The influence of blockchain technology over the Gaming Industry

Posted by osamudazai on August 12th, 2022

Any technological changes that come into existence will take over the gaming industry first. In the same way, blockchain technology also invaded the gaming industry and brought a new generation of gaming- web3 gaming. You might be hearing a lot of similar words indicating blockchain-based games as crypto-based gaming, NFT gaming, Play to earn NFT games, and more. NFTs play a major role in this regard, making NFT gaming marketplaces a hotspot for gamers. How did blockchain make its way into the gaming industry, and what is the current status of its influence after the crypto winter? Here is everything you need to know in this regard.

The role of blockchain and its influence

In traditional games, the in-game items are just digital files. Gamers buy them for fiat money, and they use them to improve their gaming experience. The in-game items include weapons, weapon skin, maps, clothing, accessories, and more.  With Non-Fungible Tokens, or NFTs, they become tradeable assets on the blockchain.

To make it simple, in these games, the items will use the blockchain as they are minted as NFTs. This makes them tradeable in an NFT gaming marketplace. The trend of NFT gaming is getting popular among gamers these days. Gamers find this a good opportunity to have fun through games and earn money through these platforms. They have this as a mode of passive income, and hence these platforms experienced high traffic.

Even during the Crypto crash, these gaming marketplaces had the highest number of unique active wallets. 

From the survey of DappRader, it is found that the gaming industry is the one that is using 60% of the blockchain. Decentralized finance and other blockchain-related platform used the blockchain the most, which is now replaced by the gaming industry.

The bottom line

With this, it is evident that blockchain is the technology that is contributing to the new generation of gaming. With NFT games and play to earn games, these games are already getting into the spotlight. They are also attracting a lot of gaming giants like GameStop, Ubisoft, Square Enix, and more to get into the world of blockchain. 

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Joined: July 20th, 2022
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