December 8, 2022

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Effects of Blockchain in the Economy of Gaming

Blockchain gaming has taken over the marketplace by storm. Thousands are enrolling themselves in the blockchain gaming universe daily. There are billions of active gamers every day around the globe, and blockchain’s sole purpose is to provide gamers the opportunity to earn a living out of what they do the best — play games. Game developing companies strive to make it into mainstream gaming platforms. According to statistics, a novice game developer spends half a decade to make it to the big picture. With gaming industries having historical profits and becoming the number one entertainment industry, beating movies and music, The gaming industry has seen many new developers and gamers emerge. Blockchain gaming technology does justice in providing the new developers and gamers an opportunity to make hefty bucks in no time. 

EARNING A LIVING: 

According to Hardik Joshi, COO at Citrus, “Traditionally making a living through games was either creating them or attending competitive plays or tournaments and winning. But due to the technological advancements in recent times, there are ample opportunities for both creators and gamers to earn a living”.  Over the years, the gaming industry has seen significant changes. From micro-transactions to in-game currency, the gaming industry is a never-ending flow of ideas and opportunities. Now gamers have the chance of play-to-earn technique. Blockchain technology can achieve this play-to-earn technique in a more significant way. “Undoubtedly, blockchain technology is sure to start a new chapter in the gaming universe. Blockchain gaming will not be a computing revolution but rather a monetary revolution,” says Hardik Joshi, the COO of Citrus, when quizzed about significant changes that blockchain gaming would bring to economic growth. With a parallel alignment to the nature of the gaming industry, blockchain technology can provide countless innovations. Some of the economic strongholds of the blockchain games are:

  • Without the involvement of intermediaries, blockchain games allow gamers to have complete ownership of the assets enabled by the gamers. 
  • The transparency of blockchain technology can allow gamers to see the history of digital assets from their origins. 
  •  Gamers are provided with the opportunity to transact digital currencies, in-game assets, inventories, and certifications including digital ownership, with only the parties’ involvement in that particular transaction.

“Citrus, with the rise of new technologies, will soon provide the opportunity not only to gamers but also the developers to create blockchain-based games and also allow them to include the blockchain technology in existing games,” says Hardik Joshi. 

INSTANT WORLDWIDE EXCHANGES:

Just a few years back, transferring or buying digital assets was very difficult as this would take days or even weeks, putting a pause to the games and gamers hooked on to them. But now, due to the rapidly emerging blockchain technologies, players can transfer or buy assets instantly from anywhere around the globe. This has a significant upward economic drift when it comes to the world of gaming. NFT’s powered by blockchain technology, such as the Citrus tokens, have the power to mirror any asset without constraints essentially. With these features, blockchain technology proves itself to be a transparent body when it comes to player-to-player transactions. 

CONCLUSION: 

The very first blockchain games involved card games, digitally breeding cats, and digital casinos. Their economic value was shallow when compared to the tremendous value of blockchain games right now. Game developers have come forth to provide amazing multiverses in the MMOR genre and more AAA games that can significantly make the blockchain gaming platform enjoyable and pull more players towards their base, resulting in a more significant economic advantage. With more gamers now contributing to the economic growth of the blockchain gaming platform, severe and innovative ideas are to be ensured by the platforms. However, big game developers are still skeptical about the development of blockchain gaming platforms. The blockchain gaming platforms are proving them wrong by being more efficient from time to time. Soon this skepticism would change once big streamers and gamers start making great value with blockchain games. In the upcoming years, blockchain gaming is sure to see tremendous economic growth and make the gaming industry even more comprehensive than before. Ultimately, making a living through the blockchain gaming platform will soon be a hot topic in gaming communities and forums.