Blockchain technology is a decentralized, distributed ledger that records transactions in a secure and transparent manner. In gaming, blockchain technology can be used to create a decentralized gaming ecosystem that allows players to own their in-game assets and trade them on decentralized marketplaces. This means that players can earn cryptocurrency by playing games and selling their in-game assets to other players.
According to a blog post by Chainalysis, blockchain games can differ from traditional video games in several important ways:
Decentralization: Blockchain games can be built and maintained by many independent members of a decentralized autonomous organization (DAO) rather than by a corporation or single entity, making it harder to compromise or discontinue them.
Interoperability: Blockchain-based games can interact seamlessly with other blockchain games, expanding the potential market for assets associated with any given game.
In-game ownership and play-to-earn incentives: Blockchain games present opportunities for users to buy or win digital assets like native tokens or NFTs. Gamers can keep or sell these assets on decentralized marketplaces in exchange for fiat money.
User portability of data: Blockchain gaming can put gamers in control of their own data and assets, allowing them to move them from one platform or game to another as it suits them.
Blockchain gaming has been gaining popularity in recent years, and it is expected to continue to grow in the future. According to a report by Allied Market Research, the blockchain gaming market was valued at $4.83 billion in 2022 and is estimated to grow 68% by 2030.
