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Brief History of Blockchain and NFT Games

Brief History of Blockchain and NFT Games

The Blockchain, with its distributed ledger technology, and the creation of NFT, has had a significant impact on the gaming industry. With the rise in the popularity of decentralized applications, more gamers are using the blockchain to create their own currencies or tokens. This new trend is being called the tokenized economy.

While the blockchain offers benefits to many gamers, the emergence of NFTs has also significantly influenced the gaming industry. Thus, NFTs can help increase the value of in-game assets and create a new form of ownership over digital items, creating in-game economies that enable economic incentives. So check the insights of how to get precious in-game assets on Gamefiboost.

How Did It Start?

In 2022, blockchain gaming is a $1.7 billion industry and is expected to grow significantly over the next few years as more developers add blockchain game functionality to their products. But how did it actually start?

Blockchain is a distributed ledger technology, with everyone on the network being able to create and authenticate a transaction in real-time and securely, making it safe to send or store cryptocurrencies. Initially developed to handle bitcoin transactions, the blockchain has evolved to become the de facto record-keeping system for everything. It has been used by a wide range of financial institutions and companies to authenticate data and verify ownership.

The rise of blockchain technology has had a significant impact on the gaming industry. The first blockchain-based game was published in 2014. This game used blockchain technology as an authentication mechanism and was called CryptoPoker. By creating their own gaming currency, players had the ability to buy items, play with other users, and get rewards for in-game actions. With the time, several game updates and new releases were made – all supported by crypto-collectibles site Decentraland.

crypto-collectibles site Decentraland

In 2017, a decentralized Steamit video game was released on the blockchain. This online video game ran on a blockchain that enabled it to create a new kind of digital currency. Steemit users can earn Steam currency in order to play the game, interact with other users, vote on other user’s content, and receive special rewards for participating in the community. Steamit has received millions of dollars in funding and has a team of approximately fifty people.

In the same year, the online card game CryptoKitties was created by developer Brian Hoffman. This game created a unique type of digital currency that could be traded by users in an auction-like system. It became so popular that its blockchain exploded, resulting in several network issues. As a result, the game dev company has received $15 million in funding for further game development and improvement.

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Key Features of Blockchain and NST Games

NFT gaming products are very powerful from a game design point of view:

  • They allow to design for a wider scope of behaviors (including complex interactions among many different players);
  • They provide unique, indestructible assets with no inherent monetary value;
  • And, They facilitate the development of game mechanics without the need to come up with in-game equivalents;
  • NFT games are created with a custom token contract, which defines how they are traded. In contrast to games created for specific platforms, such as Counter-Strike, NFT games do not limit their gameplay to a specific format. For example, as the NFT game set is not tied to a specific game engine, it can use any engine for any game.

Although NFT games have been around since 2017, they gained in popularity with the popularity of blockchain games. However, they do not have to be blockchain-based games. For example, games, where players trade unique assets by sending them to each other, are non-fungible token games. Many believe that NFTs are a key component of game design, providing a range of powerful tools and design principles to develop unique products. All the key features of NFT and blockchain games will definitely contribute to the industry development and new gaming products to be launched soon.

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