Of all the new use cases of blockchain technology and cryptocurrency, the one that seems to be gaining the most traction, especially over the last couple of years, is how it’s implemented into digital gaming. Blockchain gaming is just one element of it. A wide range of companies now provide avenues for people to deposit and withdraw their crypto assets, whether they’re looking to make in-game purchases, trade their tokens with other gamers, or play games with their cryptocurrency.
Crypto Gaming & Online Gambling
Perhaps the most intriguing development in the world of blockchain gaming has been the implementation of cryptocurrency and blockchain technology into casino gaming. Although this industry has been snowballing for nearly 20 years now, there are only a select number of ways gaming platforms can innovate, especially if they’re looking for groundbreaking ways to pioneer specific casino games, especially ones that follow rigid formats like poker or roulette.
Playing casino games with new payment systems has been a revelation, and it’s one of the main reasons the industry has continued to grow unabated since the beginning of this decade. Cryptocurrency casino platforms like Thunderpick Casino offer ways to gamble that mirror traditional providers, bringing players some of the benefits of crypto such as quicker transactions, and removing some of the more cumbersome elements, such as waiting for identity verification or payment delays.
Given that the blockchain verifies each transaction and removes the need for a bank to oversee your deposit, it isn’t a surprise to see they’re becoming a big part of the gaming industry.
Blockchain Gaming & NFTs
Those gamers who are more tuned into the fascinating developments in blockchain gaming understand just how impactful it’s becoming. Although the first thing casual gamers will often think of are home video consoles or PC games, the blockchain is revolutionizing how gamers interact with each other or use NFTs as ownership certification in live gaming environments.
It’s important to make this distinction. Given the rise in the number of blockchain games, there seems to be a growing miscommunication that they act as a version of asset storage. While NFTs in gaming have been a revelation, you can’t transfer them between games. The blockchain acts as a link and proof of transaction, but the actual asset you pay for is held on a server.
While many gamers’ first introduction to cryptocurrency is often through trading or investing in digital assets, once they grow a more expansive knowledge of the technology that underpins it, some will explore crypto casinos or blockchain gaming to help them broaden their horizons and see how this technology is crystalizing in practical use case environments.
Apeiron and Nine Chronicles are two popular free-roam-based blockchain games. Upland, which aims to educate and entertain people about digital assets and the Metaverse, started gaining traction recently.
What Does The Future Hold?
Blockchain gaming is still way behind the adoption curve, especially when we compare it to how digital assets are now held alongside traditional investments by prominent financial institutions. BlackRock, getting their Bitcoin ETF approved by the SEC this year, has sent shockwaves through the industry and sent the price of Bitcoin into the stratosphere.
Rumors are growing that their application for an Ethereum ETF will be approved in the not-too-distant future, which will inevitably lead to further interest in blockchain gaming’s capabilities. As with any new industry, the longevity and potential growth lie in the quality of the underlying product.
Cryptocurrency casinos continue to establish themselves as one of the fastest-growing areas of blockchain gaming because they highlight the need for a alternative that can match traditional platforms for convenience, cost, and time—alleviating some of the issues people face from traditional platforms and providing solutions.
Blockchain console gaming will take a similar road but they’re up against the might of some of the entertainment industry’s titans. So, possible it will be a slow burner. Still, ardent blockchain fans and those who believe that a decentralized gaming future is only a matter of time are a lot more optimistic. Undeniably, there’ll be an increase in the number of people seeking out blockchain games, but how popular they get in the long run is still up for debate amongst the crypto and gaming communities.
Final Thoughts
Cryptocurrencies and blockchain gaming have significantly impacted how people play their games online—and it’s happened over a short period. When an industry grows to the size of the gaming industry, pockets of innovation will appear, which is natural and healthy for any burgeoning industry.
Now, it feels like cryptocurrency and blockchain gaming are part of a more permanent change, ultimately it’ll be the popularity of these games and how many people are seeking them out over the next few years that will determine whether there’s a wave of people looking to shift from traditional gaming to blockchain-based ones, but if crypto casinos are showing us anything, it’s that the demand is definitely there for blockchain gaming platforms that do it correctly.
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