How Blockchain is Reevaluating the Gaming Industry?

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How Blockchain is Reevaluating the Gaming
Industry?
As per the reports, an estimated total of 2.2
billion people are currently playing video games,
which would result in revenue generation of 143
billion by 2020.
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What is Blockchain?
Fundamentally, blockchain records the information
of a transaction. Once a piece of information is
recorded you cant change it virtually. In any
blockchain, a block contains information like
transactional data, hash (a unique reference) of
that particular block and hash of the previous
block. If any change is made to a single block,
its hash will also be changed.
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• What are the Benefits of Blockchain?

These are the following benefits of using
blockchain in any industry.
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How Blockchain Revises Some of the Problems in
the Game Industry?
These are some of the major problems that occur
in the gaming and blockchain can easily eradicate
such problems windustry ith its outstanding
features and facilities.
Verifiability and Transparency - In modern
games, we see players need to complete various
missions using certain assets. These assets could
be anything from guns, cars, planes to props,
environment, character, art, and others. However,
due to their scarcity in the games, players need
to purchase them using real-world money or can
earn as the game progresses. Since the
availability of these assets in the game is
virtual then there are chances that game
developers could produce these assets in a large
amount and create a rig in the market by
providing them to certain players only. Because
theres no liability and transparency.
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Verifiable Assets Scarcity - Game developers
offer assets in a limited amount. However, gamers
cant find out the scarcity of the assets (armor)
with the current setup. If blockchain is included
to enlist these assets, it becomes easy for them
to verify assets availability reviewing block
ledger. Not only the trust will increase but also
the marketplaces value as well. Even blockchain
app developer can assist you with that.
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Collectable Items - Assets in any game remain
unique and collectable. So using blockchains,
these assets can be tagged with unique values
like NFTs -Non-fungible tokens. It will help make
the trade of these items easy, less expensive and
storable on a wallet using these unique values.
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Security -The platforms on which games are
developed are hosted on centralized servers and
the purchase of assets used in the games done on
mobile phones or desktops, which are not that
secure. The gaming account where you manage all
your earned assets is likely to be stolen.
Because they do not provide security like bank
accounts. Blockchain is capable of changing all
such security-related scenarios. Since they are
unhackable so it would be the best approach to
store digital assets on a blockchain. It would
not only increase trust among gamers but also
push them to work hard to collect more assets.
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Digital Assets Exchange - In the current plan
of games, users can trade digital assets or
exchange on platforms such as OpenSea, Wax, etc.
However, if such transactions are performed on a
decentralized system in the form of a token, it
would be more transparent. On the other hand,
there are chances that you can be exposed in
front of scammers and end up purchasing fake
assets. For such issues, Blockchain is the
ultimate solution.
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Transaction Cost and Time - Currently, players
from across the world participate in games like
Counter-strike every day. If they want to share
assets then how would they do it? Without taking
any legal action or wasting days in payment
processing. Blockchain is renowned for making
instant transactions across the world. So it
would be the best option to reduce the time and
cost of the transaction with blockchain
development services.
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The global gaming industry is evolving every day
and providing gamers with games like real-life
experiences using top-notch VR technology. In the
future, we would see even more refined, crisp and
clear real-world experiences with the
advancements in VR. The combination of gaming
and blockchain will create an ecosystem that
would work seamlessly. Also, it would end all the
problems that arise frequently in front of
businessmen and entrepreneurs. Hire blockchain
developerment company to create appealing and
user-interactive online games and mobile app
games using blockchain. Thats how the blockchain
is reevaluating the gaming industry.
Conclusion
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