The Dynamic World of Blockchain-Based Gaming Models

Blockchains may be the building blocks and secure ledgers every cryptocurrency is built on, but what else can they be used for? One of the most interesting developments in recent times has been the inexorable rise in popularity of blockchain-based gaming models. These new titles are changing the industry at a pace that would have sounded fanciful just a few short years ago, and the pace of change seems to be accelerating with every passing day.

To bring you up to speed with everything that is going on in the industry right now, we’re going to take a closer look at how this fascinating entertainment avenue is developing. We’ll be looking at the ownership of digital assets, the way tokenomics is being intelligently implemented and leveraged, and the shifting of power to players.

The Rise of Securely Owned Assets

Games have always given us the chance to level up characters and to build inventories, but the fortunes we amassed never had any intrinsic value beyond the confines of the game. Blockchain-based gaming models set out to change all of this from the moment they started to go live, not least of all because they can offer a whole new dimension for the players.

In-game weapons, artefacts, and even the acquisition of virtual land can now be given real-world value thanks to the tokenisation of NFTs on a secure blockchain. The key point here is that the use of the blockchain makes verified ownership the norm, allowing players to prove that what they say they have is actually theirs. This is where the value comes in, particularly for games and franchises where the items a player amasses and wins through gameplay can then be traded beyond the confines of the game. An asset class has come to life here, and it is one that is becoming increasingly valuable in some quarters.

Tokenomics & Economic Drivers

Giving players the chance to earn things of real-world value off the back of their time spent playing and the skills that they develop in the process is an excellent tool for driving engagement. The key point here is that there are so many different ways that you can approach things that game developers now have a level of choice that their predecessors could have only dreamed of.

The clever integration of tokenomics into engaging gameplay allows developers to create thriving on-chain economies that make their offerings and titles even more attractive. Players will feel like they are expanding their experience beyond the confines of the game as they are setting themselves free to generate real-world value. Such advancements are only going to fuel the continued growth in the overall value of the online gaming industry. This is something that non-chain games are simply unable to offer, especially when you consider the complex nature of proof of digital ownership.

A Focus On Player Voting Rights

As our regular readers will no doubt know, blockchain technology is all about smarter, more democratic paths to decentralisation. The movement of control away from a central body that oversees everything and always has the final say means that gaming communities feel like they are far more open, accessible, and accommodating. New ideas can be floated and alternative viewpoints can be discussed, heard, and validated in far greater detail. Autonomous organisations that are inherently decentralised allow a sense of community to build, giving games a whole new dimension that was simply not possible before.

New Gaming Paradigms

There are so many new opportunities for developers to express themselves in creative ways once they start to fully embrace the versatility and power of blockchain technology. Examples include engaging crash game gambling that focuses on fast strategic execution and incentivised play-to-earn models that reward players for the time spent on a given gaming platform. The latter typically rewards players with cryptocurrency or NFTs in return for consistent participation, achievement, and engagement.

By immersing themselves in an online world that offers the potential to earn items of real-world value, players are able to virtually eliminate much of the barrier between the virtual and physical worlds. The fascinating thing about this approach is that it means players can feel more connected and more social without forcing themselves to find new hobbies and interests. Instead, the games they now play give them access to real-world offshoots and modes of entertainment that were simply not possible before the rise of blockchain-based gaming.

New Community-Driven Funding Opportunities

Players who want to move beyond the confines of the carefully curated titles provided by the world’s biggest developers are increasingly shifting towards backing indie developers. While crowdfunding has been shown to be a viable route at times, it is also one that can cause stress and confusion in some notable cases. Blockchain allows things to be done more securely and transparently by offering a more innovative funding model where players invest directly in the game development process.

Investment is made in a secure fashion through the approved sale of tokens, allowing holders of said tokens to become verified stakeholders. They then have a share in the game and will be rewarded with a proportional level of the future profits. This is something that is already proving highly effective when new developers want to bring together like-minded people so that they can hear their views as well as request financial backing.

A More Secure Future

One of the major concerns that critics and detractors of games have always had is how the value of the assets can be both proven and protected. This is a natural reaction to the emergence of any new and evolving class of assets and is one that has been consistently seen throughout the history of commerce. What makes gaming particularly open to this type of criticism is the way in which seemingly large fortunes could, in principle, suddenly disappear. When someone doesn’t fully understand the digital landscape, they will understandably assume that the assets can be taken or devalued at any moment. The use of a blockchain as the fundamental building block of the game makes this impossible, as the high level of security and transparency means that no one has the power to take unilateral action. In fact, the blockchain foundations make this emerging class of assets far more secure than many conventional and traditional assets for exactly that reason.

The Competition For the Future of Gaming

One of the most interesting things is that gaming can make the shift to a blockchain foundation across the board in a relatively short period of time. When developers of conventional titles, such as sports games and RPGs, see that they can generate additional real-world value by doing so, they will see that they have little choice but to make the switch. Doing so is less about a gimmick or an offshoot than it is about showing fans and players that they care about diversifying and expanding the playing experience.

The use of blockchain development pathways is something that allows developers to entrench real-world value in their gaming experiences from day one. Titles that do this will be the titles that thrive rather than merely survive, if for no other reason than they ride the wave of media crossover that is surging right now.

One thing is for sure: it will certainly be interesting to see how the integration of blockchain technology with traditional game development evolves in the coming years. We predict that it will soon become the norm.