In the last few years, we have seen an inflow of new innovations in the gaming industry. These innovations encompass Blockchain and Non-Fungible Token (NFT). With NFTs, game developers are able to create virtual items with special features which can be transferred after purchase to other users. This blog is going to discuss how these changes might affect the current gaming industry.
Effect of Crypto on Gaming
The power of Blockchain games is not just to create a niche market but also to expand it. The industry as a whole can expand as more people adopt crypto and crypto-games as well as further the adoption of blockchain.
The process of game development for blockchain games can be streamlined, allowing developers to focus on their games rather than having to worry about things like payment processors. Their teams will now only have the responsibilities of creating the game itself and providing it to users on all platforms without any extra costs.
One issue that might occur is sudden price changes which might affect game developers, especially if their assets are not backed by blockchain so they are susceptible to fluctuating prices at any time.
Effect of NFTs on Gaming
The gaming community has been the most supportive of non-fungible tokens (NFTs) in the cryptocurrency community. NFTs are a feature of blockchain and have a wide variety of applications in the gaming world as well as many others.
NFTs are more than just virtual collectibles which can be traded for experience points or used in-game; instead, they bring about major changes to the economy of games. For example, many games now operate with a pay-to-win system (where users must purchase items to progress), but with NFTs, game developers have the ability to create fair game mechanics.
Innovation in Gambling Industry
The use of NFTs in the gambling industry can create major changes as well. One of those changes is that they can improve the trust factor of gambling markets, which are inspired by crypto itself. It will also bring transparency and security to the markets, making it easier for users to trust their bets and hence increasing the number of players on these platforms.
The implementation of NFTs also allows for lotteries to take place online in a legitimate way as well as allow for developers to create unique jackpots, prizes, and rewards. As already mentioned, NFT’s allow for new game mechanics which allows swifter gameplay and decentralized virtual items which can be traded on secondary markets in real-time.
Playing Slots in Virtual Reality
NFTs have opened up the idea of new and unique ways for games to be played. With the use of Virtual Reality, NFTs can be integrated into Gaming and create completely new experiences.
For example, many casinos have introduced games where you can play slots with your virtual collectibles which in turn affects their breeding and can increase their value over time. SOS Game is a good source of information about both real money slots and demo slots that are available on the market right now.
Of course, there are still limitations to this technology. For example, the processing power required for long-term staking on games like slots with low transaction fees might cause issues for users. However, this will all be ironed out with time as these technologies mature.
The boom in the number of games being created
Crypto-games provide game developers a way to crowdfund their projects without needing money upfront from investors or publishers. With the rapidly growing popularity of blockchain games, a new wave of blockchain games will be created. This will greatly benefit the gaming industry as it can now expand with existing and new types of games.
As well as this, there will be a great rise in the number of successful ICOs which can fund the creation of such games. A study by the Cambridge Centre for Alternative Finance predicts that there will be more than 200 ICOs in one year alone; with many more being launched each month.
Many major game companies like Sony and Ubisoft have already teamed up to provide their game developers with financial support to create Crypto-games as well as others with Blockchain related features/ capabilities.