The world of video games has transformed into a lucrative and enjoyable industry for players. Some have become professional esports players or part of sports teams, earning salaries while others utilize blockchain technology to become digital traders and earn in dollars.
Blockchain technology entered the gaming world around 8 years ago, allowing players to monetize virtual world assets by saving and retaining the value of their purchases to sell them to other players. This technology provides a secure transfer of digital data through sophisticated encryption methods, functioning like a digital accounting book that records all transactions securely.
The trust and privacy in blockchain technology are maintained through encryption and validation across multiple independent nodes. Transactions do not require centralized intermediaries but are recorded, validated, and agreed upon by nodes. Each block in the blockchain contains a transaction package and codes that link it to previous and following blocks through hash codes or pointers.
This technology has introduced new gaming habits and practices known as “Tokenomics,” which transforms the economy of online games by allowing players to acquire, trade, and monetize digital assets. Tokens in games can have various uses and values based on their rarity or demand. Players can buy and sell tokens on cryptocurrency exchanges, speculating on their value like stocks or bonds.
Games like Axie Infinity, Gods Unchained, and Metasoccer incorporate tokens and operate within Web 3.0, the next evolution of the Internet focused on decentralization
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