Blockchain gaming uses digital assets to allow players to exchange in-game items for real-world currency. These assets are known as “nfts” and can be exchanged with other players within the same game or between platforms. Unlike conventional gaming, blockchain gaming uses decentralized, user-controlled systems. As such, no central authority can modify or replace the ownership of a player’s in-game assets.
Blockchain gaming is an emerging industry with many risks. It has not been without its share of hacks, which have ruined many companies’ reputations. Most recently, the game Axie Infinity was hacked for $622 million and lost nearly one-sixth of its user base in less than 24 hours. The industry is also plagued by policies from major platforms such as Steam and Twitch against NFTs.
Blockchain-based games can be extremely fun to play. Some games, like CryptoKitties, are popular among gamers. Players can trade cryptocurrencies for digital collectibles, and the process is easy to manage. Players can also choose to use a web wallet or a hardware wallet to keep their digital currencies safe. However, users must be careful when storing their private keys, as hackers like to get access to assets on centralized servers.
Another exciting feature of blockchain gaming is its ability to provide a secure environment for game developers and entrepreneurs. As blockchain networks are decentralized and not centralized, they are not vulnerable to hacks and servers. This can also improve the way in-game assets are owned. By adding digital ownership to in-game items, developers can create a gaming economy where players can exchange scarce goods for profit.
