What are blockchain-based games and how are the industries connected?
You’re not alone, wondering what the blockchain is and how all of this virtual mumbo jumbo is connected to gaming. Whether we like it or not, cryptocurrencies and the blockchain are already becoming a key part of casino games, online marketplaces, and online tournaments. In this article, we’ll try to explain what it all means and how it’s all connected.
What is a blockchain?
The blockchain is a sort of database that is shared between users, who all do their bit to help maintain it. Blockchains differ from your average database because they don’t work in the same kind of way – they reinvent the way we can process and store data. Blockchains store data together in, you might have guessed, blocks and are linked together and then verified to help ensure that the data entry is authentic. This ensures that no fraud can take place.
New data enters the blockchain in the form of a shiny new block. These blocks are then filled with data and then attached to the block that preceded it, forever then being linked to it. These blocks of data are chained together in the blockchain in a chronological order that is verifiable. You can test it to see whether it has been accessed and data cannot be stolen because its existence depends on the preceding and subsequent blocks.
In theory, the blockchain can store almost any kind of information, but most of us instantly connect the blockchain to crypto-currency. This connection is made by many because the primary purpose of the blockchain, at the moment at least, is to serve as a ledger that records all of the various cryptocurrency transactions. The blockchain was chosen because it cannot be controlled or abused by an individual. It is owned by all of those who contribute.
How are cryptocurrencies connecting to gaming?
Cryptocurrencies and the blockchain are inextricably linked, and so it would be very silly to ignore the growing significance of the blockchain and virtual coins in the current gaming scene. Gamers are now able to purchase microtransactions with their virtual coins, while many online gaming-related marketplaces accept payment via virtual coins, something that was almost unheard of just a few years ago. This change has happened so fast.
Online gamers can make use of cryptocurrencies when making online purchases, in-app purchases, as well as when making trades directly with other players. This method is preferred by many because it provides the user with enhanced anonymity without the need to disclose who you are or any information that could easily identify you. This peace of mind also means that you don’t need to worry about payments bouncing or not being processed.
Because cryptocurrencies are decentralized, they can be sent directly across borders without being exchanged. These payments, or transactions as they are increasingly known, are done almost instantly, a testament to how quickly blockchain technology has progressed in such a short period of time. It also means that players can purchase items wherever they are without worrying about exchange rates.
What is a blockchain based game?
Are you wondering what the next step will be for the gaming and virtual currency industries? Look no further than blockchain-based games. CryptoKitties was the first hugely popular video game that was able to make use of the blockchain but enjoyed a short life, not lasting for too long after being launched back in 2017. You thought that this popular release would have heralded a blockchain game gold rush, but that wasn’t the case, not for a while at least.
These blockchain-based video games include a mixture of different elements but are all based on existing blockchain technology. These elements are often centered around the buying, selling, and trading of NFTs, and this allows players to interact with other players and exchange these tokens. The rise of NFTs in the latter stages of 2021 meant that these games enjoyed a second wind, a second wind that looks set to last longer than the first.
While these new games are seen by many as a new way of gaming, they do have their fair share of critics. Phil Spencer, one of Xbox’s top guys, said that he sees these blockchain-based games as being more exploitative than entertaining. He might have a point, too, with others pointing out that games focused on trading virtual items without any clear narrative are more of a fad because they have no real basis. Whether that is true remains to be seen.
Torque Squad ready for MotoGP debut
The Torque Squad, part of the Motorverse Corporation and subsidiary of Animoca Brands, is heading to MotoGP for the first time as it prepares for the MotoGP™ Monster Energy British Grand Prix this weekend.
It promises to be a huge weekend all round, with South African Brad Binder, MotoGP rider and Torque Squad Ambassador, taking centre stage at Silverstone. The 26-year-old is currently sixth in the standings with one podium achieved so far this season and will be hoping for more this weekend.
What’s more, a number of Torqies have secured their VIP experience at the MotoGP™ Monster Energy British Grand Prix via both REVV Motorsport Discord and Torque Squad Discord.
