According to DappRadar, blockchain game playing has surged by more than 2000% since the start of 2021. 101 blockchain also says that the metaverse could evolve with a market opportunity of almost 800 billion US dollars by 2024. And now blockchain gaming is expanding into the metaverse.
What is it? How does it work? Let’s understand.
The metaverse is a term that describes a shared virtual space where people can interact, create, and explore. It is often seen as the next evolution of the internet, where users can have immersive and social experiences beyond the limitations of the physical world. The metaverse is also a huge opportunity for the gaming industry, which can leverage the power of blockchain technology to create new forms of entertainment and value for players.
And on the other hand, blockchain gaming is a subset of metaverse gaming that uses decentralized ledger technology (DLT) to enable players to own, trade, and use their in-game assets across different games and platforms. Blockchain gaming also allows players to earn cryptocurrency or tokens by playing games, which can be used to access more content or services in the metaverse. Blockchain gaming is expanding the metaverse by offering players more freedom, control, and ownership over their digital identities and assets.
In this blog post, we will explore how blockchain gaming is expanding into the metaverse and what are some of the key features and benefits of this emerging trend.
1. In-game asset ownership
One of the main advantages of blockchain gaming is that it gives players true ownership of their in-game assets, such as weapons, armour, skins, or even virtual land. These assets are represented by non-fungible tokens (NFTs), which are unique and verifiable digital certificates that can be stored on a blockchain. NFTs can be transferred, sold, or traded by players without any intermediaries or restrictions from game developers or publishers. This means that players can build up a collection of valuable and scarce assets that they can use across multiple games and platforms in the metaverse.
For example, a player who owns a rare sword in a blockchain game can use it in another game that supports NFT interoperability, or sell it on a marketplace for cryptocurrency or fiat money. Or a player who owns a piece of virtual land in a blockchain game can build anything they want on it, rent it out to other players, or use it as a base for their own game or social space.
2. Play-to-earn model
Another benefit of blockchain gaming is that it enables players to earn cryptocurrency or tokens by playing games. This is possible because blockchain games often have their own native tokens or currencies that are used to reward players for their participation, contribution, or achievements in the game. These tokens or currencies can have various functions and utilities in the game, such as buying items, accessing content, voting on decisions, or staking for rewards. Players can also exchange these tokens or currencies for other cryptocurrencies or fiat money on external platforms or marketplaces.
For example, a player who plays a blockchain game can earn tokens by completing quests, winning battles, or creating content. He can also earn tokens by providing services to other players, such as teaching skills, hosting events, or lending items and can also earn tokens by investing in the game's economy, such as buying shares of a guild, sponsoring a tournament, or funding a development project.
3. Decentralized governance
Players can have more influence and control over the development and direction of the games they play. This is because blockchain games often adopt decentralized governance models that enable players to vote on important issues or proposals related to the game's design, features, rules, or policies. These votes are recorded and executed on a blockchain, which ensures transparency and accountability. Decentralized governance also empowers players to create their own communities and organizations within the game, such as guilds, clans, factions, or alliances.
4. Immersive user experience
It provides players with an immersive user experience that enhances their engagement and enjoyment of the games they play. This is because blockchain games often leverage advanced technologies such as virtual reality (VR), augmented reality (AR), and brain-computer interfaces (BCI) to create realistic and immersive environments and interactions. These technologies can enhance the sensory and emotional aspects of gaming, such as sight, sound, touch, and even smell. They can also enable players to control their avatars or characters with their thoughts, gestures, or voice.
A player who plays a blockchain game can use a VR headset to enter a 3D world that simulates the real world or a fantasy world. He can also use an AR device to overlay digital elements onto their physical surroundings, such as characters, items, or information.
5. Social interaction and collaboration
It also includes the fostering of social interaction and collaboration among players who share common interests, goals, or values. This is because blockchain games often support multiplayer modes that allow players to chat, cooperate, compete, or trade with each other in real time. They also enable players to create their own content, such as items, buildings, or games, and share them with other players or communities and leverage smart contracts, which are self-executing agreements that can facilitate trustless transactions or interactions among players.
6. Gaming in virtual worlds
Expanding blockchain into the metaverse can also enable players to experience gaming in virtual worlds that are persistent, dynamic, and evolving. This means that virtual worlds are always online and accessible by anyone at any time. They are also constantly changing and updating based on the actions and decisions of the players and the developers, and growing and expanding with new content, features, and events. Blockchain gaming allows players to explore and discover these virtual worlds at their own pace and preference.
7. Decentralized Finance
Blockchain is the technology that has introduced players to decentralized finance (DeFi), which is a system of financial services that are powered by blockchain technology and smart contracts. DeFi aims to provide more accessible, transparent, and efficient alternatives to traditional financial institutions and intermediaries. DeFi offers various services such as lending, borrowing, trading, investing, and saving in cryptocurrency or tokens. Blockchain gaming allows players to access these services within the games they play or across the metaverse.
8. Cryptocurrency adoption
An eighth benefit of blockchain gaming is that it promotes cryptocurrency adoption among gamers and non-gamers alike. This is because blockchain gaming exposes players to the benefits and challenges of using cryptocurrency as a medium of exchange, store of value,
and unit of account. Blockchain gaming also educates players about the concepts and principles of cryptocurrency, such as decentralization, cryptography, and consensus. Blockchain gaming also encourages players to use cryptocurrency for various purposes, such as buying items, accessing content, or supporting causes.
Blockchain gaming expands into the metaverse by offering players more freedom, control, and ownership over their digital identities and assets. It is not only a fun and exciting way to play games, but also a potential catalyst for innovation and transformation in the gaming industry and beyond. By joining the blockchain gaming community, you can be part of this revolution and shape the future of the metaverse.
Are you ready to take the next step toward building your own blockchain gaming products? If so, you can contact us today and we will help you turn your ideas into reality. We are a team of experts in blockchain technology, game development, and metaverse design that can help you create your own blockchain games that are immersive, engaging, and profitable. We can also help you integrate blockchain technology into your existing games or platforms.
Whether you want to create a new game from scratch or enhance an existing one with blockchain features, we can help you achieve your goals.
Don't miss this opportunity to join the blockchain gaming revolution and expand into the metaverse. Contact us today and let's get started!