The blockchain platform game industry has come on in leaps and bounds over the last few years. Starting with the creation of Bitcoin and other cryptocurrencies during the 2010s, new industries within blockchain technology, such as NFT marketplaces, developed throughout the decade.
Once Bitcoin reached the same value as the dollar in 2011, it opened an avenue for digital markets and items that are available for purchase. An NFT (non-fungible token) is a financial security consisting of digital data stored in a blockchain, which is a form of distributed ledger.
Ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded. They are an excellent store of value and seem to withstand market volatility better than cryptocurrencies. This doesn’t mean they are immune to negative price action, by any stretch of the imagination, though.
Many NFTs are sold and traded as art pieces. Much like art in the real world, the owner has a certificate of authenticity that shows that they own the original. This is the record in the blockchain that is unique to the owner of the NFT. Although many NFT sales are made on the Ethereum network, the Ethereum price is also driven by a solid Bitcoin price.
Blockchain technology has also made its presence felt in the gaming sector, with a variety of games to choose from.
The first blockchain game we are going to explore today is Decentraland. This game has recently gained a lot of notoriety as some blocks of land on the game were sold for tens of thousands of dollars.
Decentraland was first created and launched in 2017. It hosts a wide number of unique projects. Gamers can trade virtual land by using MANA. MANA token is the in-game currency of Decentraland and serves as the platform’s cryptocurrency. Meta, which Facebook has recently rebranded, has made no secret of its desire to expand into this space. The announcement alone increased the price by over 400% in three days. This was also coupled with a strong Bitcoin price at the time.
MANA is an ERC-20 token that lets users purchase or trade land, and pay for goods and services in the virtual world. The ERC-20 category means it trades on the Ethereum network. Once a user has purchased land in the virtual world, they make improvements on that land – however they want. People have used their land for art galleries, virtual stores and virtual hangout bars and restaurants.
Mythical Games is a gaming technology studio developing games to bring players, creators, brands and game developers together through personalized experiences and content. The company’s studio provides a decentralized gaming application that uses blockchain technology to build games where players can own the assets they develop.
It is a highly-rated game among crypto blockchain platform enthusiasts, as they focus on highlighting the importance of player-led performance within a community, as opposed to advertising its release. Much like Bitcoin, it relied heavily in the initial stages on word of mouth advertising among users on the web.
One of the common misconceptions about cryptocurrency is that it is completely tied to the finance and banking sectors. However, the markets in gaming and entertainment are booming and don’t look like slowing down anytime soon.
The third game we will have a look at today is Axie Infinity. Axie Infinity is a non-fungible token-based online video game from developers Sky Mavis. This game is known for its in-game economy, which utilizes cryptocurrencies you can find on the Ethereum network. Within this virtual realm, you can look to earn money on your cryptocurrencies, and the possibility of earning money while gaming is a serious and very realistic proposition.
In summary, the games we have discussed in this article today are just the tip of the iceberg – there are hundreds of games out there and blockchain platform games are being developed every day. Not only can you play these games from your laptop but you can also access them from your PC or mobile phone. Blockchain games are becoming more popular, as it is a completely different style of gaming to console-based gaming like Xbox or PlayStation.
As we have touched on today, you can stake your cryptocurrencies on the networks these games provide, offering a brand-new avenue for gamers. Despite the high-quality games you can get on the PlayStation or Xbox, there are no games that you can actively play to earn money, so this is a real game-changer in a market that will continue to evolve.