How has Blockchain been implemented in Esports? Picture: EFT

How has Blockchain been implemented in Esports? Picture: EFT

How has Blockchain been implemented in Esports?

Community Dec 21, 2022

Blockchain technology is decentralized and offers secure transactions among users, and it automatically tracks data from any network where it is implemented.

Overview:

  • Blockchain can help Esports content producers create rarer in-game assets and enable their trading.
  • Cryptocurrencies, which are built on blockchain technology, are gaining popularity.
  • Crypto transactions are outside the control of governments and banks.

Since its modest beginnings, the gaming industry has advanced significantly. We are all aware of how this once-simple sector has developed into a treasure mine of emotionally-charged, captivating virtual reality games that reward planning and accuracy. Many of us recall playing Super Mario on a 16-bit gaming machine. Because characters in massively multiplayer online games (MMOs) like PlayerUnknown's Battlegrounds (PUBG) are customized to the players' characteristics, players must live in a fair universe. Any abuse of the character is bad for the player's reputation.

You can also download the Tournafest app from Google Play or App Store to play Esports Tournaments & Scrims games like BGMI, Free Fire MAX, Call of Duty, CS: GO, Valorant, Pokemon Unite & win exciting rewards! You can also go ahead and organize Tournaments & fetch unmatched perks.

Characters do not die in the same manner as Mario, nor do they pursue an improbable objective like a princess in a fortress. These video games are very emotionally charged and based on actual events. Most games are broadcast online, and participants use virtual resources to accomplish predetermined tasks and establish supremacy. The popularity of gaming as a worldwide sport is growing. The blockchain gaming business grew by more than 2000% in the previous year, according to a DappRadar and Blockchain Game Alliance study from Q1 2022.

Due to the need for a new system that can completely replace the issues with the current paper money system with something entirely new and innovative, the adoption of blockchain technology has increased dramatically in recent years. Blockchain has several uses outside of finance, one of the most important being the gaming industry. Why? Due to the fact that blockchain technology will alter how games are made, run, and played in the future.

Blockchain Gaming

Blockchain Gaming. Picture: EY
Blockchain Gaming. Picture: EY

How is it possible?

A blockchain is simply a network of transparent data blocks linked together by users on a computer. It can't be changed or moved. In this manner, an exhaustive record of every network activity involving the data is retained. The system is decentralized, which means that users, who own digital assets and game objects, govern the game instead of a centralized authority.

Similar to having a certain number of cryptocurrency coins, like Bitcoin, Ethereum, or Litecoin, on a cryptocurrency blockchain, you also hold a specific number of digital assets called NFTs on a gaming blockchain. Although they are in-game items, you own them the same way you would a cryptocurrency, and you may transfer them outside the game and to a wallet.

Function of NFTs

NFTs are unchangeable, one-of-a-kind, and may be sent to a wallet address similar to currencies. For instance, a sword, a bow, a shield, a staff, or a chunk may be an NFT in a game. They may be anything, as they are only metaphors. If you possess such digital materials, you can keep them forever. Additionally, blockchain technology has the element of scarcity, implying a finite supply of these goods.

There are items in the game that are common, exceptional, rare, epic, and legendary, much as in an online RPG game like World of Warcraft or a similar game. The rarest items are the legendary ones. You can view how many legendary goods are accessible in a blockchain-based game, for example, 35. Once this number has been decided upon, this object cannot be produced again. Despite the fact that these 35 objects are all the same, each one is unique in its unique manner since it may include the whole history of how that particular item has been utilized.

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Even if it is bought by someone else, the fact that the best player in the game formerly held it will always be attached to it. What happens if the game you're playing abruptly stops working? And guess what else? On the other hand, your thing won't! Due to the fact that it may be moved across blockchains in the metaverse. You may still retain it and use it in another game. You might save it in your digital currency wallet. This is how NFTs are appealing.

