Maplestory. Counterstrike. Blackshot. DOTA.
If any of these ring a bell, you probably grew up playing some of these popular video games. Online gaming has risen steadily in popularity from the early 2000s till now, and could be reckoned as a rite of passage into adolescence for many Singaporeans.
After all, weren’t some of your best teenage moments spent in LAN shops, furiously defeating zombies for hours on end?
Many gamers carry their love for gaming into adulthood, and with the global pandemic upon us, interest in gaming has surged — time spent on online games increased substantially across the globe in 2020 by some 14%.
In April 2021, a report by Accenture revealed that the global gaming market is worth over $300 billion.
Numbers reflected on Statista.com also revealed that millennials are pretty avid gamers, with 12.9% spending over 20 hours playing online video games per week!
Blockchain and The Future of Gaming: A Player-Driven Economy
The multi-billion online gaming industry has evolved rapidly over the years. With the use cases of blockchain technology expanding every day, it’s no surprise that blockchain projects are beginning to meld into the online video game space.
The advent of blockchain technology seeks to solve some of the pain points gamers used to face when interacting with conventional gaming platforms.
Though billions of dollars are spent each year on in-game assets, the players themselves don’t actually own them.
For the most part, in-game assets can only be used within those specific environments — if DOTA were to shut their server, you won’t be able to use your skins elsewhere.
But with blockchain technology making waves in the gaming landscape, things have already begun to change.
Blockchain gaming involves gaming platforms tapping into blockchain technology, which lies at the foundation of cryptocurrencies like Bitcoin and Ethereum.
This offers three key benefits for gamers: true ownership, cross-application interoperability, and verifiable security.
In blockchain games, in-game assets, also known as non-fungible tokens, are fully owned by gamers.
Thanks to the use of blockchain technology and smart contracts, gamers are given full ownership in-game assets, such as limited edition skins, reward items, and special characters. Players buy assets using smart contracts and these are transferred to their public address, thereby allocating full ownership of assets to them.
These in-game assets can also be shared with other players, sold on a digital assets marketplace or even used in another game environment.
Imagine traversing through the digital world of DOTA using your AK47 skins from CSGO. Sounds pretty cool, doesn’t it?
In-game assets have potential to appreciate value since its information is documented on a public ledger. Because these in-game assets are traced on the blockchain, players are able to find out the total quantity of the asset available; creating more transparency in the system, and allowing the in-game assets to appreciate in value.
Get Your Game On: Play To Earn Crypto
Most games run on a Free-To-Play model, where gamers play for free but have the option to purchase items like skins or weapons using digital currencies. There’s also Play-to-Earn, where players get rewarded for simply completing quests or building systems in the game.
Here are some cryptocurrencies that have been used in online games - whether as currencies to fund in-game purchases, or dispensed as rewards. All of these are available on Coinhako, so don't forget to check them out!
Enjin is a blockchain-based gaming platform that enables content creators and gamers to virtually own assets. The platform aims to create digital tokens that can be used in multiple video games and across various devices.
Users can earn ENJ by playing games such as Lost Relics, a game built on the Enjin and Ethereum blockchain, which allows users to earn NFTs by locating gold coins in its digital world of dungeons, chests and monsters. These NFTs can be later sold on the Enjin NFT marketplace in exchange for ENJ tokens.
Find out how you can buy and store $ENJ HERE 👉
$SAND is the native token of The Sandbox, a virtual game built on the Ethereum blockchain. Users can earn $SAND by referring friends to The Sandbox game, on renting out LANDS, which are digital real-estate, in The Sandbox metaverse.
Find out how you can buy and store $SAND HERE 👉
$MANA is the native in-game currency of one of the most popular blockchain games, Decentraland. With MANA, gamers can purchase digital land on the platform, invest tokens and make money within the Decentraland.
Once a gamer gains ownership of digital land, they can use it to build systems and games and monetize them. Because Decentraland is built on the Ethereum blockchain, digital land on Decentraland are easily transferable and allows users to sell their digital properties in exchange for MANA.
Find out how you can buy and store $MANA HERE 👉
What’s next for blockchain and gaming?
The blockchain and gaming space have a strong chemistry that’s likely to lead to more exciting developments further down the line. Cross-application interoperability, true ownership and verifiable scarcity are just some of the first few benefits blockchain technology will bring to the gaming landscape.
🧐 We’re launching a popular gaming-related token very soon. Stay tuned for updates and tell us on Facebook or Instagram if you want to guess what it is!
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All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.