Everybody knows about it, everybody believes in it, everybody wants to implement it. Blockchain is the main hero of the modern tech world, the innovation driving all entrepreneurs crazy and revolutionizing the way they do business within different industries.

Today not only the financial sphere feels the effects of blockchain, but also gambling, retail, medicine, and insurance are also impacted tremendously. However, gaming is the industry that seems to be the most interesting for the application of blockchain technology. This field continues to win the love of a billion players worldwide, and it can get a new life with the use of blockchain.

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Blockchain has started to change the way people interact with games, by introducing a new gaming trend: blockchain-based games giving the possibility to earn for both players and owners. At the moment, these types of games are casual and built on collecting and exchanging operations. But, the potential power of blockchain for the gaming industry is enormous. In the near future, we expect to get unique gaming experiences with constantly evolving characters and convenient in-game transactions between different games. We’ve begun to move in this direction, and the first significant results in this area have already been achieved.

Gaming Powered By Blockchain

Although it’s a relatively new idea, introducing blockchain into the gaming industry has been seen in various examples of successful blockchain-based projects and has proved the concept to be highly effective.

CryptoKitties is one of the most promising players in the market of blockchain-based games. Its essence boils down to growing virtual kittens and their subsequent resale for Ethereum.

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Each cat is unique in appearance, and in fact, blockchain is responsible for this feature. The cats can be bred. Each new “kitten” inherits certain characteristics of the parents and represents their unique combination. The CryptoKitties project uses the non-fungible token type ERC-721, which is critical for unique collectibles. If you are wondering who pays for the image of a cat, here is the answer: one who is ready to give $100,000 for a crypto-kitten.

Kittens can be bought on the internal exchange. The value of each of them depends on the characteristics that are inherited from their parents. For example, in the game, there are only 160 jaguars and 93 Maine coons. You can find for sale rare species with the image of a vampire or a geek and cats created with the participation of Katy Perry and Elon Musk.

In the remaining cases, attention should be paid to the Gen indicator to determine the order of offspring. The younger the offspring is, the higher the income is. Another important parameter is Cooldown that determines how fast a cat can enter into new connections.

The good news is users can not only buy but can also breed crypto kitties. To own kitties, players need to pay two thousand Ethereum. The money users receive for the bred cryptokitties goes to their accounts in MetaMask and can be spent or withdrawn through exchanges.

Another driving force in the gaming industry is the popularization of eSports. This constantly growing segment has become almost an independent industry, and now it generates millions in revenues. It has been practically demonstrated that Blockchain drastically improves the eSports gaming process because of its transparency, decentralized structure, and token system.

The largest brands in the eSports world are striving to win prizes in tournaments, and gamers can fight both one-on-one and as teams, gaining solid rewards for winning tournaments and moving up career ladders in eSports. Thanks to Blockchain technology, it is now possible to track the progress of games and resolve the misunderstandings arising between players.

Let’s take a look at the FirstBlood game as an example of a successful eSports project powered by blockchain. It is an eSports platform with the ICO purpose developed on the basis of Ethereum cryptocurrency. It allows users to check skills and bets with no need to transfer money without regulations and intermediary fees. Furthermore, it is completely invulnerable to hacker attacks.

Received tokens are sent and stored through the smart contract system. When the match takes place, witnesses connect to the game API, analyze the results and transfer them to the First Blood smart contract system. Finally, the tokens, i.e. the winnings, are sent to the winner, and witnesses obtain rewards for the rendered service. However, if the result is disputed, it must be considered by the Jury Voting Pool (JVP).

First Blood’s aim is to make eSports absolutely transparent, thereby, attracting more people to the cryptographic community, As a result, their cryptocurrency is closer to the mainstream distribution.

The next great gaming arena for applying blockchain solutions is streaming. The Play2Live project is vivid proof of this statement. The release of its MVP version was held on November 20, 2017, and the launch of the alpha version is scheduled for the beginning of the second quarter of 2018.

Based on blockchain technology, the Play2Live platform is a unique combination of interactive features and tools for monetization. This service for the video broadcasting game and cybersport content allows each participant, both streamers and common viewers, to earn.

Play2Live is based on three fundamentals:

1. A viewer earns tokens simply by watching the broadcast.
2. There are rewards for watching advertising.
3. The platform provides fifteen sources of revenue; fifteen ways viewers can spend their tokens. Please note, in Twitch and YouTube Gaming there are only five of them

The project uses the model of creating a decentralized autonomous organization, a blockchain-ecosystem for streaming and gaming projects with a Level UpCoin token for transactions within the system. The obvious advantages of Level UpCoin are the speed of transactions and the low cost. It is planned to use Level UpCoin not only in Play2Live, but also in other projects created on the Level UpChain blockchain system, as well as to free conversion of tokens to/from other crypto currencies of other gaming platforms.

During the pre sale and the main token sale, Play2Live collected more than $30 Million confirming the incredible potential of this ambitious streaming platform and strengthening our belief in the power of blockchain for the gaming industry as a whole.

Needless to say, the blockchain-based leaders of the modern gaming industry have ICO purposes with their internal token systems because it is a great way to draw investments and give devoted players an opportunity to earn real money. This is the new era of gaining profit through games, and we’ll definitely tell you more about this monetization issue in our next articles.

The Future of Blockchain Gaming

It is too early to make serious statements about the future of blockchain technology since it’s just starting to demonstrate its hidden possibilities. However, cool blockchain-based projects are gradually appearing, and their advantages like full transparency of in-game transactions, opportunity to earn when playing, privacy and safety of accounts, effective communication among gamers are obvious. Everything depends on whether the world adapts to cryptographic issues. The only sure thing is blockchain gaming is inevitable, and the opportunities emerging at this point are truly incredible!