New Trends in Blockchain & NFT Gaming Industry
4 minute(s) read
Published on: Mar 10, 2022
Updated on: Mar 10, 2022
The blockchain gaming industry is developing at a high pace. The army of gaming fans is on the raise. And this is not random; the current situation has several explanations.
1- Censorship Resistance
Censorship and Internet freedom, in general, have become increasingly important topics for the gaming industry. Thus, in 2019, the World Health Organization announced that gaming technology is a public health risk and should be regulated to protect young people. The WHO responded to the findings of an EU study of the effects of gaming on children. The results showed that children who spend too much time playing online games are more likely to develop problems, such as depression.
Although it is still uncertain how a lack of regulation in the gaming industry can affect Internet freedom, many people feel that if the blockchain is used to create censorship-resistant games, it could have an essential role in the future. The most common solution that has been proposed for a censorship-resistant gaming platform is for the blockchain game to be built on top of the Ethereum blockchain. ETH offers a censorship-resistant platform with the help of a decentralized network. The blockchain game can create and store its digital items and currency, thus, eliminating the possibility of censorship.
2- Digital Items
The first NFT was created by the game CryptoKitties. This game was the first to launch digital items called NFTs, which could be traded decentralized. Users were given a unique code to identify the NFTs they own. The code was a combination of user-defined data and a cryptographic hash. They were sold at different rates depending on the data that they contained. For example, NFTs representing pets owned by other users had different speeds.
When users own the NFT, they can verify their identity by inputting their NFT's private key into an authentication system. When the NFT was scanned, the system would prove that the user was the owner of the NFT by validating their inputted key and its cryptographic hash. As people owned their NFTs, they could use the digital items to buy and sell other NFTs in a decentralized manner. This means that NFTs would become a new kind of digital property. Stay in the loop of the NFT world by reading https://gamefiboost.com/.
NFTs provide the ability to own unique digital assets. When items are traded on the blockchain, it is difficult to verify who owns them. By using the technology, developers can create assets that can be sold. The ownership of items is confirmed by the blockchain when they are scanned. This means that any help can be owned in a way that is secure and decentralized. When things are stored on the blockchain, the owner can access them via an authentication system and be rewarded for any in-game actions. This makes it possible for users to have economic incentives for playing the game, making the experience more fun. Two types of NFTs (collectibles and crypto-collectibles) have been created.
- Collectibles - Collectibles are digital items that can be bought, sold, and traded. They are usually based on real-world objects, such as Star Track, Pokémon, or even movie characters;
- Crypto-collectibles - Crypto-collectibles are unique digital items that are connected to cryptocurrencies. They can be based on anything, such as a new video game character or cryptocurrency. They can even be an upgrade to an existing video game. The critical difference between a collectible and a crypto-collectible is that a crypto-collectible represents a current in-game item. For example, a digital coin can be based on Ethereum, or it can be a digital image connected to another current video game.
The emergence of the above NFTs has led to new ways to represent ownership over these items, thus, improving the gaming experience.
It is just apparent that the blockchain gaming industry is at its peak now. And taking into account how the cryptocurrency and gaming segments are currently developing, it is just the beginning.About our Game development services