What is blockchain gaming?

#Blockchain Gaming #GameFi
What is blockchain gaming?

With the ever-growing popularity of adding a blockchain element to anything that you can imagine, finding synergy between gaming and blockchain is really exciting and comes with a lot of upsides.

So, how exactly does blockchain gaming differ from traditional gaming? Find out all about it in this post, including the risks of cryptocurrency gaming and of course, how to get started!

What are blockchain-based games?

Often also called Web3 gaming or P2E (play-to-earn) gaming, blockchain-based games utilize the power of blockchain technology which basically makes games decentralized.

Blockchain-powered video games include elements such as digital currency (cryptocurrency) and non-fungible tokens (NFTs) in the form of in-game elements like resources and loot.

Decentralization makes it difficult for bad actors to pamper with or alter the transaction information, and that is what brings a very exciting new element to gaming: it is immeasurably harder for cheaters to exploit games. It also offers a new paradigm shift to gaming where you literally own your own in-game items such as loot and equipment in the form of NFTs.

How is blockchain technology used in computer games and what are the benefits?

Blockchain-based games make it possible for players to earn cryptocurrency (or digital currencies) by playing the game. The earned currency or currencies can be then converted into real money (FIAT) or used to buy new in-game items, resources, and equipment, depending on the game played.

Blockchain technology is immutable and secure, which adds a layer of security for users playing the game. This gives enhanced security of personal data and makes it exponentially harder for hackers to exploit or hack games.

Another key benefit to games that utilize the novel technology of blockchains can be found in in-game trading and marketplaces. A record of each in-game item and its ownership is documented on the blockchain — this makes trading a lot more secure and gives confidence to all players that their items can not be stolen or duplicated.

What are the risks or difficulties of blockchain gaming?

The difficulties and friction that currently make it harder for blockchain gaming to go mainstream is the onboarding process. Playing blockchain-based games usually requires some technical knowledge: users who want to play a web3 game have to set up a crypto wallet and buy cryptocurrencies in order to start playing.

But once you have set yourselves up a crypto wallet, there is no need to continuously keep doing so when interacting with various blockchain applications, you can just use the same wallet (if your wallet was created on an EVM-compatible blockchain like Ethereum, or for example, Avalanche).

How big is the Web3 gaming market and how many people play blockchain-based games?

The GameFi market cap is currently estimated to be around 8.5 billion USD, and the industry is forecasted to reach over 70 billion USD in valuation by 2031 and has over 800 000 daily players.

About Us

Dragon Crypto Gaming is a development company focused on building enticing games that utilize the power of blockchain technology. We are innovating a player-centric business model, our games feature player-owned assets in the form of NFTs and other game features that provide real value accrual to committed players.

Our raison d'etre is simple: build compelling games. Through our platform, we are fostering a thriving crypto-gaming experience.

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