Online gaming

How Blockchain Technology Is Transforming The Online Gambling Landscape

The advent of blockchain technology has revolutionized and disrupted many industries, from finance to transportation, supply chain to healthcare, and many more. Right now, the gaming industry is feeling the disruptive impact of blockchain technology, and it’s so beautiful to see. The gaming industry has come a long way from its humble beginnings. If you’ve ever played Super Mario on a 16-bit gaming console, you’ll understand how the once-simple gaming industry evolved into what we see today.

With the introduction of blockchain technology to the online gaming landscape, we are starting to see a complete revitalization of the gaming industry. According to a report by Dappradar, over 800,000 unique active players logged into blockchain-based games at the start of the third quarter of 2021. The report also pointed out that the number is expected to grow exponentially in the last quarter of the year. Today, there are a number of blockchain-based gaming projects that are setting the tone in the transformation of online gaming. A good example of these blockchain game projects is IQeon.

What the blockchain offers to online games

Blockchain technology has impacted the online gaming industry in several ways. Here are four of the main ways the online gaming industry has been impacted by blockchain:

1. Players earn income by playing

Previously, gamers spent their money, time, and energy playing games just for the fun of it. Today, on blockchain-based gaming platforms like IQeon, players are paid directly to play the game. Here, users can convert in-game currencies into IQN tokens. These tokens can be traded for digital assets on crypto trading platforms like EXMO, Exrates, BitForex, and HitBTC.

Blockchain gaming platforms also allow players to trade their in-game goods like avatars, collectibles, NFTs and can exchange those goods for crypto assets. With this business model, blockchain technology can expand the gaming industry into a viable economy where gamers can make a living playing full time.

2. Blockchain has opened up online gambling to everyone.

Prior to the advent of blockchain in the gaming industry, most online gaming platforms currently operate on a closed data architecture. These games restrict player access based on certain metrics such as geographic location and others. However, blockchain-based online games are designed to be unlicensed and open to anyone, no matter where they are in the world. All a person needs is an internet connection to access and play these games.

3. Low barriers to entry

Blockchain protocols have made it easy for developers to create and launch games at a minimized cost. Some blockchain networks like Ethereum are open protocols that anyone can create and run games. Here, it is easy for developers to take advantage of the base layer blockchain to reduce development costs. With such a low barrier to entry, there will be more competition as well as more options for the end user.

4. A growing community of interconnected winning games

Since blockchain apps are designed to be permissionless, any developer can use them transparently. This foundational functionality allows game developers to create Layer Two games on top of a Layer One game. As a result, users can seamlessly switch between games and apply resources across a larger ecosystem. As these developers leverage the power of blockchain to create a growing community of interconnected P2E games, the experience is worth it. For example, IQeon is designed with different games and contests where players can redeem their winnings for IQN tokens. They can also use these tokens anywhere on the platform.

Conclusion

The transformation of online gaming through blockchain technology is just beginning. We will begin to grasp the full extent of how blockchain has disrupted the gaming industry over time. However, one thing is certain; the future is bright for online games.

Image: Pixabay


Source link