tried each and everything and come all the way only for the sake of sheer enjoyment and pleasure that the gaming content provides.
Now, what is different with blockchain-based gaming?
With decentralized architecture and metaverse, blockchain games empower the players and give them decision-making authority by removing intermediaries and adding real-world value to the players’ owned virtual assets in games in the form of NFTs.
The traditional gaming models were centralized, with developers and gaming companies holding the most power within the gaming ecosystem. Even if the players come up with their own content, their value remained tied to the game dynamics set by the developers. Users did not own any in-game assets, and centralized gaming models also failed to reward even the most loyal players, no matter how much time they spent online. Gaming in Metaverse has opened up a totally new dimension in this domain.
As a secure, no-hassle rewarding system, blockchain-based gaming is a robust monetization model. Integrating NFTs and cryptocurrencies, the blockchain-based gaming industry is certainly acquiring opportunities. The industry secured investments worth 476 million dollars in the first six months of 2022, double the amount invested in the previous year.
Blockchain-based gaming comes with many features like decentralization, in-game currencies, digital ownership of in-game assets, monetization models for players, integration with marketplaces, interoperability, governance models, unlimited creativity for players and whatnot.
This ground-breaking gaming model has changed the face of gaming from a simple hobby to a lucrative pursuit to earn a passive income, granting players more control worldwide and offering better-gamified environments in the metaverse.
However, blockchain-based gaming is still in its infancy with a promising future. Nevertheless, based on all the above attributes, blockchain will indeed become a standard feature for an altogether new decentralized gaming industry.
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