The gaming industry is a vast potential market where many big companies in other industries show their interest. Today, the video game market has an estimated value of 250 billion USD. According to research, the demand for video games is predicted to be worth more than $300 billion by 2025. Recognizing the potential of this industry, many blockchain-based gaming start-ups are created.
Why does this happen? It is because cryptocurrencies are also provided with open space to target people all around. And Axie Infinity, a young game that has already generated $200,000,000 in sales in a single week and has surpassed the billion-dollar mark, serves as a testament to the potential profitability of this model. And this is just a sliver of what blockchain-based gaming can achieve, and the industry is set to explode in the near future.
Below we want to show 5 different ways on how crypto can improve the gaming industry and examine the potential future implications for gamers, game developers, and the gaming ecosystem as a whole.
Scalability Advantages
The decentralized and distributed nature of blockchain technology and cryptocurrencies can enhance the scalability of gaming networks. With traditional centralized servers, the more players join a game, the slower the game becomes.
However, with blockchain technology, the load can be distributed across multiple nodes, potentially increasing the number of players participating in a game experiencing slowdowns or lag. As a result, this can open up opportunities for gamers, allowing them to enjoy more competitive environments with larger player pools and more challenging opponents. One significant implication can be online video poker tournaments, in which we can see even more engagement and excitement.
How Gamers Can Win From It?
- Improved game performance
- Greater accessibility
- Enhanced competitive environment
- Greater social engagement
How Game Developers Can Win From It?
- Reduced infrastructure costs
- Higher player engagement
- Expanded player base
Protection from Hackers
There is no denying that gamers are among the most vulnerable targets for hackers. They are often economically stable individuals with a significant amount of time to dedicate to gaming, making them easy targets for phishing emails and other scams that hackers use to steal personal information and credit card details.
However, gaming productions that build their games on a blockchain protocol can offer a higher level of protection for gamers. The blockchain technology that underpins the protocol has its own tokens and network, ensuring that every transaction made by gaming users must pass through the network and can be viewed by anyone.
This added level of transparency not only helps to prevent hacking attempts but also makes money laundering by gaming criminals even more difficult. By leveraging blockchain technology, game developers can provide gamers with greater security and peace of mind when participating in online gaming.
How Gamers Can Win From It?
- Protection from malicious network participants
- Improved security
- Transparent process of gaming
- Immutable records
How Game Developers Can Win From It?
- Fraud prevention
- Increased transparency
- Higher level of trust
Coding Simplicity for Developers
Source: Pixabay
In addition, blockchain technology offers a significant advantage in terms of coding simplicity on the platform. Unlike traditional protocols that can be too complex and hard to learn, smart contracts based on blockchain aim to provide a user-friendly experience for developers, including those working in the iGaming industry.
With smart contracts, game developers can create custom code that solves specific problems and performs unique functions, without requiring extensive coding knowledge or expertise.
Furthermore, smart contract devs can establish their own fees for each use of their code, creating a new opportunity for gaming publishers to operate more efficiently and effectively. This encourages developers to create high-quality code that satisfies the gaming community’s needs while ensuring that they receive appropriate compensation for their work.
How Gamers Can Win From It?
- Faster gaming development and launch
- Fewer in-game bugs
- Enhanced UX
How Game Developers Can Win From It?
- Increased flexibility
- Faster development cycles
- Improved the overall efficiency
Fast and Secure Transactions
Source: Pixabay
Nowadays, most titles offer in-app or in-game purchases, enabling players to buy additional items for their game avatars and accelerate their progress.
Cryptocurrencies can play a significant role by facilitating fast transactions, eliminating unnecessary bureaucracy and inefficiencies that could negatively affect the gaming experience. Thanks to crypto, game developers can process payments almost instantly, providing players a more efficient and streamlined payment system.
Moreover, game developers face a constant challenge in selling their games outside of app markets. While APK files are available, the process can be complex and challenging. Blockchain tech can simplify this process by enabling developers to accept nano-payments in cryptocurrencies, which allows them to receive payments immediately and securely.
How Gamers Can Win From It?
- Quick and efficient IaP
- More control over game assets
- Lower transaction fees
- Access to global markets
How Game Developers Can Win From It?
- Faster and more efficient payments
- Greater control over distribution
- Lower transaction costs
Increased Number of Rewards
The most recent and exciting development in the gaming industry is the increasing number of rewards that can be earned by users of the play-to-earn titles. These now offer players the opportunity to earn extra tokens and other rewards by completing specific tasks or achieving certain milestones within the game.
In some cases, players can even earn Bitcoin or other cryptocurrencies as rewards for their efforts. These rewards are a great way for gamers to enjoy the free flow of Bitcoin and other cryptocurrencies without having to spend any money.
How Gamers Can Win From It?
- More incentive to play the game
- Higher engagement
- Enhanced competitiveness
- Improved game progression
How Game Developers Can Win From It?
- Increased player retention
- Increased revenue
- Better player insights
- Enlarged marketing opportunities
However, the benefits don’t stop there. With technology continuously advancing, game developers are discovering novel methods to amplify the gaming experience and provide players with even more incentives. These may include upgraded visuals and gameplay, as well as fresh features and content, among others. Keep yourself updated with the 2023 Bitcoin forecast by key analysts like Benjamin Cowen to be informed of potential trends for BTC price in the future.
