How blockchain technology took over the online gaming industry

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Blockchain technology is slowly becoming a key player in the gaming industry.

In online gaming, most of what you find that is considered legendary or rare is by pure luck. Sometimes you can use this special item, and sometimes you have to level up, but having it makes you a commodity on two levels. The first is the future of your character is bright once you get to use the special sword or gun or whatever.

The second is in real-world retail applications. And this is where blockchain technology benefits a gamer. Some gamers make a fortune just by selling rare items. But the methods are crude and often tedious. Now with blockchain technology working for gamers, you can sell rare items for hard currency via an online store.

The Next Evolution in the Business of Gaming

Blockchain isn’t a new concept. Over the years, it has been available in plenty of other mediums. But blockchain technology in gaming industry applications is still in its infancy. Companies like Polyient Games wants to change that. They have put a lot of effort into making gaming fairer for players.

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Polyient funds early-stage startups to incorporate blockchain technology deeper into the gaming landscape. In short, they want to level the playing field. Too often has a new player walked into a game with a pointed stick while everyone else has a bazooka. With the option to buy better weapons and gear, it gives them a fighting chance.

This, in turn, makes them want to play more frequently, fostering a greater love for the game and, by extension, furthering the marketability of the industry. But that is just one upside to blockchain technology for beginners. The applications are endless, and if you are the one with the great items to sell, you can live a very comfortable life with the proceeds.

Nuts and Bolts

It sounds complicated, so let us tell you how blockchain technology works. Simply put, it is a way to store and transfer data. It has been used in the financial sector for years with this purpose in mind. It disassembles the data, spreads it around on the network, decentralizing it, so no one person has access to everything at once.

With the information not being owned or maintained by any single entity or company, it is protected, and the technology makes it immutable, which means it cannot be changed or manipulated. Essentially, it keeps an eye on the data, always hunting for nefarious changes, so they can be addressed immediately.

Blockchain Technology for Today’s Gamer

In the modern world, nothing is done for free. But also due to the widespread use of the Internet, many things have become easier. If 20 years ago game dev companies had to look for a publisher to get money for their work, now everything has gone to a new level. 

In the gaming industry, blockchain is very often used to make money for developers directly from gamers who support them. It can be games like Wild Jack or CS: GO—all these games have in-game transactions and now, thanks to the blockchain, even indie developers can earn money on their projects.

In-game Asset Transfers

Yes, the trading of items between players is an option, but what about getting items from the developers. Oh wait, that is already happening. Ever heard of a DLC? When you buy a DLC, you get specialty items. You paid cash for these special outfits or weapons. This technology ensures that the items are owned by you, not still owned by the seller.

It staves off the disputes about item ownership. These transfers, once completed, are binding, and cannot be contested. No one can claim fault. It is similar to transferring ownership of a vehicle or firearm. As long as the paperwork is done, the transaction is final. It is great for players, developers, and will usher in a new era of online commerce. You will likely see many new startups geared toward blockchain tech for gamers. 

Conclusion

This tech is changing online play, similarly, it changed and secured the financial systems. A secure experience is a more easy-going experience. People don’t play these games to get anxious and irritated. They play them to have fun. It is like that the inclusion of this new tech will give new players, as well as experienced players, a level field. Have you used this innovative and lucrative tech in your gaming adventures?

Author’s Bio: Alex Norwood is an experienced traveler and an online entrepreneur. He is very interested in technology and tries to implement it in his life. He runs a successful eCommerce business and is always on the lookout for new lucrative ways to make money online. 

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