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How Blockchain Technology Has Made An Impact On Gaming

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Blockchain has been all over the news for some time now, meaning that you have probably heard about the capacity of blockchain to change everything about daily life. Truth be told, this is already happening in loads of scenarios and you may be using blockchain in ways you don’t even know about yet.

Blockchain is a digital ledger that is made up of decentralized blocks of information, chained together and stored on ‘nodes’ so it doesn’t rely on one central database that everybody needs to use. Instead, the data is shared between these nodes. Cryptographic techniques also mean that data is scrambled and can’t be easily messed with.

You don’t need to understand all the ins and outs of blockchain, but knowing that it is likely to be a massive piece of technology for the coming years and decades is crucial. Gaming is full of early adopters, so you may have already seen some changes happening in this sector over recent months and years. We explore further…

Cryptocurrency Changes Casino Gaming

Probably the best-known use case of blockchain is cryptocurrency, something that has been adopted by millions of people globally. Crypto has made its impact in many different areas of games and gaming.

Casinos were quick to notice that the cryptocurrency tech would be more convenient for players, and some totally changed as a result. We’ve seen loads of specific cryptocurrency casinos launching, using crypto to move money around much more quickly and with lower fees.

Casino gaming largely refers to people playing slots, as themed online slots are among the most popular games on casino sites. With cryptocurrency gaming, we have even seen specific themed slots that tie in with the crypto theme more closely, along with a range of classic slots. The same slot games playable with fiat currencies may also be playable on these casinos, so there are options for players. New slot games are also being released all the time, providing even more choices.

On top of the benefits of speed and efficiency of transfer, cryptocurrency for casinos also opens up some other opportunities and protects people’s privacy better than some other options. With crypto, players can have more anonymity and they don’t have to provide lots of different details relating to their bank accounts, for instance. Instead, they can pay with a digital wallet and move funds with ease.

Gaming as a wider industry has adapted in other ways using cryptocurrency. Crypto can be used to purchase some games, and while Steam (the world’s biggest gaming distribution site) did previously take Bitcoin directly, it now takes crypto payments through third-party processing or a payment “gateway”. 

NFTs in Gaming

NFTs offer a unique proposition for gamers who are interested in blockchain technology. An NFT is something that is unique and lots of games are already embracing this in the form of things like in-game assets and even skins and characters. Games can be creative with how they use NFTs. A lot of interest was generated when NFTs started to dominate the news, and there are a lot of gaming companies working on how they can best incorporate them to improve the user experience for their players.

Plenty of gaming sites are also investing and making moves in the blockchain industry. Ubisoft has recently become more involved with a blockchain network that is involved in the distribution of games. Gaming’s whole infrastructure is changing. 

Notable Blockchain Games and P2E

Developers have not just been looking at how they can incorporate blockchain into games, some have actually been making games with blockchain as a central mechanism, especially when it comes to NFTs. 

Some games operate on the “P2E” or “Play to Earn” concept, e.g. Axie Infinity, where players can collect the characters within, train them, and even trade them. Each has its own specific NFT attached to it, meaning that there is a unique aspect to every single character within the game. The game has its own currency attached, too, which can be traded and has a market cap like any other cryptocurrency. Plenty of different games can be found with similar mechanisms and different genres for people to explore, play, trade, and experiment with.

Conclusion

Truth be told, it is likely that we’re right at the start of the revolution. Blockchain has already been the start of lots of NFT launches and has definitely altered the way we do things in terms of moving funds around. Crypto casinos are mainstream now, and it is thought that more cryptocurrency transactions take place in the gambling industry than in any other industry. Companies are creative with how they use blockchain, but this is also a way to add extra security and it is almost inevitable that we see even more crypto and blockchain examples spreading around gaming (and other industries).

Disclaimer: Any information written in this press release or sponsored post does not constitute investment advice. Thecoinrepublic.com and all its authors do not, and will not endorse any information on any company or individual on this page. Readers are encouraged to do their research and take any actions based on their findings and not from any content written in this press release or sponsored post. Thecoinrepublic.com and all its authors do not and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release or sponsored post.

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