To understand the world of crypto gaming, we need to be aware that we have come a long way, and the games today are far from just providing elementary fun and experiences. Play-to-earn crypto gaming powered by advanced blockchain technology is rightly the future! It primarily aims at providing immersive experiences to gamers.
So, let us explore together the concept of crypto gaming and its potential benefits in this article.
Crypto Gaming- what is it?
Crypto gaming is referred to as a decentralized form of traditional gaming that is built on blockchain technology. One can incorporate digital assets and non-fungible tokens into these types of games so that players can win digital assets (NFTs) by participating and actively playing the games.
How does it work?
With the benefit of immersive experiences and unique revenue-making features that crypto gaming provides, several platforms have initiated its adoption in recent years. Cryptocurrency as tokens or in-gaming currency is becoming increasingly popular and is also being adopted by many. With this, players and gaming enthusiasts are easily able to access as well as buy, sell, and trade their digital items in the web3 metaverse platforms.
What plays an important role in automating the crypto gaming industry?
- The underlying framework, BLOCKCHAIN TECHNOLOGY ensures a decentralized, transparent, and secured transaction.
- SMART CONTRACTS, also known as self-executing contracts allow players to freely buy or sell and initiate several aspects of virtual gaming and digital asset management.
Types of crypto gaming-
The three most accepted and trending crypto gaming are as follows:
- Gaming casino (gambling)
Virtual games that are based on betting and gambling and use cryptocurrency as rewarding fall under this category. This has become quite popular among the youth and some of its most common examples are poker, dice games, cards, games of bet, etc. With the rewarding procedure, it attracts many to try out such games. However, they become quite addictive and steps are being taken to reduce the pace at which these games are growing.
2. Digital collectibles or NFT-based games
Using blockchain technology, various crypto games come with the opportunity of rewarding gamers with in-gaming digital assets. These assets come in the form of digital collectibles, rare and unique trading cards, etc.
3. Play-to-earn crypto games
Crypto games based on the P2E gaming model allow gamers to earn tokens on reaching a certain level or completing a gaming task/activity. This introduces an option for earning that can be tradeable and also convertible to real-world utilities. For example, LootMogul is one of the key P2E Sports Web3 & Al gaming platforms, to learn more, click here.
What are some of the key benefits of a crypto gaming system?
As it is a growing industry, it is quite probable that it comes with several benefits attached that helps attract new users to the model regularly. Let us highlight some of them:
- Transparent transactions
- True ownership of digital and in-gaming assets
- Opening doors to income streams while playing
- Privacy and security
Conclusion
With emerging trends and rising technologies, the crypto-gaming industry tends to develop at a faster pace. Its potential also gives way to a wider gaming ecosystem. However, it also has to overcome certain limitations on its way. Maintaining fairness and providing equal opportunities are the major challenges to take into account.
With all the benefits it provides, it has already held the attention of players and developers. However, by overcoming some of the lacking areas, it can go a long way in the future.
