The impact of the blockchain technology in the gaming industry: An innovative world for players

The popularity of this hobby is widespread all over the world, and as the entertainment industry is continuously evolving, so is gaming, which is adapting to the new technologies that arise, embracing every opportunity that could promise growth. Understandably, gamers seek innovation, so they most likely opt for the most transformative gaming environment, such as the blockchain. Blockchain technology is a concept that flourished in 2009, with the surge of Bitcoin, and since then, it has expanded its use cases significantly, reshaping the most powerful industries. In fact, Thanks to the programmable algorithms, developers can create decentralized games in which players have complete freedom for their activity, providing them with a seamless experience that exceeds traditional gaming. Blockchain-based games create an innovative ecosystem that keeps issues of the traditional industry at bay and considerably enhances the success of this field. To understand better this transformative technology, in this article, we are going to unveil the main factors that make the web3 games a revolutionary concept:

In the ever-evolving digital world, cryptocurrency ranks as the most popular instrument among tech-savvy users of web3. They rely on blockchain technology, which is a concept that surged in 2009 with the launch of the first digital coin, Bitcoin, which remains the most influential asset of all time. So, if you want to begin your trading journey online, you can check the Bitcoin price today to assess the market and benefit from the advanced technology. Simply put, blockchain is a distributed, decentralized ledger that is able to record, store, and track transactions via the network’s nodes. Once registered, the data becomes immutable, which means it can’t be altered or compromised. Its decentralized nature eliminates the need for a third party, providing users with full ownership over their assets and giving individuals all the responsibilities for their actions. The blockchain technology has a multi-layered security system, which can hardly be compromised, so the security levels are high, prioritizing the safety of investors and users of web3.

Programmability is an aspect that defines many blockchains. For instance, the world’s first programmable network was Ethereum, and after its launch in 2015, this concept has been adopted by many other blockchains. A programmable blockchain has various use cases, the most popular one being the development of decentralized applications, dApps, which include a wide range of services, tools, and games that can be easily accessed. This aspect is the cornerstone of the blockchain-based gaming industry because, thanks to the deployment of smart contracts, once the sets of regulations and conditions are met, developers can create gaming platforms on the block. The programming language of the network enhances its operability and helps developers create a well-put-together ecosystem with various functions, tools, and features to suit the needs of a broad audience of committed players.

Decentralized gaming on the blockchain is a transformative concept that is revolutionizing the traditional industry as well. This rising interest in the blockchain technology for users is attracting big corporations such as Sony into the web3. In fact, the Sony group has been recently embracing Bitcoin, seeing the potential of the trustworthy asset and creating a layer-2 solution system to benefit from a programmable ecosystem in which the company aims to develop games using the latest technologies such as VR, integrating AI and boost the functionality of the main blockchain to improve interoperability between multiple networks, so that gamers’ communities can interact easily. The startup project brings hope, and the Sony Group promises a revolutionary experience for players from all over the world. Understandably, the involvement of the global business in the web3 could encourage other big corporations as well, and according to experts, blockchain-based gaming will grow significantly, bringing considerable profits to the industry.

Most crypto games use a play-to-earn model, which enables players to receive incentives in digital currencies once they achieve a new milestone or complete tasks. Of course, this innovation can encourage gamers to spend more time playing, so it can become a new income for many people, turning their passion into profit. Also, to improve the experience of investors, they can also use their NFTs as in-game items and integrate the tokens into their games for the characters’ skins, landscapes, armor, and so on. The NFTs and cryptocurrencies can be used to pay for various services in the game, and they can also be traded in dedicated markets, combining entertainment with monetary gains and financial opportunities.

The decentralized nature and the high security levels of the blockchain technology address the main issues of the traditional gaming industry. In fact, players can benefit from a trustworthy and secure ecosystem that minimizes the risks of potential cyber-attacks. Also, the increased transparency is an aspect that traditional games lack, and the blockchain-based games promote. Additionally, the advanced data encryption ensures the privacy and safety of the sensitive data of users without compromising usability. Lastly, centralized games are regulated by a central authority, limiting the opportunities of the players, and most of the time, they don’t actually own the services, goods, and features they buy in-game, but thanks to the decentralized nature of the blockchain, gamers can have full ownership over the things they purchase, which can also be proved looking at the record of transactions.

The gaming industry is continuously evolving, and the expectations of players are growing constantly, so the adoption of the blockchain technology can surely bring satisfaction. This advanced technology addresses the main issues of the traditional industry, and provides users with an improved experience that exceeds any other gaming platform.