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COVID-19 pandemic had a significant impact on all the industries, but one of the industries that had a positive effect of the pandemic is the "gaming industry”. During the initial outbreak of the pandemic, gaming was one of the most popular activities. Over the past decade, the value of the game market has increased significantly across the world.
According to the study, in 2020, the global gaming market was valued at $173.7 billion and is expected to reach $314 billion by 2026.
One of the reasons behind the growth of the gaming industry is the increase in technologies. We know that technologies are transforming, and the most recent is the rise of the "Metaverse”. The word Metaverse is of Greek origin where “Meta” means “beyond” and “verse” means “universe”. Metaverse is the interoperable network of real-time 3D virtual worlds that can be experienced synchronously by an infinite number of users. The technology is developing, and hence it can potentially become more immense in the coming time.
Metaverse has gained a lot of attention since the rebranding of Facebook as "Meta” by Mark Zuckerberg. According to Zuckerberg, Metaverse is a place where everyone can be able to teleport and make things happen just by thinking. Metaverse is more of an online arena where cryptocurrencies, NFTs, video gaming and blockchain technology fuses together.
Since the time of its origin, the gaming industry has come a long way. Earlier, we used to play on a 16-bit gaming console, and now the industry has evolved into virtual reality games. When we talk of Blockchain technology, what instantly comes to our mind is cryptocurrencies. But, blockchain isn’t limited to that.
The foremost thing to note is that blockchain technology makes it possible for a game to be decentralized. It means that a central authority doesn't control the blockchain games; instead, the users possessing the digital assets control the game. The game objects that a user owns in a blockchain game are transferable even outside the game.
With the introduction of non-fungible tokens in gaming, users can own the unique NFTs, which are indeed of limited supply.
There are possibly many ways by which blockchain technology is revolutionizing the gaming sector. One of them is that it increases the security of the gaming industry because it is not easy to break into the data due to decentralization and highly effective data encryption on the blockchain. There were many instances in the past where the networks were breached to get the customers’ credit card info. But, with blockchain gaming, users can experience a better transaction environment.
With blockchain gaming, users can create a single and integrated gaming profile to be accessed across many gaming portals. It improves the experience for gamers. Blockchain technology is helping the gaming business to become more transparent that helps with in-game asset ownership.
The year 2021 was just a glimpse of the adoption of blockchain technology in the gaming industry. The industry will indeed explode in the coming years. Blockchain has the potential to change the ways by which games are created and managed. Implementing blockchain technology in gaming is much easier because the gamers are used to tokenization, which makes the adoption of blockchain gaming even more feasible.