Blockchain Games Hold More Potential Than Previously Understood

Blockchain technology is step by step penetrating many areas of our lives, not just becoming an innovation, but shaping the approach and requirements for market products.

And the gaming industry is not an exception. Analysts predict that the profit of the global gaming market will grow by 10% and amount to $90.1 billion by 2023. The main reasons for the predicted growth will be innovative technologies such as VR, AR, ML, and of course, blockchain.

So what exactly are blockchain games and why had the gaming market been waiting for this technology so much?

How are distributed registry technology and games related?

Blockchain integration into games has become a natural development of the industry. Blockchain gaming brings trust between developers and players to a new level. The essence of the technology lies in the fact that part of the game processes is built on distributed blocks, and the history of game actions is absolutely transparent: players can freely follow assets' transfers that exist in games.

Moreover, the gameplay is practically inalterable from an interference point of view: the logic of games on the blockchain is confirmed by an electronic protocol. This document proves that both players and developers cannot break the process and change the rules.

For example, a user in a game receives an artifact as a prize and decides to sell it to another user. This action is a kind of transaction presenting a mutually beneficial transfer of loot and fees in the form of electronic assets. A smart contract ensures that the terms will be met in any way.

Advanced features not only for players but also for crypto enthusiasts and developers

Thanks to the blockchain, a new play-to-win model is available for players. Its essence lies in the possibility for players to receive real money for victories in their favorite games. Gaming using distributed registry technology motivates not only game fans, but also crypto enthusiasts, for whom earning an in-game asset is a top priority.

Games on the blockchain are gradually becoming a trend, and large game-dev companies cannot but respond to the interest of the audience. Especially when the advantages of such games are open not only to the players but also to the developers themselves.

Firstly, blockchain technology allows us to get rid of cheaters. Due to the fact that the processes are controlled by smart contracts, it is incredibly difficult for fraudsters to find a loop in the system – they can’t fake the result of the game or change the opponent’s data.

Secondly, thanks to the technology of a distributed registry, game developers receive income from players directly, bypassing intermediaries. In the traditional system, the percentage of profit is taken away by online stores and sites that store apps.

Thirdly, blockchain helps create a more motivated gaming community. Data on the progress are recorded in the registry. Therefore, when switching to another game within one system, players can start it with saved progress. This acts as a kind of motivation for the user to continue developing his game character.

Players on our IQeon gaming platform are also motivated. Users take part in PvP battles, and the winner receives an award in the form of a digital currency of the platform – IQN. With it, users can make in-game purchases, as well as pay for participation in other battles. IQN can also be exchanged for other cryptocurrency assets or withdrawn in fiat money.

There's still a room for improvement

Blockchain games are a perfect alliance, a new era of transparency. Developers will no longer own players’ holdings, and all game processes won’t be hidden from the users, because blockchain data recordings are accessible to everyone.

Now small companies and key market players such as Ubisoft, Atari, Pixowl, and others are interested in blockchain technology as a tool for creating games. So for blockchain games, winning a large audience is a matter of time.

Nevertheless, skepticism towards cryptocurrencies still takes its place on the market, so a user who wants to earn money on his gaming achievements needs not only to have an idea of what cryptocurrency is but at least create a digital crypto wallet.

However, consumer literacy is gradually growing and, consequently, their loyalty to the crypto sphere is increasing. This means that very soon the number of blockchain projects will boost significantly. And IQeon team is trying to speed up this process.