Gaming has come a long way since its inception, and with the advent of blockchain technology, players now have the opportunity to monetize their virtual world assets. This innovative technology allows players to securely transfer digital data through encryption methods and functions like a digital accounting book, recording all transactions.
Blockchain technology entered the gaming world around 8 years ago and has introduced new practices known as “Tokenomics.” These new habits transform the economy of online games by allowing players to acquire, trade, and monetize digital assets. Tokens in games can have various uses and values based on their rarity or demand. Players can buy and sell tokens on cryptocurrency exchanges, speculating on their value like stocks or bonds.
Games like Axie Infinity, Gods Unchained, and Metasoccer incorporate tokens and operate within Web 3.0, which is focused on decentralization and direct user transactions without intermediaries. Players can invest in digital assets within games and potentially profit if the game is successful.
The trust and privacy in blockchain technology are maintained through encryption and validation across multiple independent nodes. Transactions do not require centralized intermediaries but are recorded, validated, and agreed upon by nodes. Each block in the blockchain contains a transaction package and codes that link it to previous and following blocks through hash codes or pointers.
As more games with blockchain technology are developed and enter the market, the industry is set to grow further in the coming years. With this technology’s ability to allow players to own and trade digital assets independently, gamers now have valuable benefits that were previously unavailable.
