Booming Of Blockchain Gaming Industry In Spite Of Challenges

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Booming Of Blockchain Gaming
Industry In Spite Of Challenges
By leveraging technologies like NFTs, blockchain
games are making ownership of in-game assets
easier, economical and trustless. The endless
possibilities of blockchain technology in the
gaming world are attracting millions of gamers
and investors from across the globe. Despite the
strong growth trends and potential for profit in
the blockchain gaming industry, the market
abounds with challenges and obstacles. Let us
dive deeper into the world of blockchain gaming
and understand its key drivers and challenges.
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Rewarding Gamers with Play-To-Earn Model The
key selling point of blockchain games is the
possibility of earning rewards while playing
games. Earlier, gamers would spend hours playing
games with no possibility of earning and would
even pay money to play games. With the advent of
blockchain games, players can monetize their
time, skill and efforts spent in playing the
games. For example, in blockchain-based games,
players can earn rewards like cryptos, weapons,
avatars, skins, coins, etc., and they get full
ownership of these assets. These assets have
value beyond the purview of games and players can
make money for their gaming skills. Some gamers
have already made such games into their
consistent source of income. NFT Generation
Capabilities in Gaming The possibility of
generating NFTs and cryptos in blockchain games
has attracted millions of gamers across the
globe. Since these NFTs are not exclusive to the
games, they can represent digital and real-world
assets. As a result, NFTs enjoy a wide range of
use cases and practical applications that appeal
to gamers. Through blockchain technology, gamers
can earn NFTs, exchange with other players or
even move them into other supported games. The
NFT and crypto generation capabilities have the
potential to spawn gaming economies. Their
uniqueness, trustless environment,
interoperability and security are inspiring many
developers and gaming platforms to venture into
the blockchain gaming world.
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Surge in Blockchain Gaming Platforms As
blockchain technology continues to take the
gaming industry by storm, more and more game
studios and developers are partnering with
blockchain platforms. Blockchain gaming platforms
across the globe have received billion-dollar
valuations. Some of the worlds biggest gaming
companies are investing in blockchain gaming
platforms. Microsoft has acquired Activision in
a 68 billion deal, and Ubisoft has joined the
blockchain ecosystem with NFT launch. Even in
India, popular blockchain-based platforms are
trying to revolutionize the gaming industry.
Whats more, the availability of blockchain games
on smartphones and over the internet is driving
countless users to play blockchain-based
games. Key Challenges to Blockchain
Gaming Although the adoption of blockchain
games is surging worldwide, their growth
trajectory is encumbered with several challenges.
The foremost is the lack of awareness about
blockchain and NFT technology. Despite having
heard of these technologies, people still
consider them as mere buzzwords and have not
given proper attention to blockchain-based games
and their advanced benefits. Additionally, the
regulatory framework surrounding
cryptocurrencies and NFTs have discouraged many
players and developers from exploring blockchain
games. In spite of deep internet and smartphone
penetration, the infrastructure of data
connectivity is still suboptimal in a lot of
developing and underdeveloped nations. Language
limitation on these games is also a major
roadblock for gamers in different parts of the
country. As a result, the blockchain gaming
industry is still at a nascent stage in India
and abroad.
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Wrapping Up Blockchain gaming is still a new
concept and is sometimes clouded with confusion,
questions and uncertainties. In the coming years,
as more and more game studios venture into the
world of blockchain gaming, the mis-conceptions
surrounding blockchain can be lifted and mass
awareness can be created. Further, the emergence
of new gaming platforms and changing customer
expectations are also set to push barriers and
take the blockchain gaming industry to new
heights. By offering ownership of in-game
assets, reward and income-generating
possibilities and social interactions, gaming
platforms can leapfrog the many challenges and
create gaming ecosystems and economies in the
future. Source Time Of India Blockchain Game
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