It’s no secret by now that Cryptocurrency has become quite the topic of conversation within the last few years. Rightly so, as it has much to do with technology and investing, people are naturally taking an interest and asking questions.
Now that Cryptocurrency has crept into the gaming world, it makes sense to check out what blockchain games are all about. Although a reasonably new development, blockchain technology has grabbed some attention in the gaming communities.
So, if you’re like many who want to understand what it’s all about, you’ve come to the right place! We’ve simplified all you need to know about playing blockchain games. So, let’s dive right in!
What Are Blockchain-Based Games?
To understand blockchain-based or binance games, we must first elaborate on blockchain technology. Blockchain technology is used to power up cryptocurrencies like Ethereum and Bitcoin. Blockchain technology is a record book of transactions spread across a whole network of computers.
The decentralized system makes it challenging for other users to mess with your transactional information. This is because the records are the same across the whole network. Thanks to this system, all your data is safely guarded and protected from fraud.
How Is Blockchain Used in Games?
Standard gaming systems are centralized, meaning gamers can use their earnings like in-game currency or XP within one game. In contrast, blockchain games use a decentralized system where gamers own any game data they have and use it across other blockchain games.
For instance, if you’re playing a blockchain game and you’ve earned weapons and XP, you can bring those earnings over to another game. Or, you can trade or sell with other players.
How Do Blockchain Games Make Money?
While not all blockchain games offer the ability to earn cryptocurrencies, some do. There’s plenty of ways to earn crypto; however, they are each determined by the individual games.
Non-Fungible Tokens
For those still in the dark, non-fungible tokens are digital tokens representing a certain, unique item. This unique Metadata is what makes it impossible to replace one with another.
Blockchain gaming uses NFTs to create different game parts like skins, weapons, characters, and rules. Since we talked about NFTs being unique, all these different parts bring more value to the game assets.
Now with play-to-earn games, gamers can sell their NFTs at a market. They can also auction or exchange to earn cryptocurrency. The value is based on the current market and its uniqueness. Here’s a list of decentralized games!
How Can You Start Playing Blockchain Games?
First, you’ll need to have bitcoin and keep it in a wallet to start playing blockchain games. As Ethereum is the main platform for the blockchain games, you’ll need to have Ether to play the games. However, a word of caution – do your research before you fix which Cryptocurrency and wallet will be the best fit for you.
The next step is where you decide which game you’d like to play, which is definitely the easy part. Consider what types of games you’d enjoy playing the most, how the game economy is functioning, the entry cost, and how you comprehend the game’s levels. And that’s it.
How is Blockchain Gaming Transforming the Gaming Industry?
While blockchain technology has been around for a while now, it’s only recently gained a lot of attention because of its sheer potential to completely revolutionize several industries, including education and gaming. Here’s how it’s changing the game in the gaming industry:
- Blockchain ensures no more double purchases or any other type of transaction-related fraud because they will be safe, transparent, and set in their commitment. This makes users feel secure when making digital purchases and is the perfect place to exchange virtual goods or private information, like NFTs, with each other.
- It can protect sensitive data like game data, player identification, and user transactions from being hacked, thanks to an added layer of security through encryption options like Two-Factor Authentication.
- It offers a more transparent, effective, and, best of all, safe means of running digital transactions and gaining access to virtual assets. This can enhance your user experience completely.
The Risks Involved in Blockchain Gaming
By now, you’re probably thinking of using blockchain as a fun, exciting side hustle, but every up has a down, and blockchain is no exception.
To start with, you’ll come across certain games that restrict their accessibility. For example, gamers must acquire at least 3 Axies before even playing Axie Infinity. This can easily amount to a $300 commitment you might regret later. Here are a few more things you should consider before you take the step:
The Risks
Then there’s the risk of losing your cryptocurrencies or tokens, thanks to scams. For example, did you know the founder of Hedgie was a victim of a scam that cost him $1 million in NFTs? While on the other side, Axie Infinity’s Ronin blockchain lost more than $600!
Blockchain also exempts players from financial rules like fraud or anti-money-laundering laws, which may be more prevalent in games than in the bitcoin trade.
Last but not least, regular market changes also have a chance to result in losses for gamers as well. Of course, there’s always the chance that you won’t be able to make the necessary withdrawals in time to minimize your loss. Still, this chance can be escalated by a few games’ restrictions on how regularly the players can withdraw their hard-earned tokens.
Final Thoughts
In conclusion, blockchain games should be taken seriously as they have a lot of potential. But there are also risks involved, so choose your path wisely.
We hope our information gives you a much better understanding of blockchain games than when you first stumbled across our article. Don’t forget to let us know how you figured it out and what helped you to thrive in this unique market. Till then, stay age and happy gaming!
