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Blockchain Technology in Online Gaming: A New Industry in Web 3.0

The online gaming community was one of the first Bitcoin adopters way back in the days of its inception. It comes as no surprise that gamers have been looking for ways to incorporate blockchain technology and cryptocurrencies into their virtual lives. With the rest of the world just about finally getting onboard with crypto domination, there have been some significant advances in the world of online gaming and blockchain technology. Let’s take a look at a few examples of how this has been incorporated.

blockchain-and-online-gaming

Where to buy Cryptokitties?

First off, we have what is probably the most famous crypto-related game, CryptoKitties.

Powered by ETH, the game involves buying, breeding, and selling virtual Kitties. It uses smart contracts to create unique individual cats that can be owned and transferred between users for a fee. There are layers to each cat, with visible traits and underlying traits that can’t be seen but can have specific effects when certain conditions within the smart contracts are met. The heavy reliance on ETH and gas fees might be a limiting factor in playing this game, as every action taken will have an associated cost.

NFTs in Online Gaming

Up next, we have a real breakthrough in online gaming. The company Polyient Games is using blockchain technology to register in-game purchases. This means that purchases are no longer one-way transactions with the asset technically owned by the game. Instead, items become liquid assets that owners can redeem for money. This game-changing move has been achieved using NFTs (non-fungible tokens), which you can read about here. NFTs create a legal and safe avenue for players to earn rewards like limited edition items and for those who want access to them without having to input too much time and energy.

Online Casinos

Lastly, we have online casinos. As might be expected, some of the players that spend time and money in online casinos enjoy the level of anonymity that using crypto affords them. Many new online platforms are springing up that allow players to deposit and withdraw in cryptocurrencies on top of some fiat options to cater to the growing demand. While they may not be at the level of fully employing blockchain technology within their games, it’s still a big step in the right direction for crypto adoption.

Earn Crypto Playing Games

If you are interested in gaming with crypto, or whatever your vice may be (from Kitties to blackjack), Phemex’s new Earn Crypto asset management program might come in handy. You can deposit any crypto that you are not currently using to earn a fixed interest rate. This means you will have more to play with at the end of the week. To find out more about this new Phemex service, read our Official Announcement.


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