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As digital technology continues to evolve at breakneck speed, new innovations are forever disrupting traditional industries, such as blockchain gaming.
Blockchain technology has had particular success in transforming how we conduct business and exchange value across many sectors. Now, the gaming world is also realizing its revolutionary potential.
Through secure peer-to-peer transactions and digital provenance, blockchain is opening up exciting new possibilities for player ownership, marketplace economies, and whole new genres of interactive experiences.
Join us in this blog as we explore the key details of blockchain gaming, its benefits and disadvantages, its implications for the future of the gaming industry, and more. Let’s start!
Blockchain technology is enabling new gaming experiences through the use of cryptocurrencies, NFTs, and decentralized models. Here are some of the primary applications of blockchain technology currently in use:
Gaming tokens serve as the units of exchange within crypto games. Players can use or trade the tokens they receive for achievements within the game's ecosystem.
Interestingly, because these tokens are also cryptocurrencies issued on a blockchain, they frequently gain value on exchanges beyond their utility within the game.
For example, small amounts of AXS tokens earned through casual play in early 2021 were worth thousands of dollars a few months later, given the price spikes. This brings tangible real-world value to time spent in crypto games compared to traditional games.
While still in its relative infancy, blockchain technology has brought both promise and challenges to the gaming sector.
While many people use the blockchain and crypto gaming terms interchangeably, it's important to note that not all blockchain games are crypto games.
Blockchain games simply use blockchain for player ownership and in-game economies, while crypto games additionally offer players cryptocurrency rewards for playing.
The goal of crypto games is directly "play-to-earn," where players can earn real crypto coins or crypto tokens through gameplay that have value outside the game itself.
Titles like Axie Infinity are pure crypto games because they focus on earning in-game currency. Meanwhile, games like Gods Unchained are blockchain-based and let you trade cards, but they don't reward actual cryptocurrency for regular gameplay.
Crypto games operate using a play-to-earn model where users are incentivized to invest time by the prospect of earning in-game tokens or cryptocurrencies they can later trade or cash out. The basic flow works like this:
Non-fungible tokens have exploded in popularity due to their ability to uniquely mint one-of-a-kind digital assets. This makes them an ideal match for the blockchain gaming industry, enabling the tokenization of unique skins, weapons, vehicles, and even entire virtual worlds as NFTs.
Now, with blockchain, gamers truly own their virtual possessions, versus the publisher merely allowing use. NFTs have led to new business models where games are no longer about points or levels but about collecting and trading scarce digital items.
Titles like Gods Unchained are built entirely as NFT-collecting card games. In fact, some blockchain games are now more focused on their economies than their core gameplay.
Either way, the introduction of blockchain assets means games can have value even when nobody is actively playing them. This brings valuable network effects and stickiness to the games. If you want to learn more about NFTs, make sure to check out “NFT calendars”.
By most metrics, the answer to “Is blockchain the future of gaming?” looks like a resounding "yes.". Due to these facts:
With blockchain offering innovative new ways to interact socially and financially through blockchain and crypto gaming while giving players true ownership and asset control, it seems clear this fusion represents the future.
The winners will be games that fuse compelling gameplay with a robust crypto-powered virtual world and economy. Only continued growth and adoption will prove it definitively, but all signs point to blockchain emerging as the dominant gaming paradigm.
The blockchain gaming industry has grown enormously in just a few short years. According to data from research firm DappRadar:
Specifically, let’s look at major crypto games:
With growing VC investment, major partnerships, new product launches, and bullish market conditions, analyst firm DappRadar expects the play-to-earn gaming market alone to reach $12 billion in TVL by 2026. So it is poised to become a multi-billion-dollar mainstream industry.
Blockchain technology is revolutionizing the crypto gaming industry by providing new means of player ownership, open economies, revenue-generating play, and digital scarcity through NFTs.
The compelling combination of meaningful gameplay and financial incentives through crypto assets and a euro stablecoin such as EURK is spurring massive audience growth and developer interest.
EURK is a stablecoin that is 1:1 pegged to the euro currency and has reserves in Swiss banks. As the best euro stablecoin and secure euro stablecoin platform, EURK fosters decentralized finance with robust security.
If you want to explore EUR stablecoin advantages, EURK is here for you. You can buy EURK on secure crypto exchanges such as Coinstore and KoinBX with your euro stablecoin wallet. Become a partner today and explore the world of stablecoins with EURK!
