Are you into gaming? You will realize that gaming can be fun, especially with the latest graphics and technology.
All these combine to give a truly immersive experience. But are you aware that your hobby can help you get rewarded?
The prospects of rewards from gaming have become truly exciting in recent times. Amongst the many, the latest Car Racing games have become profitable, giving players an option to own digital gaming assets like MetaGrandRace.
BlockChain Technology & NFT Technology are now revolutionizing gaming like never before
If you keep track of the latest technology, you will be familiar with NFTs.
You will realize they are digital assets with irrefutable ownership certificates as their backing.
But if we talk about digital assets like NFTs they have some useful benefits.
They permit creators to profit directly from their works. An excellent example is an art, where a person would need an agency to sell and promote their work.
NFTs (Non-fungible tokens) eliminate these middlemen, authorizing artists and original producers to engage and transact directly with their clients.
“Non-fungible” essentially denotes uniqueness and impossibility of substitution.
It is possible for someone to buy your quality tweets.
The founder of Twitter sold one for just less than $3 million.
You can lose all of your digital assets because they are stored on corporate servers and are not indeed yours. NFTs allow users to “mint” distinctive on-chain assets that they entirely control. Trust is decentralized and enables ownership that cannot be erased because each record is encrypted.
Let us try and understand what exactly Blockchain gaming is all about.
What is Blockchain gaming?
Blockchain gaming refers to games built on blockchain frameworks or integrated with blockchain technology to facilitate NFT creation, trading, and ownership capabilities. The blockchain and gaming industries shaking hands has given the gaming sector new options. Blockchain games are decentralized, unlike conventional, highly centralized games where the game designers control all resources. Instead, blockchain games want to provide their players access to valuable in-game resources outside the games. In blockchain games, cryptocurrencies and NFTs are utilized for acquiring in-game items that may be swapped for cryptocurrencies and real-life currencies.
How do gamers stand to benefit from this technology?
The good news is, unlike other gaming systems, in the case of Blockchain gaming, the players get full ownership of these assets the instant they win an NFT prize, and they may trade and sell them both within and outside of the games. Thus, they stand to gain a lot, and the risks of the centralized gaming systems are eliminated. It is one of the many benefits that has consistently now contributed to the rising popularity of gaming on these latest gaming platforms.
Why has gaming now become so exciting?
The combination of Blockchain & NFT Technology has made gaming huge. According to a recent media report, since December 2020, NFT trade volume has increased from $135 million to $64 billion. The blockchain gaming market increased by 2000% last year and attracted investments worth $2.5 billion. The concept of putting enduring in-game assets on a blockchain has people very intrigued. They can do so now that gamers may trade their customized in-game assets. As persistent platforms, game firms’ assets enable other developers to construct experiences on top of them. While these ideas are intriguing, the market is still developing and faces several obstacles. But the opportunities for gamers are fascinating and are all set to be all the more attractive in the times to come.
If we talk about Real-time multiplayer games, they let players interact with one another and engage in social interaction. Still, they can’t match some single-player-only games.
But the solution might seem clear by examining the gaming situation right now. Most gaming communities prefer real-time multiplayer games when the most well-liked games are compared, which may be because they have the most replay value.
This pure multiplayer game’s experience is always unique, making it replayable.
Business Potential of a Gaming Industry
The global gaming market is anticipated to increase by $125.65 billion, at a CAGR of 12.40% from 2020 to 2025, according to the most recent Technavio analysis.
Blockchain technology’s incorporation into gaming apps is a key component fueling the market’s expansion.
Investors infused over $2.5 billion into crypto games in just the first quarter of 2022. By the end of the year, $10 billion is predicted to have been reached.
Early-stage difficulties like crypto onboarding, gaming infrastructure, and tournament software are both business opportunities and difficulties. However, this trend is encouraging for start-up entrepreneurs trying to secure seed capital. All these reveal the immense potential of the new gaming sector.
Play & Earn games are Transforming lives
Gamers may get rewarded in the form of crypto while playing, thanks to blockchain technology. It is increasingly becoming an alternative occupation for many in developing nations. Reports in the field claim that The Philippines has a 20% acceptance rate for blockchain games and 40% of the Axie Infinity player community.
It is worth mentioning for anyone trying to comprehend the possibilities of play & earn, or P&E, gaming. But at the same time, one needs to be careful since experts warn that having sustainable tokenomics goes a long way, especially for game producers. Additionally, building a P&E fanbase in developing nations can be a better action plan. Therefore, for investors and enterprises, it becomes vital to comprehend every project’s whitepaper thoroughly. Additionally, places like Argentina and the Philippines can offer a growth potential that shouldn’t be missed.
Car Racing as a means of reward for considerable digital assets
Many exciting and mind-blowing gaming ideas are making their way to the NFT sector to deliver more power to the players, and auto racing is no exception. For example, the blockchain-based interactive NFT car racing game allows players to compete, win, and get rewarded. In addition, a broad racing project called “Car Racing Game” is emerging, offering options to the whole racing community.
Global gaming scenario
Increasing Number of Blockchain Gaming Platforms
More and more game studios and developers are collaborating with blockchain platforms as blockchain technology revolutionizes the gaming industry. Global blockchain gaming systems have a billion-dollar market cap. The biggest gaming companies in the world are investing in blockchain gaming systems. Microsoft purchased Activision for $68 billion, and Ubisoft has joined the blockchain environment with the introduction of NFT.
Blockchain technology can simplify reward distribution by allowing for the tracking and verification of who has received incentives for their matches or competition victories.
As more and more game companies enter the blockchain gaming market in the years to come, misconceptions about blockchain technology are sure to be dispelled.
Further, introducing new gaming platforms and evolving client expectations are poised to push barriers and propel the blockchain gaming sector to new heights. By enabling ownership of in-game assets, reward and income-generating opportunities, and social connections, gaming platforms may leapfrog the various barriers and develop gaming ecosystems and economies in the future.