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4 Ways Blockchain Technology Is Transforming The iGaming Industry

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The emergence of blockchain technology has transformed many industries, including healthcare and finance, and currently, the transformation is seen in the gaming industry. Looking back at how far the gaming industry has come, from the days of playing Super Mario on a console and comparing it to today’s games, you’ll see that the development has been immense.

With the evolution of the internet comes the presence of internet games. And since this allows people from all over the world to communicate, it became apparent that this same idea should be introduced to gaming, hence the advent of internet gaming.

What Is iGaming? 

iGaming or internet gaming is a term used to describe games played over the internet. Examples are Fortnight, PubG, Call of Duty, and online casino games. To be successful at iGaming, you need to first choose the types of games you want to play. While this could be daunting, platforms like slotsjudge.com can help simplify the options and point you in the right direction.

For those interested in top mobile slots, you can get further insights and tips from tipsters and experts. Professional tipster, Ella Houghton is one of the best options to follow.

How Big Is The iGaming Industry?

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Internet gaming is predicted to exceed a value of $173 billion before 2023. The industry has developed greatly over the years. Malta, a European country, boasts of being home to over 250 iGaming companies, so it can’t be ignored when mentioning its success.

For those wondering what is iGaming Malta and its contribution to the current industry? They support companies by putting in place the regulatory framework as well as the financial modalities like tax remittance. 

The Current Status Of Internet Gaming 

Today’s multiplayer games such as Call of Duty and PubG are becoming more realistic, making players emotionally attached to them. Multiplayer online games allow players to personalize their characters the way they want them to perform. Currently, the are different types of online games, ranging from virtual reality to video and casino games like slots.

How Is Blockchain Technology Changing The iGaming Industry? 

A blockchain is simply a group of data blocks on a network that is transparent to everyone. Usually, when users play games, they win assets, like avatars, coins, and arts, which are not transferable from the gaming apps.

However, with blockchain, users can own their digital assets the same way they can own Bitcoin, Ethereum, and other cryptocurrencies. They can sell these assets and claim ownership of all they have won or bought in a game. 

Before blockchain technology came into existence, there were few challenges for players and developers. Listed below are the roles the blockchain technology has played in the industry:

1. Increased securities

It is almost impossible for a hacker to break into the server of a blockchain-facilitated gaming platform because of the system’s decentralization and data encryption method. This will create a huge level of trust between game developers and players. 

2. Promotion of in-game asset ownership

Blockchain allows users to claim ownership of their gaming assets. It also gives them a chance to sell and exchange them like any real object.

This is done with the aid of NFTs. Non-fungible tokens (NFTs) are digital objects replicas of real-world objects, like arts, photographs, music, and in-game items. They can be purchased and traded like cryptocurrency. Below are other roles NFTs have been playing in the industry:

  • Innate value

With NFTs, players can sell their gaming skins and avatars. This wasn’t possible before as game assets didn’t have values. 

  • Permanent ownership

With NFTs, players would always have access to their gaming assets. No matter what happens to the servers, even if they shut down, players will still be able to access their assets. Through NFTs make, gamers are permanent owners of their assets.

  • Wide usage of assets

Player assets aren’t exclusive to one gaming platform. They can be reused on other platforms with the aid of NFTs. 

3. Integrated gaming profiles

With one account, users can access different blockchain games and have their gaming assets accessible to them. This method also improves the user experience for gamers and makes platform collaboration more accessible.

In addition to this, players would be able to earn tokens for playing games, reviewing, or sharing the app on social media. These tokens can be used to buy assets or even carried along to other platforms. 

4. Transparent and fast payment

Gamers will be able to purchase assets and pay for subscriptions faster. This also would help developers make more money, as app markets charge a high commission on downloads. Easier payment for developers means they would be able to get paid instantly and even reinvest the money into other areas of the app.

Final Thoughts

Over the years, gamers have faced many issues with internet gaming. Players wished they could sell their hard-earned assets or import them into another game. Many people have even wondered, what is the iGaming industry doing to solve the issues? Then it became evident that blockchain was the answer after the technology was first used in 2017. 

Since then, the impact of technology has been well pronounced in the gaming industry. In fact, the impact is expected to increase as blockchain is still in its early stage.

Meta Description

Blockchain has revolutionized a lot of industries. This article looks at how it is transforming the iGaming industry.

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