The Rise of GameFi/Play-to-Earn games.
What is GameFi? GameFi is an amalgam of tow words namely: gaming and Defi(Defi stands for decentralised finance). It is also known as play-to-earn (P2E) games… Almost all of these blockchain based games are accompanied by a corresponding in-game currency, a marketplace, and a token economy, usually managed and governed by the community.
An example of such token is NAKA(Nakamoto Games), Nakamoto Games offers gamers worldwide the opportunity to participate in countless blockchain-based games and generate a sustainable and sizeable income and even people in other profession are quitting their jobs to become a full-time gamer.
Adopting Blockchain into the the thriving gaming industry: Before we starts to talk about adopting blockchain into the gaming industry, there’s a pertinent question that needed to be answered and that question is, what is Blockchain? Blockchain technology refers to a distributed system for cryptographically capturing and storing a consistent, immutable, linear event log of transactions between networked actors using a consensus mechanism.
Now that Blockchain has been defined or explain, let us take a look at how it has shaped the old gaming system we grew up to know like the Super Mario and Tetris game and how Blockchain is continuing to shaping the future of the gaming system and the gaming industry in its entirety.
To be honest, It wouldn’t be fair when talking about blockchain game without mentioning the word “metaverse” and “NFT”(Non Fungible Tokens) ugh, the metaverse! Aren’t you tired of hearing that overused buzzword? It’s been popping up every damn place like the Marvel Avengers movies “the endgame” or should I said since Facebook changed its name to “Meta” and that begs the question what’s the Metaverse? The metaverse to be succinct, is a shared virtual world, and by that definition, it’s not new… You can devote hours upon hours into Minecraft and Roblox, which provides metaverse-esque, collaborative gameplay experiences for its users. As it stands now, you can put on Meta’s headset(Oculus Quest 2 headset) and interact with VR(virtual reality) users halfway across the world, from New York to Cambodia.
An NFT is a digital asset that represents real-world objects like arts, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, an example was mentioned earlier in the article(NAKA token) and they are generally encoded with the same underlying software as many cryptos. Although they’ve been around since 2014, NFTs are gaining massive attention presently because they are becoming an increasingly famous way to buy and sell digital artwork and a publication said a staggering $175 million has been spent on NFTs since 2017 and let’s take a look why NFT and the Metaverse are like an inseparable twins.
People in crypto are delving into the metaverse world, living a real-lifelike systems in the metaverse and this brought about the importance of NFTs because NFT deals with digital assets like art, music, in-game videos and these are things that makes life easier(pleasure), someone posted on twitter that he’s making $4000 weekly by renting out a virtual gas station with an NFT in a game world, it’s crazy and that’s the new world we are all living in right now.
Blockchain project is all about giving a new definition to the gaming industry in so many ways and let’s take a look at some of these ways:
1.Centralized servers are more prone to attacks and hacking. This is because if hackers break the encryption, they can have complete control over the assets stored on the server. But Blockchain allows players to securely store their digital collectibles in their crypto wallets.
2.Unlike pay-to-play games, which involve central authority, Blockchain-based games allow players to own their in-game assets. This is because Blockchain uses smart contracts functionality whose results are recorded in a decentralised and immutable way; hence no one can change the ownership of the in-game assets.
How Blockchain is achieving its aims of promoting the gaming industry
The current market relies on gamers/players who purchase in-app items that become ineffectual shortly, and then players are left regretting how much they spent on expensive games.
According to the latest announcement, a blockchain-based entertainment platform, Digital Entertainment Asset, DEA has the potential to transform the present gaming industry and aims to offer “a highly entertaining and intuitively usable platform.”
Established in August 2018 and headquartered in Singapore, DEA claims to offer three elements: Play-mining, Digital Art Auction, and DEAPcoin.
To deal with existing issues, DEA claims to provide a viable solution by rewarding players, meaning users get something in return for adventure and exploration instead of getting charged, known as Play-mining. Such assets can then be used in the Digital Art Auction platform. Digital Art is managed by a blockchain that allows buyers with authentic ownership and guarantees that the creators receive full compensation for their works. The team explained that the earned points and reading manga will be free for all players and can be exchanged for digital currency.
The Digital Art can then be purchased using a DEAPcoin, which is specially created for the DEA platform.
DEA also explained that each digital asset would initially offer an illustration by famous Japanese manga artists, and with time, other variety of assets will be added for players.
‘Ultra’ can Give New Definition to Gaming Industry
Ultra, a well-known blockchain-based gaming platform, aims to revamp the gaming industry by putting the power into the hands of developers and players.
Recently, the Ultra gaming platform announced that it will integrate Theta Network’s live-streaming technology that will allow users to preview games in action before making a purchase and earn rewards to spend in the Ultra ecosystem for sharing streams.
Theta Network is a decentralised video delivery network, running on a dedicated blockchain, powered by users.
This is how their integration service will help players. When a user hits a game’s landing page, the game will be played live through Theta streaming technology directly within the Ultra platform, which will allow gamers to earn rewards of both tokens: Theta (TFUEL) and Ultra
In conclusion, blockchain was considered an innovative technology once it became clear that cryptos wasn’t its only use case and its technology is reshaping the gaming industry by enabling open communication between gamers and its developers. Furthermore, it can also be helpful in creating a decentralised gaming systems where the government can’t control the system… Blockchain sets out to enables gamers to play, discover, compete, and socialise with zero disturbances and in short blockchain is returning the actual power back to the people/gamers and this can only mean one thing and that is, blockchain technology is bringing forth a revolutionary change in the gaming industry…