The gaming industry has undergone plenty of transformations since its humble roots. From playing 16-bit consoles to navigating a massive iGaming landscape, there are many changes of note that we are witnessing and experiencing today.
In the same way, the emergence of blockchain tech has become a groundbreaking feat for many industries such as transportation, finance, healthcare, and of course, gaming. There’s no denying that the gaming industry has been feeling the impact of blockchain tech, which, in turn, resulted in various advancements that only sought to improve the entire experience. As blockchain incorporates itself into the iGaming world, we are becoming eyewitnesses to its complete reinvention.
In fact, the iGaming industry has amounted to over $72.3 billion in the past year alone and is projected to reach a staggering $131 billion by 2027. The existence of innovative iGaming platforms such as Bitcoin casinos and more have contributed to the industry’s steady growth in popularity as it helps increase the gaming experience for users across the globe.
Blockchain has opened a lot of opportunities for innovation in the industry. Here are some ways in which blockchain has been impacting the iGaming landscape.
Prior to now, gamers are usually the ones to invest their own time, energy, and money to get the full experience of the game. But now, this isn’t the case as many blockchain-based platforms directly pay people to play the game. They can use these in-game currencies and convert them to tokens which can then be exchanged for digital assets or real money on different crypto trading platforms. A popular example of this game is Axie Infinity which adapts the same feature.
Not only that, but these platforms also allow gamers to trade their belongings in the game, like NFTs or other collectibles, for the crypto assets they like. This blockchain-based model has only been paving the way for the expansion of the iGaming industry as it opens the possibility of being a means of where players can earn income through playing.
With the help of blockchain protocols, developers now find it more convenient to make and release games at lower prices. For example, Ethereum – as an open-protocol blockchain network – is a great place for people to create and launch their own games. Blockchain tech has made it easier for developers to cut their own game development costs by leveraging the blockchain’s base layer. These low barriers for entry breed more competition yet more choices for end-users.
Accessible online gaming
Most importantly, the emergence of blockchain has only made online gaming more accessible to anyone who wants to try it. Before, online gaming has been somewhat restrictive, given that it operates mainly on a closed-date framework. As a result, the games often inhibit player access based on factors such as location, age, and more. Fortunately, blockchain games don’t revolve around a central authority, nor do they require any permission – allowing it to be open to everyone regardless of who they are and where they are. The only requirement you would need to play the game is a decent internet connection.