Please don’t underestimate the game potential of NFT!


 43 total views

In the virtual game world, the crypto economy has ushered in fertile ground. More and more games rely on cryptocurrency and blockchain. How to evaluate the current state, why can we expect the rapid growth of the blockchain game field in the next few years and the opportunities brought by it.

Games and speculation are two characteristics of many technological innovations. This at least applies to blockchain technology, just like the Internet back then. Especially in the gaming industry, it may become one of the biggest stepping stones of the crypto economy. Currently, most games that use blockchain technology features can be mocked. Most gaming dApps are still a long way from being fully established. But this is the starting point of change, and it will change faster and faster in the future.

You have to distinguish what blockchain technology is used in the game. A fairly simple use case is to process payments with the help of cryptocurrency.

On the other hand, blockchain has greater relevance to the application of the game itself. This is the case for decentralized games in the form of dApps.

A famous example here is CryptoKitties, which caused the first big bubble in the dApps segment. It is related to non-tradable tokens (NFT), and like transaction cards, it can combine unique digital value with fun elements. There are many such dApps trying to create value through scarce game items.

Another example is Enjin or Enjin network. This is an association of various blockchain developer studios that link their games to each other. Objects from different games can be used in other participating games. The current market value of the related Enjin Coin (ENJ) is about 120 million US dollars.

The current dApp and NFT games are only fairly simple smartphone games, and there are no AAA-level works that can be played on the big screen at home. However, these better “card games” are also constantly evolving, and large gaming industries such as Ubisoft and Blizzard are also increasingly interested in blockchain technology.

NFT application fields are very diverse.

For example, Blizzard has applied for a patent that puts game results on the blockchain. There, the data will be “innately unique”, so that hackers stealing game revenue or game props become history.

Cipsoft, a software company based in Regensburg, is already “on the chain.” It developed the first blockchain game for Litecoin. Litebringer-the name of a hybrid of idle games, online RPGs and trading simulations-does not happen on the server, but exclusively on the Litecoin blockchain. In turn, this means that every interaction with the game is actually a Litecoin transaction. The device is protected on the blockchain from hackers.

No blockchain game without a wallet

Another side effect of the gaming industry’s entry into the blockchain is that more and more games are urging users to create encrypted wallets so that they can participate. Due to the necessity of this kind of creation, Ranshou also carried out encryption education, which in turn had a positive impact on the cryptocurrency outside the game field.

At the same time, people who spend a lot of time playing games are no longer just people who invest in digital currencies. In this way, you can also reach people who are not exposed to cryptocurrency. Especially when the blockchain covers all aspects of game technology, whether it is buying goods, using a decentralized database to obtain game results, or experiencing a new unique item, this will stimulate the development of the NFT economy in the future.