Earn while you play, the blockchain way
“What matters is having money so we can eat, avoid debts and get through every day. It (the game) sustained our daily needs, paid our bills, and debts.” This is how a mother of three from the Philippines reacted on blockchain gaming recently.
Let us dive in to understand how the technology is connected to gaming. Blockchain has created new opportunities for virtual economies – including game economies. It became an alternative monetisation route in gaming. We may ask, the alternative to what? Well, in traditional, centralised games, the developer controls all items, currency, and collectibles distribution. Blockchain games, on the other hand, are decentralised. Rather than living on a centrally controlled server, Blockchain game assets are dispersed among players and have their value, and they are based on Blockchain technology. The two most common elements in these games are cryptocurrencies and non-fungible tokens (NFTs). Blockchain platforms allow game developers to enable features such as token wallets, offering and selling NFTs, payment rails, and more.
Let us quickly check the different types of Blockchain games. Like their name suggests, play-to-earn games are those allowing players to earn rewards by playing them. For example, in NFT-based games, players can earn different in-game assets. Those can be skins, weapons, currency, or something else, depending on the game. These assets are the players’ compensation for playing and being engaged in the game.
On the other hand, crypto-based games reward players for playing it in small amounts of cryptocurrency. These are especially popular in developing countries where players perceive them as a significant source of income.
Let’s explore GameFi – a blend of two words – “gaming” and “decentralised finance” which describes the intersection between these two areas. It refers to the financialisation of gaming on the Blockchain network. Decentralised finance (also known as DeFi) are different financial services that take place on the Blockchain and popular crypto apps like Coinbase or
Crypto.com are frequently referred to as DeFi apps while GameFi describes all types of games that allow players to profit by playing them. This includes both pay-to-earn and play-toearn games.
Lately, the term Metaverse has been getting a lot of traction. Especially since Facebook has changed its name to Meta. In simple words, it is a name for the digital space where people can connect in all sorts of areas. This space includes things like digital services, augmented reality, virtual reality, gaming and promises to bring a greater overlap of people’s digital and physical lives. Experts predict soon all things based on Blockchain technology would belong to the Metaverse, and that includes Blockchain games. In fact, certain media outlets are already calling these games “metaverse games”.
It all started with CryptoKitties and it’s not looked back ever since. Axie Infinity is another game that includes digital pets and today has become the most popular Blockchain game ever. Bitcoin Pop has seen over a million downloads in weeks.
Blockchain gaming is still a nascent concept. But, many mobile gaming experts agree – Blockchain games are the future of the industry. And what better way than to earn while you play!
Blockchain game assets are dispersed among players and have their value, and they are based on Blockchain technology. The two most common elements in these games are cryptocurrencies and non-fungible tokens