Blockchain technology has been growing like wildfire in the online gaming industry. Approximately 20 million gaming transactions take place in the online gaming industry within the blockchain protocol.
Blockchain technology increases the way players play online games. The decentralized approach and enhanced digital security of the game made it popular among online game lovers. The concept of Rummy and other card games has influenced developers to develop a variety of card games.
These new generation blockchain-based card games have transformed our view on online gaming. NFT tokens now allow players to own in-game items which they can trade as well.
But what is blockchain technology? How has it revolutionized the online gaming industry? Scroll down to find out.
Understanding Blockchain in Gaming
Blockchain is a form of electronic ledger but it is decentralized. It means each of the users has the same copy of the electronic ledger. Primarily the technology had been used in cryptocurrency, but now inline game developers are leveraging the technology to improve the gaming experience.
It ensures trust in the online gaming platform and transparency.
Previously, in online gaming, centralized servers did not provide true ownership of in-game items to players. Only the game developers held the ownership data of the items owned by players. Now, the player is the true owner of the game as well.
True Ownership of In-Game Assets through NFTs
When you play online games, you own in-game materials like unique characters, board skins and many more. In blockchain technology, these unique elements are stored through NFTs. In blockchain technology, each NFTs or Non-Fungible Tokens are marked with unique identifiers.
Players own unique in-game items that they can trade across platforms. NFTs help to increase the real-world value of in-game items.
Metaverse and NFTs have started to revolutionize online gaming. Decentraland is such a game where you can purchase land and it gets identified with unique tokens. The NFT technology makes the game more immersive and engaging for players.
Play-to-Earn (P2E) and Game Economies
Like a new Rummy app where you can play to win real money, new NFT-based games also offer similar facilities. In-game rewards with real-world monetary values attract players.
In the NFT-based games, play-to-earn is a relatively new concept. Players can trade in-game items with real-world value across platforms. The items can be a unique piece of card or a skin of a weapon.
Blockchain technology offers players an opportunity to trade owned items fairly. The technology also reduces fraud in the game.
The Sandbox and Townstar are some of the NFT-based games where players can monetize owned items.
Decentralized Gaming and DAOs
The concept is new and revolutionary compared to the previous concept of gaming. In decentralized gaming, player data is not controlled or stored centrally, rather it is stored in a decentralized blockchain network.
A similarly revolutionizing concept in online gaming and development has evolved with blockchain technology – Decentralized Autonomous Organizations. These organizations use token-based voting systems to make fair and transparent decisions about game control and development. The approach is more democratic with more power to players.
Aavegotchi is one such game where DAOs determine the future of the game.
Secure and Transparent Transactions with Cryptocurrencies
In-game transactions in Blockchain are transparent which reduces the risk of fraud. When you use cryptocurrencies for in-game payments, you can seamlessly complete all the transactions. Simplicity, low charge, and global acceptability – make cryptocurrencies popular among gamers.
It would not be wrong to say that this is the perfect time for online Rummy or other card games to accept cryptocurrencies as a valid payment option.
Ethereum, Solana, Polygon, etc. are some popular cryptocurrencies. You can complete in-game transactions quickly and easily with these cryptos.
Challenges and the Future of Blockchain Gaming
Like all new systems, blockchain gaming is not free from challenges. When transactions in cryptocurrencies compete for a limited number of blocks it results in high transaction fees. At the same time, it results in slow processing times.
To reduce gas fees Layer-2 scaling solutions are adopted where multiple transactions are settled on the mainnet in a single batch. It will probably reduce gas fees in Ethereum.
Modern cryptocurrencies are also working on these issues.
However, government regulations are a challenge for the true and wider acceptability of cryptocurrencies in online gaming.
Conclusion
No doubt, blockchain and NFTs are revolutionary forces in the online gaming industry. The relatively new concepts such as decentralization in blockchain or DAOs are giving more power to the gamer community.
Blockchain-based metaverse games are truly revolutionizing gaming perceptions among online gamers. The future is not far when you download a new Rummy app and play the online Rummy game, set in an out-of-the-world metaverse.
The path may be challenging, but the future of blockchain in online gaming is bright.