How will blockchain, Bitcoin, and NFTs affect gaming?

Blockchain is changing various industries. As people become aware of the benefits and security that these methods of storing and transferring data offer, the technology is becoming more mainstream, making it inevitable that the revolution will continue.

It is no exaggeration to say that billions of people play games. Even people who don’t consider themselves avid gamers. This could be a word game like Wordle, a social game, or the latest Call of Duty game. What are the uses of blockchain in the gaming world, and are there any unusual use cases that people might not have considered?

Cryptocurrency Revolution in Gaming

Bitcoin signs have become mainstream, whether on store doors or when shopping online. In the more than a decade since the mysterious launch of Bitcoin in 2011, cryptocurrencies have grown and become more mainstream across a variety of industries and use cases, including gaming. .

With casino operators being among the first to fully embrace the technology and its benefits for players, there are so many Bitcoin options at online casinos that people can use the cryptocurrency to deposit their casino accounts and play a variety of games. .

According to some estimates, most Bitcoin transactions currently involve casino games. But why is it so popular? Online gambling and cryptocurrency go well together with many tech-savvy people using the latest payment methods. Customers are often attracted to the fact that they can quickly make deposits using cryptocurrency without having to wait for their money to be deposited through a bank or other intermediary financial institution. Bitcoin, Ethereum and popular cryptocurrencies have minimal fees, making them potentially cheaper transfer options.

Anonymity is another reason why people choose to use cryptocurrency. This is because cryptocurrencies are completely anonymous (banks require your details to transfer them), so fewer details are required to make payments. In modern times, people are often reluctant to give up their details, and it can be a security advantage to remain as anonymous as possible when it comes to moving funds.

Cryptocurrency casinos have brought about a new resurgence in certain types of gaming, making it one of the fastest growing areas in gaming as a whole.

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Steam accepted Bitcoin directly for a while, but then switched to an intermediary system called Bitpay. Bitpay is used by a variety of retailers. This means that people can use cryptocurrency to purchase the game from scratch.

Additionally, some games feature in-game purchases that accept cryptocurrency, allowing people to use that currency to purchase items that exist within the game.

But currency is not the only use for cryptocurrency, we have also seen other use cases for blockchain in the industry…

NFTs and “Play-to-Earn”

Snoop Dogg released it, and so did Floyd Mayweather and LeBron James. With NFTs making headlines around the world, there was a time when we heard every day about a new celebrity getting in on the act. People without a technical background struggled with the definition of a Non-Fungible Token (NFT) and did not understand what benefits it brings.

NFTs are based on blockchain and have unique, intrinsic value, which means they can also be integrated into game mechanics. For example, certain tools in a game may be unique, with only a certain number available, and these tools can be minted as NFTs.

Play-to-earn is a term that is also used in many gaming technologies, where people can be rewarded with NFTs or other digital assets in return for playing within a game or performing certain actions within the game. Axie Infinity is one of the popular games that people use as an example of NFTs being integrated into a real game. Axis are in-game characters, and each character is its own NFT that players can train, improve, and of course trade. The game also has other mechanisms for earning blockchain and cryptocurrency, potentially giving you the opportunity to trade them in other aspects of your life. Pay-to-play games are a growing industry and form part of the “Web3” gaming scene.

The Web3 environment looks like it could be an exciting time for games, and Hychain recently raised a huge amount of money through a node sale, showing that there is a lot of support for the technology that makes publishing these types of games easier.

Other uses of blockchain

In gaming, blockchain can help in many ways, such as managing rights to games through blockchain technology, so game creators can actually use this technology to manage licenses. Developers can also choose to use blockchain for additional security. This is because data storage facilities can also integrate blockchain to provide an additional level of security.

We existed on land, then we existed on the internet, and now we exist on blockchain. NFTs and cryptocurrency use are already becoming much more widely adopted by early adopters and gamers, and this trend looks set to continue.

Also Read: How Does Cryptocurrency Market Volatility Affect the Online Gaming Industry?