Gaming is the industry which is the most attractive for the application of blockchain technology. Blockchain in gaming continues to be developed as games are the field that gain the interest of a billion players and it can get new life with the use of blockchain. For developers using blockchain in gaming is exciting opportunities to innovate.
Some key freedoms for players due to blockchain
Freedom to profit
Professional gamers make lots of in-game rewards. In traditional gaming, those rewards disappear the moment you log out.
With blockchain, the rewards you earn is with you, and you can use them however you want. You can spend them in the game, use them in the game store, hold them as an investment, or transform them into cryptocurrency.
Freedom to grow
You can use your blockchain wallet to invest in your own success as a player. You can increase your effort on the game you’re playing, buying options and upgrades. You can get the help of expert players or enter expert-only playing levels.
In-Game Economy Limitations
Generally, game players have faced strict limitations in their ability to gain real-world value from in-game payments. Video game developers were integrating digital coins into their games, long before the blockchain world gained huge interest in digital currencies.
Video game companies and startups are looking for blockchain-based tokens as a way to connect the gap between in-game rewards systems and the real-world economy. Such a transformation could make major changes to the way players experience the games.
It also stands to enable a more profitable rewards system within games and, by extension, evolve video gaming from a primarily recreational effort to one that offers real financial compensation to prosperous players. Anyway, fraud is all-round in video game economies, which makes trades rather risky.
However, the area to which in-game economies can be integrated into the real-world economy is still limited. Most games don’t have the ability to purchase external items using in-game coins, and those that do provide very limited external purchasing options.
Although in-game currency exchanges make it possible to trade some in-game coins for real-world money, only the most famous games are supported and no one can be sure that sellers will be able to find buyers for their in-game currency.
Above all in-game economies remain mostly isolated from the real world. Except in some cases, players who earn in-game coins cannot reliably or securely transform their earnings into something that keeps value in the real world.