How blockchain technology revolutionise online gaming - The Coventry Observer

How blockchain technology revolutionise online gaming

Coventry Editorial 21st Aug, 2023   0

The U.K. government’s stance on blockchain technology, like cryptocurrencies, has been quite volatile recently. In 2022, former Chancellor Rishi Sunak expressed support for crypto-related businesses. He even planned to establish the U.K. as a crypto asset technology hub.

However, since becoming Prime Minister, Sunak has appeared more cautious, abandoning NFT plans and reducing mention of crypto activities. This shift in approach may stem from concerns about backing volatile financial products. In addition, there are several pressures from various parties to treat cryptocurrency as a form of gambling.

Earlier in May, the Treasury Select Committee’s report characterises the crypto industry as a “wild west” lacking societal value with high energy consumption. In addition, the technology is prone to be exploited by criminals for scams and money laundering.

Yet it is a fact that many industries are reaping the benefits from the technology. The global blockchain gaming market, in particular, is poised for remarkable growth.




Both industries have also been trying to build a bridge between them, with video game commerce leader Xsolla’s partnership with cryptocurrency platform Crypto.com as the latest. The pioneering integration of Crypto.com’s checkout solution into Xsolla’s PayStation platform aims to revolutionise gaming by providing a seamless cryptocurrency payment method. Although this is not an entirely new idea, this partnership shows a bit about how blockchain can further boost the gaming industry.

Blockchain games


Blockchain games encompass a diverse range of interactive digital experiences that leverage blockchain technology to enhance gameplay. In 2022, the industry is projected to surge from USD 4.6 billion to a staggering USD 65.7 billion by 2027. A significant driver behind this expansion is the increasing funding pouring into blockchain games.

Leading the platform front, BNB Chain emerged as a formidable player, demonstrating a remarkable 36.6% market share within the blockchain gaming sector. This platform’s rapid ascent is evident in its soaring daily user activity and transactions, surging by 8% month-over-month to surpass 92,000 in August 2022.

Although Play-to-Earn (P2E) games, where players can earn digital assets by participating in the game, are prevalent, Role-playing games (RPGs) are set to take centre stage. According to the same projection, this type occupies the highest market share in the forecast period.

The least popular type would be Collectible and Trading Card Games (TCGs), which leverage NFTs to represent unique in-game items. As NFTs’ popularity wanes, it is understandable that TCG goes down with it.

The gambling industry knows an additional type of game that involves blockchain, called crypto crash game. A crypto crash game, also known as a “crash” or “moon” game, is a type of online gambling game that typically features a graph or chart that shows the value of the currency increasing over time.

During the hike, players must decide when to cash out to maximise their winnings. However, they lose their wager if they miss the cues and the object crashes. One popular example is the Aviator, where players need to predict when the plane’s flight will end to win.

Simple mechanics, advanced features

Developed by Spribe, Aviator is a highly popular crypto crash game in online casinos, offering an exciting experience for both beginners and experienced players. This fast-paced game stands out for its skill-based decision-making. However, unlike poker or blackjack, Aviator demands fewer strategic decisions.

The game enables cryptocurrency payment, like Bitcoin, to provide enhanced security, privacy, and cost-effectiveness. In addition, Aviator’s Provably Fair system, backed by blockchain technology, adds transparency and fairness to the experience

In this multiplayer game, players initiate each round by placing a bet and selecting an amount within the established minimum and maximum limits determined by the hosting platform.  Once all bets have been placed, the game commences with the plane’s departure.

Success rests on predicting the crash time accurately and optimising winnings via optimal cash-out timing. As the plane rises, a multiplier that signifies potential winnings gradually rises as well, up to 100 times players’ bets. Payouts hinge on the multiplier value upon cashing out, like cashing out at “3x” multiplies the initial bet by three.

The Aviator game also provides a social gaming experience designed for players interested in group-oriented interactions with chat features.

Find out more about the Aviator game here: https://bitcasino.io/blog/tipshackstricks/aviator-game-strategies 

Reader Travel

Check out all of the latest reader travel offers to get your hands on some free gifts.

Buy Photos

Buy photos online from the Coventry Observer newspaper.

Business Directory

From plumbers, to restaurants, we can provide you with all the info you need.

Announcements

Weddings, Birthdays, Bereavements, Thank you notices, Marriages and more.