Blockchain Gaming Basics You Need To Know

Cryptocurrencies have been around for a while, but it wasn’t until the last few years that people started talking about them. Now, the blockchain is one of the most talked about topics in technology. But what is it? 

Simply put, a blockchain is an ever-lengthening string of encrypted data blocks that get added to as new transactions occur. Each block contains information from previous blocks and a timestamp. 

Because each block links to its predecessor through cryptography, tampering with any single block would require access to all preceding blocks as well because they contain records on every transaction made since the beginning of time (or at least since the inception of cryptocurrency).

In other words: tampering with one block would mean you’d have to tamper with all past ones too — an impossible feat because these records are distributed across thousands upon thousands of computers around the world.

What is blockchain gaming?

Blockchain gaming is a game that runs on a blockchain. This means that everything in the game is stored in a database and is verified by both the players and the system itself. For example, you can use your NFT (non-fungible token) to prove ownership of your character or pet.

The first major blockchain game was CryptoKitties, which launched in 2017 and quickly became one of the most popular games ever made. It’s easy to understand why people love it: CryptoKitties lets you collect unique digital cats, raise them, breed them together and sell them for profit! It also has some fun features like siring kittens with other users’ kitties (if you’re feeling brave) or selling your entire collection if you need some quick cash.

What are NFTs?

Non-fungible tokens (NFTs) are a type of cryptocurrency that represent unique digital assets. The first use case for NFTs was in gaming, where they could be used to represent an item or character in the game. But there are many other potential uses for non-fungible tokens, including:

  • Artwork
  • Real estate
  • Collectibles and memorabilia
  • Physical goods like cars, food and clothing

What You Need To Know About Blockchain Gaming

1. Gamers don’t like NFTs.

Blockchain offers a chance to protect digital goods from being pirated, but there are still some things to watch out for. To start with, gamers don’t like non-fungible tokens (NFTs). NFTs are one of the most important features of blockchain games because they make it possible to trade digital goods between players.

However, it’s been found that gamers are more interested in playing than in trading. Since the main purpose of NFTs is trading and collecting items, many people see them as a useless feature and refuse to use them. If a game uses NFTs, players probably won’t want to play it.

2. It’s early, but money is pouring in.

While blockchain gaming is still in its infancy, it’s worth noting that money is pouring into the space. In fact, according to a 2018 report by Newzoo, the global blockchain gaming market is expected to grow from $7 billion in 2018 to $20 billion by 2022.

In terms of investors and backers, there are a few key names you should be familiar with:

  • Coinbase Ventures recently invested an undisclosed amount into Unikoin Gold (UKG), a cryptocurrency for esports wagering on Unikrn’s platform.
  • Polychain Capital has also invested millions into UKG as part of its fund dedicated to investing in crypto assets related to gaming applications.
  • Galaxy Digital Ventures has made multiple investments into crypto assets that power real-money gambling platforms like FunFair Technologies (FUN) and Sp8de (SPX). Other traditional game makers have started investing as well—including Ubisoft, Atari and Take-Two Interactive—which shows promise for both companies’ futures and those who support them through their tokens during ICOs or presale rounds

3. Play-to-earn games can be life-changing.

Now that you know the basics of blockchain gaming, let’s delve into a few more important details. Play-to-earn games can be life changing. Blockchain allows for the creation of NFTs (non-fungible tokens), which are unique digital assets. 

Players can buy and sell these tokens to each other, and they can also be traded for real money on exchanges. Some people have made millions from their NFTs in just months. 

Did you know that crypto prices including XRP price for Blockchain Gaming in an exchange called KuCoin app are different from the values of other exchanges? You can trade them through a simple and secure KuCoin app. KuCoin also has various trading pairs which you can utilize to trade coins for fiat currencies such as ONE USDT and more.

The market value of blockchain gaming is expected to reach $3 billion by 2021 and will continue to grow as more people get involved in digital assets trading. The gaming industry itself is huge and growing rapidly with new gamers entering every day – so it’s no surprise that blockchain will be implemented into every popular game very soon.