The most important property of blockchain technology is that it is secure, transparent and tamper-proof, as all the transactions are recorded across a large network of distributed nodes. As the data is stored in multiple nodes and maintained by the consensus mechanism, it eliminates the need of a central controlling entity, thus making it trustless, open and borderless.
Here are some reasons why this technology is now being used in gaming:
Ownership of digital assets
One of the key advantages of blockchain technology is its ability to create unique, digital assets that can be owned and traded by players. This can include in-game items, characters, and even entire game worlds. By using blockchain technology, these assets can be tracked and traded in a transparent and secure manner, giving players true ownership and control over the assets they acquire in the game.
Decentralized virtual economies
Blockchain technology can also enable decentralized virtual economies, where players can trade assets without the need for a central authority. This can lead to more vibrant and dynamic in-game economies, as well as more opportunities for players to monetize their time and effort in the game. Sky Mavis turned its Axie Infinity game into a billion-dollar economy that helped thousands of players in the Philippines and other low-income countries to replace their regular jobs.
Transparency and fairness
Blockchain technology can also be used to ensure transparency and fairness in games. For example, blockchain-based games can use smart contracts to ensure that all in-game transactions are executed in a transparent and fair manner. This can help to build trust among players and encourage more active participation in the game.
Blockchain technology can enable interoperability between different games, allowing players to take their assets and progress from one game to another. This can create new opportunities for players and game developers, as well as provide incentives for players to stay engaged with different games over time.
Due to these inherent features, the integration of blockchain technology in gaming has the potential to revolutionize the industry, providing new opportunities for gamers, game developers, and the broader gaming community.