Cryptocurrency is becoming extremely popular and literally, everyone seems to be investing in this fairly new world. And that is why every major industry is taking keen interest in blockchain technology.
The gaming industry appears to be one of the earliest adopters of this technology but are blockchain games the future of the gaming industry?
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What are Blockchain games?
Before we move on to discuss if blockchain technology has the potential to change the gaming industry, we first need to know what these blockchain games actually are. Now, a blockchain is a collection of data blocks that are managed by a global network of computers. These blocks are immutable, which means that no one can change them. These blocks are now protected by a cryptographic element and cannot be compromised as a result of this security.
So, Blockchain Gaming are games that are built using blockchain technology or that are deployed on the blockchain so that not just one entity but the entire cluster of computers that are playing the game has a copy of it. To do so, we’ll need a Smart Contract, which is a type of digital contract that governs actions on the blockchain.
How it changes in-game purchases?
With the help of blockchain technology in video games, you will be able to buy/sell your in-game items in a decentralized marketplace using crypto. This means that for example your EFT items can be transformed into a digital token with a unique name that can be traded in this marketplace for cryptocurrency, which can then be traded on any of the exchanges for real money.
Now, what excites both the developers and gamers about this technology is that they will be able to keep all the profits to themselves without any third party taking a cut like a bank, for instance. Also, the transactions will be super swift as they don’t really have to go through any of the long processes.