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Blockchain games refer to video games which utilize blockchain technology as its underlying technology, along with cryptocurrencies and non-fungible assets.
Having gained momentum over the past year, blockchain gaming allows players to own their gaming assets ( game objects or tokens) and trade them with players outside the game. This is one of the fastest-growing use cases for this technology.
So how are they different from traditional video games? Blockchain games offer their players a more meaningful economy with ownership control and a ‘play-to-earn’ model.
The primary difference between the two lies in the exchange of tokens and assets. Blockchain gamers are offered a unique proposition where they can sell off their gaming assets or tokens in exchange for fiat currency, something which is not allowed in traditional games. Blockchain technology is an incredibly safe and secure one where the information available is consistent due to the data being stored on a decentralized database.
With traditional gaming being categorised to multiple sub-genres and styles, here are the different blockchain games available for you to try:
- Virtual Real Estate Games: The most notable form of blockchain games, a player can build and own virtual properties in such video games. The property value, like in the real world, might increase, and the player can sell, buy, or rent their asset. The Sandbox, Decentraland, and Somnium Space are the player favourites.
- Gambling Games: Such games allow players to bet their cryptocurrencies based on various outcomes in a game. Unlike traditional casinos, which are controlled manually by an operator, the algorithms here are stored in the blockchain for everyone’s free access. Additionally, blockchain gambling games offer a high anonymity level as transactions do not require personal information. Popular games in this segment include Edgeless, FunFair and BitCasino.
- Decentralized Applications (dApps): dApps are digital applications running on a blockchain network that operates via smart contracts and are not controlled by a single authority. Some notable platforms are CryptoSpaceX, EOS Knights, and Etheremon.
- Games Based on NFTs: An amalgamation of blockchain technology and gaming, the play-to-earn business model has been on the rise. Here, a non-fungible token can be developed by players in a game, and they will have all the ownership advantages.
- Blockchain-Based Gaming Platforms: Such platforms offer safe transaction and data management facilities to their players. Each player earns bitcoin (or respective cryptocurrency) when they develop a game and publish it on the blockchain. Some of the known ones are Mythical Games, Enjin, and WAX.