Like many other sectors, the gaming industry has significantly benefited from advancements in technology. Although games have been digitized for many years, with the proliferation of gaming consoles and online multiplayer options, the industry is being continuously improved by technological advancements that enhance player experience. These advancements have mostly improved graphics and gameplay, creating a more immersive experience for players. In addition, there are improvements in processing, storylines, accessibility, and networking. Nonetheless, a significant development has come to the gaming industry through cryptocurrency and blockchain technology in recent times. Generally, online resources like https://valuewalk.com/ provide information on cryptocurrencies and highlight their advantages across multiple sectors. However, for specifics in the gaming industry, the following are a few ways the sector integrates cryptocurrency.
Microtransactions in Online Gaming
Cryptocurrencies have revolutionized all sectors that use one or more forms of payment. In online gaming, the most direct advantage of cryptocurrency is in microtransactions.
Some games allow users to buy virtual items, including assets like character enhancers, skins, weapons, or even virtual real estate. Using cryptocurrencies for these microtransactions streamlines the process, speeding up payments and making them publicly accessible to anyone. In addition, cryptocurrencies help online games achieve widespread inclusion because transactions are not limited by geographical location,
Ownership via Non-Fungible Tokens
Today’s games can inspire a genuine sense of belonging and community in players via NFTs. Many games feature assets that help players progress as they journey through levels. With cryptocurrency and blockchain technology, players can truly own these assets.
NFTs representing in-game assets can be minted on a blockchain such that the player truly owns them even outside the game. This could benefit the player, especially if they acquire or win rare items like unique weapons, skins, or other valuables. Players can then exchange their NFTs with others or monetize the assets by selling them in a marketplace.
Minting tradable items helps develop a player-driven community that creates value for gamers and helps the game’s general adoption. Several games, including Decentraland and Axie Infinity, already allow users to truly own in-game assets and sell or exchange them as preferred.
Security in Online Gaming
Cryptocurrencies add a strong layer of security to online gaming, primarily because of blockchain’s immutability. On blockchain networks, transactions are permanently recorded and cannot be edited or deleted. This tamper-proof feature of blockchains makes it difficult for anyone to manipulate records. It also makes it easy to audit transactions or resolve disputes.
Furthermore, the immutable nature of the blockchain ensures security. Players who own NFTs have proof of ownership, ensuring no one else can access their items without permission. This also helps prospective buyers verify ownership of NFTs or other assets before purchasing.
Another way that blockchains help to guarantee online gaming security is smart contracts. Blockchain platforms run on smart contracts, which are self-executing programs that automatically deploy when certain predefined conditions are met. Smart contracts ensure that the barrier of entry is the same for all players across the board and also reduce the risk of manipulation and fraud.