Blockchain is Transforming the Gaming Industry in a Variety of Ways

Blockchain is Transforming the Gaming Industry in a Variety of Ways. Picture: TechGig
Blockchain is Transforming the Gaming Industry in a Variety of Ways. Picture: TechGig

Implementing blockchain in gaming is simple, say, experts, due to its liquidity and the fact that players are used to tokenization. Additionally, since many video games enable players to purchase in-game goods using real money and virtual currency, experts agree that the blockchain would be the ideal mechanism to record these transactions. Blockchain technology is believed to interact well with cryptocurrencies and video games. Blockchain provides solutions for many enduring problems in the gaming industry.

Increasing the market's security for games

Because of blockchain's decentralization and data encryption capabilities, it will be very difficult for hackers to access data across the server. Thus, it offers a safe atmosphere for game creators and business owners, increasing production. Since there are no servers to compromise, hackers could not bring down a decentralized blockchain network.

Enhancing in-game asset ownership

Blockchain technology may assist in-game asset ownership by bringing greater transparency and regulation to the gaming industry. One of the most crucial components of blockchain-based gaming is actual digital ownership, which enables users to trade limited assets and profit.

Smart contracts are used to manage all transactions in a blockchain-based game. Smart contracts are irreversible and operate on pre-programmed parameters. Consequently, when a blockchain-based game is released, all in-game assets bought using smart contracts are immediately transferred to users' public address accounts. In addition, smart contracts function independently of a centralized authority. No one has the authority to alter the in-game assets' private ownership or the public address at which they are kept. They will continue to belong to the gamer who purchased them.

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Improving the estimate of intangible asset value

Players have spent almost $6.7 million after Crypto Kitties was introduced on November 28th, 2017, by December 6th. These figures show that players will value intangible digital assets when a fun game is developed on the blockchain.

If you create a fun blockchain game, players will be ready to give intangible digital assets real value. Video games that are both enjoyable and engaging will inevitably lead to a surge in investment.

Take Charge of Your Favorite Video Games

Blockchain-based gaming networks are immutable. This ensures that gaming programming for networks and their series won't alter in the future. This makes it possible for you to download and install different versions of video games from any site without compromising the integrity of your gaming experience.

Trading for goods and benefits

Blockchain technology may be used by game designers and players to create resource-rich applications and games, as well as to update game versions and receive rewards using blockchain gaming mining techniques. This enables people to work together and earn tokens while enhancing the app's user experience.

Enhancing payment procedures

Cryptocurrencies are very private and safe. Customer's credit card information has already been leaked online and sold on dark markets in a number of events involving large network breaches in the gambling industry. Local crypto tokens or comparable tokens are utilized to make payments in blockchain gaming apps, improving the transaction experience. This kind of cryptocurrency-video game partnership may expand players' payment options.

Collaborations between cryptocurrency companies and video game developers may extend back many years. Examples include Twitch and Stream. Two of the most well-known brands in gaming, Twitch, and Steam, are experimenting with cryptocurrency payments, which may be a sign that there is hope for the future of cryptocurrency and video games.

Gamers with Integrated Profiles

Before they can access the platform's games and other features, users of the majority of gaming platforms must first create a gaming profile. On the other hand, users of blockchain gaming apps can set up a solitary, integrated gaming profile that can be accessed and used across various gaming portals. A single, integrated gaming profile that can be viewed and used across numerous gaming portals can be created by users of blockchain gaming apps. This technique enhances the gaming user experience by making it easier for users to link activities in programs.

Now that we understand how cryptocurrencies and video games interact, we can create a more entertaining, safe, and seamless gaming environment. The world of cryptocurrency gaming is still developing. Thanks to this, users can try out new games in the upcoming year. The gaming industry has never let down its customers. While the internet promotes the gaming industry's growth, it cannot keep out dishonest people and unethical players.

Thankfully, blockchain-based gaming is the next step in safeguarding video games and creating a long-term industry standard. Because of this, cryptocurrency and video games have the potential to alter the gaming industry drastically.

You can also download the Tournafest app from Google Play or App Store to play Esports Tournaments & Scrims games like BGMI, Free Fire MAX, Call of Duty, CS: GO, Valorant, Pokemon Unite & win exciting rewards! You can also go ahead and organize Tournaments & fetch unmatched perks.

Until next time,

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Manish Gupta

I’m a creative thinker. I think it’s important to approach tasks and issues from different angles, rather than doing what has always been done. By having an open mind and taking a different approach.