How blockchain technology could change gaming
Blockchain technology is now well established with most people at least aware of Bitcoin and other major cryptocurrencies, even if they don’t own any themselves. Beyond digital money, however, it is mainly blockchain enthusiasts who are aware of the other uses and benefits that this new technology can deliver.
If you’re a gamer, you might want to keep up with all the exciting blockchain-based advancements we’ve seen and are likely to see in the gaming space, as they promise to completely revolutionize the way we enjoy the medium.
Of course, the most obvious way for blockchain to be implemented in the gaming world is by allowing players to purchase new titles and other content with cryptocurrencies. Although we do not have universal acceptance, there are many platforms where you can use Bitcoin, Ethereum, XRP, Litecoin or even Dogecoin.
Some of these marketplaces make it incredibly easy to use crypto. For example, Microsoft has partnered with BitPay so you can deposit money into your Microsoft account with your chosen token and then use the credit in the Xbox Store.
Unfortunately, however, some require you to jump through a few extra hoops in order to spend your hard-earned digital money. Steam, for example, dropped support for Bitcoin in 2017 during the first major rise in the digital currency’s value.
Therefore, if you want to use your crypto to buy games through Valve’s gaming platform, you must use a cryptocurrency card that allows you to use either Mastercard or VISA and have the transaction charged to your crypto wallet. Once set up, these tools are easy to use, but it can be a hassle if you need to create an account and order a card just to buy a video game.
The online casino area has come a long way since the first ones opened in the late 1990s. They’ve gone from offering a handful of classic titles to building massive catalogs of content that include thousands of different slots and dozens of different variations of traditional table games.
Much of this innovation is the result of fierce competition in the online casino market, as there are many operators vying for the same players. That is why there are also many, including big names such as 888casino, who offer bonuses to new customers who register and make a deposit.
Other attempts to stand out in this crowded space include creating mobile apps, developing live casino games, introducing virtual reality, and running VIP programs and loyalty schemes.
Some others have chosen to use blockchain technology. One way to do this is of course to accept deposits and/or bets denominated in a cryptocurrency, although others have also adopted smart contracts. This latter approach places each bet on the blockchain, creating a public log of each one to show that players are paid when they win. However, there are other ways to demonstrate fairness in the casino space, such as independent audits, which may explain the slow adoption.
Games built around the blockchain have become much more prominent in recent years. Often referred to as “play to earn” games, these titles usually include some form of collectible functionality where players can earn in-game items by completing certain actions.
These items are distributed in the form of a non-fungible token (NFT) to ensure that there is a limited number of them, which helps create the scarcity that can make them valuable.
The “earn” element comes from the fact that it is, at least in theory, possible to sell these in-game later to convert them to crypto. However, this requires demand for the in-game items, so you won’t be able to sell them if no one is actually playing the game for fun.
For this reason, it is a good idea to only play a game to make money if you really enjoy the gameplay, not because you are hoping for some kind of return.
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