By Kameshwaran Elangovan
The digital decentralized ledger called the blockchain has been instrumental in transforming the perspectives on multiple aspects of our everyday life. While people have been largely and passively indoctrinated into thinking about blockchain and cryptocurrency parallel to each other, there are different dimensions of the technology that have proven their utilities and have brought multiple advantages.
Cryptocurrency might not be everyone’s cup of tea. There is volatility and the asset class is surrounded by a murk of legal uncertainty. If there is one manifestation of the blockchain that has transcended its barriers of technical exposure and has made itself useful and accessible for everyone, it has to be in the realm of gaming.
NFT games have revolutionized both blockchain knowledge and games. The inherent properties of the blockchain ensure that games are garnished with a lot of advantages, most of which were viewed as shortcomings when it comes to the Web 2.0 gaming world.
Blockchain games, with all the Web3 properties, have bestowed some unbelievable advantages, empowering gamers who have shown enthusiasm and energy in participating in this decentralized gaming ecosystem.
For starters, blockchain makes gaming assets independent of the game itself! This would mean that if a gamer purchases a gaming asset as an NFT, its validity is not confined to the game alone. Theoretically, it has infinite validity. In addition, these game assets can easily be traded on marketplaces, making them not only valuable digital properties to buy for their utility but also excellent assets that have great chances of increasing in value over time.
Because of the involvement of the blockchain, games can be made inherently profitable. The profitability it’s not just confined to the game development company but also includes gamers. Until recently, earning money while gaming was outside the game ecosystem. You could participate in tournaments and win prizes as a gamer. However, with this get in place, you can earn your money by just spending your time and putting in your skills and efforts. This monetization is made possible only because the gaming assets are presented as NFTs.
Since these assets are permanent, it also encourages gaming companies not only to build interesting games that will stand the test of time but also some games that might flawlessly and seamlessly integrate with each other. For context, let us, with the retro mind, imagine Contra shooting at the little monsters of Super Mario in the 8-bit gaming space! Wouldn’t that be interesting, intriguing… And exciting? While this might not be a direct benefit to the gamer, it is bound to make games more exciting, fueling up more intense participation.
When we are talking about digital assets in the Web3 game space, we are not just talking about gaming assets alone! This might come across as a surprise to a lot of people, but with the advantages of the blockchain, gaming is not just for gamers alone! NFT games can also open opportunities for real estate investments in the metaverse. Since gaming is an arena that is expected to attract intense engagement and participation, it also doubles up as a fantastic advertising space. Just like how it has happened with Web 2.0 in the case of search engines and social media, Web3 games can also provide a fantastic advertising platform, translating into passive revenue opportunities for people who invest in this virtual real estate inside the game. This would imply that the gaming ecosystem, with NFTs and blockchain, is becoming more open and accommodated, even to non-gamers.
Above everything, call blockchain gaming brings a novelty that did not exist until recently in the world of gaming. We are talking about rentals. Gaming assets can now be rented out to players, theoretically erasing the line of demarcation that existed between game asset purchases and game players. This removes the barriers of entry that enthusiastic gamers had if they did not have the affordability to purchase the assets. For all you know, this could become a catalyst for people to test the game before they invest in gaming assets. Such gamers are bound to be more intense in their interactions with the game.
Considering all the factors above, it is evident that blockchain and Web3 have revolutionized the world of gaming by making gaming assets into NFTs. As you may have known, gaming is the biggest contributor to blockchain engagement, and if this continues, it would not be a surprise if we do not have to talk about Web3 games separately… Because every game is a Web3/NFT game followed by the blockchain.
The author is co-founder and COO, Guardianlink