Blockchain combined with the gaming industry is an emergent technology with limitless possibilities.
Blockchain technology has been discussed as the next big thing for years, but not many people know how to incorporate it into gaming. The platform we are developing can help developers integrate smart contracts into their games.
Blockchain has been a huge advantage to many industries that lacked transparency. The core of this technology is eliminating third parties and creating a trustless environment that facilitates immutable transactions between two strangers on the internet.
Blockchain provides a decentralized, transparent ledger that is cryptographically stored on various nodes spread across the world. No single entity controls the network, and no single database to attack or hack, making it almost impossible to reverse transactions once made.
Tokenizing assets is the key to unlocking true value. By separating ownership rights from an asset and applying a blockchain protocol, you can create a trustless environment that will act as a blueprint for future transactions.
How will Blockchain impact the gaming industry?
The gaming industry is a multi-billion dollar industry. It’s safe to say the future is now for virtual reality. The advent of blockchain technology has turned gaming on its head and is a rapidly expanding industry.
When combined, the gaming and blockchain ecosystems are unstoppable. The technology makes everything run smoothly and securely. Blockchain is the invisible player in the background, unlocking the potential of all gamers worldwide.
The platform is open-source. The game runs on a public, permission less blockchain that uses a cryptocurrency as a reward, which means that you can have complete access to the game’s source code.
This, along with a number of other factors, means that the system can run without any downtime. Users make money by selling on the in-game items they earn or create themselves.
Non-fungible tokens are helping to forge the path.
Non-fungible tokens, or NFTs, are virtual items stored on the Blockchain. Unlike cryptocurrencies like Bitcoin and Ether, NFTs are unique, cannot be faked, and can be sent to a wallet address, like coins.
NFTs aren’t just a trend — they are forging an entirely new path for how we interact with digital items and networks.
Because if there’s one thing the CryptoKitties have proven, it’s that non-fungible tokens can have a lot of value in the digital space. They bring unique identities to each token in a way no other product has been able to before.
As with other cryptocurrencies, blockchain technology enforces scarcity. When you combine scarcity, security and anonymity technology, you start to see the potential behind cryptocurrencies. This is a huge market with enormous returns potential.
Before an online multiplayer game that uses blockchain technology, you could only own one of the top items in the game. But with this new game, you can actually see how many items are in the item pool before you buy.
NFT’s are content that won’t decay and can be used to trade with other users.