Since the advent of Web3, the entire world has focused on it. Come to think of it, the gaming industry and tokenomics have witnessed tremendous development in recent years. Thankfully, Web3 is finally where it belongs - the admittance of Web3 into the gaming industry allows players to earn money while playing the games they are most passionate about.
More so, blockchain-based games allow players to not only play and earn but, also owing goods or items and being able to bring them outside the game where the items were either bought or won; these innovations have opened new horizons, piquing the interests of investors and financial sectors as well.
Understanding Tokenized Gaming
For the sake of clarity, tokenized gaming is defined as the practice of using blockchain technology to tokenize in-game assets and create ownership records. The in-game assets or items are usually represented by non-fungible tokens (NFTs). The good news is that they can be sold, traded on a marketplace, or even used across multiple gaming platforms - This gives players full-fledged ownership and possession over their virtual assets.
What Role Will Blockchain Play in Gaming?
The decentralized nature of the blockchain will foster transparency for tokenized gaming. How? The blockchain will ensure that transactions and ownership records are secured. Blockchain smart contracts are responsible for enabling the automated execution of transactions; there won't be any need for intermediaries, or middlemen - the smart contracts will enhance trust among players from all walks of life.
What are the Benefits of Tokenized Gaming?
Tokenized Gaming Provides Sustainable Revenue Models:
Interoperability and Ownership of Assets:
Tokenization Can Empower Players:
The act of tokenization in gaming will give players the ability to monetize their gaming skills, efforts, and time while playing games and earning in-game rewards that hold real-world value. As a result of the benefits, game players will be empowered to actively participate in the game's economy.
Gaming Marketplaces:
This is where things get more interesting. With tokenization, players across the world can trade, buy, or sell in-game digital assets directly on decentralized marketplaces easily. In line with this, players can set their prices and negotiate transactions with other players when necessary. The in-game innovation can Exponentially create a dynamic player economy.
In turn, game developers across borders can reap these benefits; tokenized gaming, if maximized to its full potential, can open up a new income stream for game developers. In fact, game developers can even earn a percentage from all transactions that occur on-chain. To generate more earnings, game developers may create premium in-game items which players can purchase with their tokens. The earning potential is at its peak.
Equally, tokenization enables game developers to create limited-edition of scarce and unique virtual assets - it is believed that scarcity will increase the overall value of virtual assets while stimulating a secondary market for players to sell their assets without any hurdles.
Tokenization is what truly gives players rights to own in-game digital assets. These in-game assets can seamlessly be transferred between several games or platforms simultaneously. This would foster interoperability whilst expanding the landscape of opportunities for asset utilization among players worldwide.
Momentarily, tokenized gaming can foster community engagement and collaboration as well - players can participate actively in decision-making processes, such as voting on game updates or participating in DAOs.
These benefits can be considered to be some of the more tame advantages of tokenization. In the meantime, we also have various investors in the gaming industry. There are investors who strongly believe in the future success of tokenized gaming as well as those who invest their capital in gaming tokens. These investors are often in many games and DAOs alike.
Some investors may invest in governance tokens while some may purchase in-game assets with the belief that a future scarcity will increase the value enormously. Before I wrap up my article, I'd like to introduce you to a newly launched DeFi lending protocol that took the world by storm. The protocol is called UMOJA.Conclusion: The Rise of Tokenized Gaming
During the heart of the pandemic, the video game industry skyrocketed in popularity. The rise of tokenized gaming could dramatically change how companies attract investors and players.If you're a die-hard fan of gaming, you can make the most of playing those games you love by seizing the opportunity at your finger's tip. We can tell that the future of gaming is promising already as blockchain technology and gaming Industries continue to grow exponentially.
Tokenized gaming could reshape the entire landscape of gaming, empowering players whilst revolutionizing the idea of virtual economies.
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