How Blockchain Unlocks Exciting Opportunities For Earning Money By Playing Games – Interesting Engineering
The video game sector is huge. There are more than two billion gamers across the world — that is around 26% of the world’s population. If you add the annual revenues generated by Hollywood and all the sporting events in the U.S., the obtained figures still won’t be enough to surpass the earnings of the digital gaming industry alone. Companies like Sony, Microsoft, and Activision, generate billions of dollars every year from selling games and related products, but thanks to blockchain technology now you can also earn money by playing metaverse-based games.
Until now, only the brands, developers, and artists involved in the production of video games were able to generate income, along with gamers who earn money by livestreaming or playing in tournaments, but the emergence of blockchain-based technologies like NFTs, smart contracts, and virtual gaming worlds may now be giving rise to a new play-to-earn (P2E) business model in the gaming domain. This new model allows players to earn financial rewards while playing a video game and through trading in-game items at different marketplaces on the internet.
How blockchain technology is revolutionizing the gaming industry?
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Blockchain is a decentralized data recording system or a digital ledger that stores information in blocks that are distributed across a network of computers. These information blocks are secured using cryptographic hashing, a programming algorithm that can not be reversed, therefore, the entries made on a blockchain can never be altered. Moreover, every piece of data on a blockchain is visible to all the users on the blockchain network, which makes it a very transparent and trustworthy system.
The most popular use of blockchain technology is the transaction of NFTs and cryptocurrencies on the internet on different blockchain networks. There are approximately 300 million crypto users across the globe who together fuels an economy worth three trillion dollars, and all of it runs on decentralized blockchains. The use of digital currencies and tokens has become so popular that various games have launched their own in-game NFTs and cryptocurrencies that players can trade to earn rewards while participating in the game.
For example; the well-known blockchain-based game Axie Infinity is an online game built on the Ethereum blockchain. Players can earn cryptocurrency tokens such as Axie Infinity Shards (AXS) by playing the game. AXS tokens can then be traded on some crypto exchanges. The game also uses NFT monsters that can be bought, sold, traded, and bred to battle each other, earning their owners additional digital tokens.
Sorare combines fantasy football with blockchain in a game in which players can win Ethereum. The 3D action-adventure game Age of Rust allows players to search for Bitcoin and Enjin Coin, along with, “highly functional NFTs that also have millions of dollars worth of resale value, due to their incredible utility across the blockchain ecosystem.” In 2017, Age of Rust was one of the first games to use Enjin blockchain to mint and integrate NFTs that could be used for things like unlocking content.
Some interesting aspects and examples of blockchain technology in gaming are:
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