You probably don’t know what “Blockchain Gaming” is, but you may have heard the term Play to Earn or “P2E”. Not all P2E are Blockchain gaming, but believe me, they are the future because Blockchain is the future.
But what then is Blockchain gaming?
I will start by explaining what Blockchain is. This technology is defined as a ledger, where all information is stored, and they are transferred on this network as pieces of code that are loaded in blocks and they are linked together forming a chain, hence the name. Because this information is traveling through blocks in a chain, it is not possible to change just one without having to redo the entire chain, this brings security to the information stored and transacted there.
Now you’re thinking, what does that change in a game, what makes it special being inside a Blockchain?
As described in the previous paragraph, information stored on the Blockchain cannot be changed, or if you prefer, it cannot be corrupted, in other words, you have security when carrying out an exchange, purchase or sale within a game since everything that happens in this operation will be registered, this is only possible through this technology, so a person will not be able to hack your account, for example, because with the use of blockchain, operations have to be verified and signed, and it can only be done by the owner who will be you, this signature takes place through a digital wallet that is integrated with the blockchain, that is, if a person manages to enter your email and access your profile, he would still need to access your wallet, which is password protected and it is installed on your device. .
A Blockchain game can generate winnings, so they are linked to the term “Play to win” or “P2E”. These gains can come in several ways, being rewards when carrying out missions, competitions, looting, ranks, etc…
Another form of income within these types of games is the purchase and sales of assets called NFTs (Non-fungible token) which is something unique, these assets are also based on Blockchain so you will not buy a fake item in and be scammed unless who tries to buy this item in an underground market. Now imagine you playing and getting an item of extreme value and rarity, or having a character that has a high level and you want to sell one of the two, this operation in a game outside the Blockchain can be dangerous for several reasons, from a fraudulent payment or even the theft of information and so you would lose everything, now this same operation within it is safe and simple as well as announcing a sale and waiting for the requested amount to be received.
The economy of these games is varied, in some you need to buy an item, character, land or equipment to start playing, others you can start for free, create your profile and start earning, we can call it FP2E (Free Play to Earn) .
In addition, there are them that use existing currencies like the LiteBringer game, it was built on the Litecoin Blockchain (LTC) and uses itself.
But we also have games with their own currencies, for example The Sandbox, which was built on the Ethereum (ETH) Blockchain, only they created the currency called Sand that is used in their economy, either in buying and selling assets or as rewards and he is still an FP2E. In the last season which ended on 03/31 players gained 95 Sand for completing the missions, there was also an additional 25 Sand for a level if it was completed in the first week of its release, totaling 120 Sand (approximately $350 at the time of writing of this article). This season there was also a raffle open to all subscribers, where the prize was 1000 Sand (~$2930) and an exclusive NFT.
Within this game there are still other possibilities, including it encourages people to develop, giving them the opportunity to download editing and creation programs, both for items and characters as well as programs in which scenarios can be created, the incentive also comes through tutorials on how to use these tools, videos, written materials, chats and even lives, in other words, it’s not just a game, but a platform where you can learn and earn from your creations.
Blockchain games as you have seen so far bring so many benefits that take them far beyond just making money, it also has to do with development and learning, the game mentioned above is an example, but there are those in which you will learn about plantations, constructions, universe and more…
The most famous blockchain game today is Axie infinity, in which you need to buy 3 “monsters” to start, in the beginning it was possible to find these characters for less than $3, but over time and popularity had Axie that was sold for more $800,000, in this game you can also buy these characters and “rent or borrow” thus creating a passive income. This shows how great the potential for property appreciation is.
But not everything is rosy, just as there are several successful games, there are many cases in which they fail, the reasons are the most diverse, such as an economy that was not calculated correctly, bugs that people manage to take advantage of or even though they get in the way when playing, we also see cases where meeting deadlines for updates doesn’t happen and players camp out responding in a negative way by abandoning the game and leading to economic bankruptcy.
There are also Ponzis schemes, which by default make great marketing, managing to involve many people raising funds with sales of items or appreciation of the coins of their games, they come with promises that the games will be great successes and will revolutionize the market, some launch a demo version to show that they are delivering something, continuing to capture and value their coins, only at a certain point it is due to too much delay or because they have earned enough, they simply disappear, closing social networks, closing the website, withdrawing coins liquidity making them worth almost 0. partners, if you still don’t feel safe to participate in this game, don’t participate.
Blockchain is a technology that is revolutionizing industries and its fusion with games opens infinite doors, before for you to win something playing you had to win big competitions or else do lives and get sponsorships, but now with blockchain and NFTs, a simple registration and a few hours can bring rewards you can’t even imagine and depending on the success of the game your character or item can be the next on the list of the most expensive NFTs, as you’ve seen throughout this article this is totally possible.
Free to play (F2P) is in the past, welcome to the new era of gaming!
Written by LetsBoraCrypto – Contributor to the sandstorm blog.