USE OF BLOCKCHAIN AS A TECHNOLOGY IN THE VIDEO GAMES INDUSTRY

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Technology has evolved so quickly that it has left more than one surprised. It is where the participation of the blockchain comes in as a platform that changes the way activities are carried out in various industries. Check This Site for more information like this.

Blockchain concept

It is considered a P2P network, which works decentralized; consequently, it does not depend on any centralized entity; its operation is based on the parties’ consensus.

The transactions carried out through the blockchain are usually stored in blocks, grouped with the rest of the network once they have been validated.

These blocks can be unalterable, a feature that provides security and trust to the network.

The first cryptocurrency that used this network was Bitcoin. Since then, we have seen how its use has evolved and diversified in various sectors.

It is not considered a database; unlike these, the blockchain platform stores information that cannot be modified. Therefore, its access is limited only to the parties involved in a particular process or transaction.

Video game industry

Suppose there is an industry that generates multimillion-dollar income for its creators. In that case, video games have undoubtedly surpassed any other area of the entertainment sector.

This sector has shown significant growth at a reasonably rapid pace over the years. Still, the option they did not have was the fusion of the blockchain with this type of entertainment proposal.

The incorporation of Blockchain technology intends to offer video game users a new way of entertaining from any corner of the world.

Many of the creators and developers of electronic games have a somewhat defined position regarding adopting this new technology as part of this industry.

One of the main attractions that have allowed players to take their experiences to another level is the use and management of intangible assets in the form of crypto collectibles, similar to what NFTs represent today.

Their use of this digital instrument depends on the players; some store them, and others sell them to recover their investments and multiply their profits.

Blockchain and video games

The most faithful fans and developers of video games have expressed many concerns regarding the possible consideration of using blockchain as a base technology by the leading companies in the sector.

It is due to the uncertainty generated in the crypto market with the constant falls, making it a high-risk and volatile sector.

The biggest fear is that an industry that has earned its place with great effort and quality content will be affected, which for many has represented the ideal way to put aside everyday life and entertain yourself simply by playing, regardless of how old you are.

For supporters of crypto technology, this represents an efficient way to recover the investment made by players in their hobby.

With the use of the blockchain, many developers and application creators can add functionality and intrinsic value to video games. In the specific case of eSports, it could be said that this platform is its main ally.

The decentralization of video games could be considered the goal in the future, allowing this type of application or software to become stronger and obtain greater scalability.

Crypto crash is the biggest fear

During this year, we have seen how the fall of the cryptocurrency sector has had a relatively marked downward trend, which often harms players’ interest in this type of video game.

According to Michael Vicol, from Newzoo, due to the general panorama of the cryptocurrency sector, a high percentage of blockchain-based games have decreased their use due to the effects caused by the downward trend of the digital financial market.

Criticism has abounded concerning the use of NFTs because it is a highly speculative element that does not know what the benefit will be in the future since the market varies instantaneously.

Conclusion

Technological growth is anchored to this innovative technology that has made it possible to offer confidence and progress in its role as transforming elements of change.

There are many uses that blockchain currently has beyond cryptocurrencies, leaving an exciting taste for companies and individuals to adopt this technological resource.  Salvadorans can now use Bitcoin as a legal tender.