A Better Future for Gaming Is Blockchain Technology

The crypto community loves trends.

The chart of different gaming tokens shows that they are still riding the wave even though major cryptocurrencies are starting to form red candles. Their market cap is almost $9.6 billion and their 24-hour trading volume of $4.31 Billion -- an extraordinary feat in today's slow crypto market.

Let's take a look at some of the platforms that have already used blockchain to their advantage.

Gaming and blockchain

The blockchain's most popular application is cryptocurrency. The blockchain records currencies created using the technology on an open, distributed ledger so they are not easily counterfeited and can be double-spent.

Blockchain tech is poised to change the face of the monopolistic console market. It can make gaming more immersive, create a multiverse and be the norm for in-gaming transactions and back-end infrastructure.

There are two types of gaming platforms that use blockchains currently: hybrid and decentralized. Hybrid games are run on a central server, whose assets can be traded on a Blockchain. Decentralized games run entirely on the Blockchain.

Both models use blockchain to take in-gaming assets, make them legal and permanent, and make them ownable. The gaming industry is also facing regulation problems.

New York, for example, has one of the most restrictive gaming policies in the world. This makes it difficult to access multiple gaming platforms. Blockchains, however, are self-regulated. This means that anyone, even New Yorkers, can play blockchain-based games.

Three examples of blockchain-based gaming platforms

Blockchains can create a shortage of items in-game and encourage more purchases. They also remove fraudulent items from a game.

Blockchains are more than a tool for gaming. It has also become a market with many platforms creating high-end gaming experiences. Let's take a look at some of these games.

1. CryptoKitties

Cryptokitties, a crypto-collectible game on Ethereum is one of the most prominent applications of blockchain technology within the gaming industry. Although the game was launched in 2017, it had already seen some success. However, the game's unique cats were recently brought to the forefront by non-fungible tokens (NFTs).

The game allows you to purchase cats for breeding and trading. Cryptokitties is so popular that it was responsible for the largest sale of a collectible Dragon character, which was purchased for 600 Ethereum.

The game's last month sales of over 7,310 in-gaming products have brought in $271,177.

2. My Defi Pet

My Defi Pet, an NFT collectible game developed by Kardiachain and TopeBox -- the top game developer in Vietnam, is a collaboration between Kardiachain and TopeBox. It combines traditional gaming architecture with blockchain technology.

It involves the breeding, evolution, and battle mechanism of pets, just like Cryptokitties. These pets can be obtained by buying eggs with in-game currency, winning them through bidding, or breeding them to produce offspring.

These collectibles can be owned by players and used for various Decentralized Finance (Defi) applications such as staking, trading yielding/farming, or trading.

My Defi Pet is the newest entry in the blockchain gaming industry. It has a market capitalization of $56,457.717. With a 24-hour trading volume of $8.927,100
The game is currently played by over 145,583 people who have hatched approximately 1,726,229 eggs that are worth $46.6 million.

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3. Axie Infinity

Sky Mavis, a well-known technology-focused gaming studio, has created Axie Infinity, a Pokemon-inspired game that is blockchain-based. This game provides gamers with an immersive gaming experience and allows them to earn cryptocurrency through different gaming activities.

Axie is a popular Ethereum-based gaming platform that has seen a rise, inactive users. The game has also generated over 90,000 Ethereum on its marketplace and has sold approximately 1,321,365 Axie to date.

Mass adoption

Combining blockchains and games has great potential for both industry growth. The distributed technology is being used by developers around the globe to create new games. This not only improves the player experience but also generates new revenue streams.

Platforms like Enjin, Decentraland, Cryptokitties, and My Defi Pet are all making big, ambitious moves into the world of blockchain-based gaming. We are still at an early stage, so it is not clear if these platforms will be able to ride the wave of mass adoption.