Crypto games: Blockchain gaming explained

The video game industry has taken the world by storm as it is becoming one of the top-tier markets. One of the more prominent markets involved in gaming is crypto, which is only getting better as years pass by. 

Blockchain has revolutionised not only how the financial markets operate, but also the video game industry. What started as a way to have a decentralised platform for users to safely and swiftly make transactions has also become the source of entertainment and leisure. Blockchain technology has also made its way to all types of markets like betting and playing video games. 

This includes the use of non-fungible tokens (NFT) and Metaverse which both aim to innovate their respective spaces and give more tools for users to have more payment options and enjoy the other wonders of blockchain technology.

NFTs are digital assets or data on the blockchain that represent a digital item such as photos, videos, and other art forms. On the other hand, Metaverse is a simulated digital space that uses virtual reality (VR), augmented reality (AR), and blockchain technology. Basically, it is an integrated network of 3D virtual worlds that allow users to connect, grow business, and even play games. 

What’s great about the blockchain gaming industry is that they have unique twists that allow players to enjoy and earn money at the same time. So, what are blockchain games, exactly? And how do blockchain games work or crypto games operate? Look into these questions and find out everything you need to know about the blockchain gaming industry below:

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Blockchain gaming deconstructed

The nature of blockchain games is that it functions under the backbone of blockchain technology and relies on smart contracts which is a transaction protocol to automatically execute a program according to an agreement. In crypto games, there are some that hold a degree of ownership over some in-game assets.

Some features of the blockchain also run the in-game world so that players can set foot on a journey or adventure to whatever game they want to play. To grasp the basic concepts of blockchain games, you need to learn what blockchain actually is. 

What is blockchain?

It is a decentralised distributed ledger that records all crypto transactions. Since it is decentralised, no central authority has control over any user’s transactions. 

The blockchain is more than just a public ledger. It is also a technology that can be used to create decentralised applications and even play games. This is where blockchain based gaming comes into action. Aside from the usual coins like Bitcoin (BTC) and Ethereum (ETH), NFTs are used as a form of exchange. NFTs allow players to claim ownership like in-game skins, arts, and even music. 

These assets are completely tradeable and are safer to transact online because of blockchain technology. How does blockchain gaming work in relation to the technology itself? The concept may sound challenging to understand at first, but blockchain games are easy to understand. 

The beauty of the blockchain gaming platform is that it gives players complete control over their coins. Since the games are played like your usual video games, you won’t have a difficult time having fun and earning a profit. 

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Blockchain game models 

In the early years of the gaming industry, the business model for most games was play-to-play. To make the games more accessible, the free-to-play gaming model was introduced. These games earn revenue through in-game purchases.

With technological advancements, the play-to-earn gaming model was introduced where players can earn tokens. This main concept of this model is for players to invest more time and effort in the game. 

Even though the blockchain-based gaming industry is still in its early stages, a lot of users are already interested in it. In fact, there are several blockchain-based games that have gained a huge traction in the crypto community. One of these is Axie Infinity developed by Sky Mavis released in 2018. To earn, you need to collect and mint NFTs which are represented by axolotl-inspired pets. 

Are there risks involved?

Just like any investment, there are risks involved when playing. In games like Axie Infinity, there are access barriers. Not all games are like this, but in the most prominent ones, there are a few risks that might sway players away from these types of games. 

Axie Infinity barriers 

A popular blockchain game called Axie Infinity requires players to have three Axies before playing the game. The lowest priced out of all of them is marked at $100. This means that you must spend at least $300 before you can earn money. 

The high level of this type of investment will put off a lot of casual players since most traditional video games are way less expensive. 

Are scams rampant? 

There are a ton of crypto-related incidents as well. For instance, there are risks in NFTs where you can try to send them in a wallet that is not supported by any credible companies which will make you fall victim to a scam. 

This is not unknown until July 2022 where up to $1 million NFTs were scammed. A similar case occurred with Ronin, a popular digital wallet, wherein the blockchain behind Axie Infinity fell victim to a hack that saw around $600 million drained from the funds. 

With that in mind, there is an even greater risk among blockchain games compared to crypto. Somee operators don’t usually comply with laws like anti-money laundering which is a huge factor for fraud. It’s best if you know how to keep your assets safe and secure first before getting into blockchain gaming, much like how you would do with your usual financial assets. 

How to spot fraudulent games?

There are ways to spot if a blockchain-based game is legitimate or not. One of these is looking at reviews online to spot if there are players who got scammed. Another identifier that will immediately tell you if the game is legitimate is the project roadmap. This is basically the journey of the games’ development cycle and every legitimate crypto game must have at least one during their entire process. Simply put, know the ins and outs of the game before you deposit funds. 

Verify the NFT first before registering to the game’s user interface as well. This way, you will immediately know if the NFT is dubious or real where you can safely play and place your money on worthwhile blockchain games. 

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Popular blockchain games you should play

If you’re serious at playing some of the best blockchain games, below are some of the greatest and most popular blockchain games that you should absolutely try out: 

Axie Infinity 

Axie Infinity is probably the world’s most recognised blockchain game. Similar to a role-playing game, Axie will have players fight different creatures and inflict in-game attacks on different opponents you’ll be facing. 

The token used for the game is called Smooth Love Potion (SLP) which you have to earn while playing. If you’re a fan of RPGs, then this game is for you. 

Alien Worlds 

Alien Worlds is among the best Metaverse P2E games in the world. The in-game coin is $TLM which runs in Ethereum, Binance, and Wax. Take the role of a space explorer and mine using three tools. 

The theme of Alien Worlds is space exploration where you need to mine $TLM or NFTs from different locations. It’s a fun game if you are into deep space exploration while earning a few bucks when playing. 

Splinterlands 

Another great game that uses blockchain is Splinterlands which is an exciting play-to-earn digital card game that’s similar to Axie Infinity and Hearthstone. Players can earn by collecting, selling, and buying cards from different players which have real monetary value. 

Splinterlands allows players to earn new cards by simply playing matches. Basically, it is a trading card game that takes less than five minutes to play. 

The future of crypto games

The future of blockchain gaming is bright. While the crypto market crashed in June 2022, there is still a lot of potential with blockchain games. There are ways for you to earn a ton of money and the games themselves are incredibly fun to play. With blockchain gaming explained, you should have a ton of reasons to try them out for yourself. 

There are certainly risks involved when playing, and the market is slowly edging towards being as popular as some of the more traditional games in the market. In time, blockchain games will be the norm as more people accept the concept out in the world. 

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Words: Vonn Consul