Cryptocurrency has gained a lot of hype in recent five years. It is true that still, the crypto is volatile- no one can predict the rate. We have to admit one thing that it changes our perspective about money. This boom in the crypto market has also gained the attention of developers. They have started developing games based on blockchain technology.
Still, the crypto gamingindustry is in its early stages, but it has gained some loyal following. It does not stop there as it also finds its place in the betting industry. A lot of crypto casinos such as Casino Xbit have emerged in the past few years. In this article, we will discuss how crypto gaming works and what it holds in the future for the new generation.
What is Blockchain?
Before we discuss gaming, it is better to know about blockchain technology. It is the leading tech behind significant coins such as Bitcoin and Ethereum.
In simple words, it is a database shared across a network of computers. They all work together to record the information. Once a transaction record is added to the chain, and it is impossible to hack or alter the data. It means that a person will not be able to cheat the system.
If you are a gamer, then you would know that every asset in the game, whether skins, in-game currency, or any other asset. All of these things are confined in the game. The developer is the sole owner of the game and owns everything. Any other developer cannot alter the game, but that is not the case with games based on blockchain technology.
In the case of crypto games, everyone has a small part of the game. Just imagine that you will be able to transfer the winnings from one game to another. Furthermore, you can own in-app purchases. The digital assets will have value in the real world.
In traditional games, all of the assets remain on a centralized server. But with crypto games, you acquire weapons, skins, and XP by playing. If you want to quit playing the game, then you can sell these assets to other players. With blockchain technology, nobody can control the outcome of a game—anyone, whether a player or a developer, can analyze the code.
NFT (Non-Fungible Tokens) are the assets that exist on the blockchain. It can be anything like an artwork, a rare skin, or any game item. We have seen most of these NFTs on the Ethereum blockchain. However, any other cryptocurrency is free to implement its own versions. Well, these are not made explicitly for gamers as they have other use cases as well.
Furthermore, they are available in limited quantity and cannot alter or faked. In the world of crypto gamin, all of the in-game assets such as heroes, items, and skins, etc., are all NFTs. The best thing about them is that you can sell them to other players on the digital asset marketplace.