Cardano
How Crypto is Transforming the Gaming Industry
In recent years, the gaming business has seen a significant transformation. Because of the arrival of new technology, incredible experiences are now possible. Virtual reality (VR), artificial intelligence (AI), and augmented reality (AR) have been introduced. Virtual reality and augmented reality have boosted the gaming experience, allowing us to enjoy games more and showing us a glimpse of the future of online gambling and online sports.
The gaming industry is now active with cryptocurrencies. Yes, you heard it correctly. Blockchain technology and cryptocurrencies play an essential part in the gaming business nowadays. Blockchain technology is anticipated to disrupt the gaming industry and allow new user and developer interactions with gaming platforms. Consequently, if you want to learn more about crypto gaming, consider reading on. This section explains what crypto games are and their advantages. We have also described its operating mechanism.
What Is It?
It is identical to other video games, except that it is created using cryptographic technology and contains a decentralized element. In layman’s words, crypto gaming is a game that enables everyone involved in the game to own a portion of the game, such as characters, skins, and weaponry, and any code created for a game cannot be utilized for other games. It indicates that you will use the characters, skin, weapons, and codes in those other blockchain-based games. For example, you can wear the skins you earned in one game in another blockchain-based game. The finest aspect of crypto gaming is the ability to transfer in-game prizes, purchases, and stuff to other games.
Benefits
Online games are using cryptocurrencies to tackle difficulties relating to player transactions and scams. The following are the advantages of participating in crypto gaming:
● The transactions are prompt.
● You may play these games anywhere you choose.
● It is safer and more secure.
● Due to blockchain technology and decentralization, your identity may be concealed.
Gamers Will Finally Control Their Assets
Due to the possibility of duplicated materials, video game developers often store in-game content on centralized servers. However, this implies that players do not truly own their acquired virtual assets and cannot buy, sell, or exchange them outside the game. Currently, if a player wants to trade or sell virtual assets, they must use non-traditional methods.
Blockchain enables complete transparency and decentralized control of virtual assets, which means that participants will own their virtual assets. Instantaneously, they will be able to trade these assets with other players and for assets from other games. In addition, users will be able to utilize their virtual assets across other games, resulting in a more personalized gaming experience.
Gaming Can’t Get Much More Secure Than A Blockchain.
As the blockchain is an immutable database that records all transactions and enables players to utilize a single account across numerous gaming servers, gamers’ interactions, player histories, and the exchanging of in-game objects are always recorded. The public availability of these data ties a player’s reputation to the blockchain, thus promoting positive conduct in the community. This creates a safer gaming environment, gives value to individuals with trustworthy reputations, and promotes openness in the gaming ecosystem.
In the past, ownership and exchange of virtual goods were never totally conceivable. For instance, fraudsters often replicated and resold the rare or costly items that gamers labored for or paid for, rendering them neither original nor as valuable.
Blockchain inhibits the unlawful selling of virtual goods on the black market, as well as hacking and the theft of keys by generating an immutable record of the object and its owner, rendering duplication impossible. After all, the primary intent of blockchain was to establish the ownership of bitcoin and other cryptocurrencies in an unquestionable manner.
Play To Earn Has New Value For Gamers
By tokenizing platforms, gamers will be able to earn tokens for playing, reviewing, and sharing games on social media. Players will also be incentivized to submit reviews and comments to game creators, resulting in enhanced games. Blockchain will enable precise and instantaneous tracking of players’ activities and rewards.
The New & Improved Microtransactions
Using blockchain technology, gamers will be able to buy things or games more quickly and securely. It is becoming more difficult for developers to sell their software outside of app stores, which results in high commission costs and loss of consumer control. Blockchain enables the processing of nano-payments and the prompt payment of creators, allowing them to reinvest funds swiftly into their game’s launch promotion. In the meanwhile, players will have access to a variety of new income sources, with activity evidence possibly earning them free rewards.
At The End Of The Blockchain
In conventional gaming, the creators control all digital assets like experience points, in-game cash, weapons, skins, characters, and automobiles. Therefore, players cannot use these in other games. In contrast, in a crypto game, the player owns the objects obtained throughout game progression.
And if you’re wondering how this is possible, you should know that games are produced on blockchain networks, where all linked computers have access to the same quantity of data. The decentralization allows both players and developers equal ownership of the game’s information. Depending on the game you are playing, you will be required to spend cryptos or NFT to access these games. You must recognize that the gaming business is entering a new age and that cryptocurrency is playing a big part in this transition.
Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
– Advertisement –
Tulip Protocol Officially Integrates Chainlink on Solana Mainnet