The lucky winners will get to experience the following:
- Paddock Tour on Saturday and Sunday
- Pit Lane Walk on Saturday and Sunday at scheduled times
- VIP Raffle Prize: MotoGP™ Official Merchandising / Pit Wall Experience
- Bike Simulator
- Expo-Show Bike
- MotoGP™ World Champions Trophy Photo Opportunity
- Meet & Greet/Q&A Session with MotoGP™ Championship riders
- VIP Shuttle Shopping Experience
This marks the latest step for Torque Squad and Animoca Brands as they build on a growing partnership with MotoGP™.
MotoGP™ also recently announced Animoca Brands as the title sponsor for MotoGP™ Gran Premio de Aragón and Australian Motorcycle Grand Prix.
Matt Solomon, Motorverse Co-Founder and CEO, said: “We’re incredibly excited to be getting involved in MotoGP. There is no brand more distinguished when it comes to motorcycle racing, and it’s great to see the Motorverse developing, whether it be racing on two wheels or four wheels.
“From our virtual world to the Silverstone circuit, our Torqies are in for an amazing experience this weekend as our NFTs continue to deliver true utility across multiple areas.”
Earlier this year Motorverse Corporation announced the launch of Torque Squad – a collection of 8,888 racing avatars NFTs called “Torqies”. Torqie NFTs are generated with individually styled details and intricate hand-drawn artwork to delight motorsport enthusiasts.
These Torqies will act as the entry point to the Motorverse ecosystem, which is partnered with the REVV Motorsport ecosystem and is adopting the REVV Token as its ecosystem utility token.
Additionally, various REVV ecosystem NFTs will be supported in several of the upcoming Motorverse experiences in both the real and virtual worlds of motorsport.
The Torque Squad project has also partnered with numerous top racers from across the world of motorsport, including Juan Pablo Montoya and his son Sebastian, Joey Logano and Rene Rast, as well as Binder.
Entropia Universe Collectibles Feature in Prelaunch for Enjin’s NFT.io Marketplace, With Over 250,000 Unique Visitors Accessing Platform
Enjin, the leading ecosystem for non-fungible tokens (NFTs), has teamed up with MindArk to launch the “Eggs of Entropia”, completing a technical test for NFT.io, the next-gen NFT marketplace. Based on the massively multiplayer online role-playing game (MMORPG), Entropia Universe, the Eggs are being sold in a series of auctions exclusively on NFT.io, with over 80,000 signups to the auction waiting list to date.
Entropia Universe, first released in 2003, is a science fiction-themed game famous for an in-game economy with unrivaled player ownership, and prominence for high-value digital items that predated the blockchain era. The “Eggs of Entropia” collectibles will hatch into a unique companion, with an opportunity to earn affiliate rewards.
Witek Radomski, Enjin’s CTO and Co-founder commented, “Entropia Universe has one of the most robust, real cash gaming economies and the ideal blueprint to incorporate blockchain-enabled assets into gameplay. The use of Enjin’s technology represents an important milestone for player-owned economies. One that sets the stage for intensely compelling gaming models. In this case, players with an Egg of Entropia from NFT.io will have access to a rare in-game sidekick and a chance at earning rewards.”
David Simmonds, Chairman of the Board of Directors at Entropia Universe, commented “Entropia Universe aims to enrich virtual gaming experiences by providing a multitude of paths for players to develop their avatar. The addition of Eggs of Entropia will expand on these opportunities for avatar development, letting the winners take ownership and have a tangible impact on the in-game economy. The integration of Enjin’s NFT.io marketplace is crucial to this feature, bringing Entropia into Web3 without sacrificing the user experience.”
An Entropia Universe account is required to deploy the Eggs of Entropia, with accounts available to set up here. Currently, the Eggs are available on the Ethereum network and will later be made compatible with Efinity, the energy-efficient Polkadot-based parachain. For further information on the auctions and to find out when the next auction in the series is taking place, please visit the official Entropia NFT.io drop website and Eggs of Entropia blog post.
GEMS to Launch on Top Launchpads
Esports 3.0 Platform GEMS has announced that it is to launch on top launchpads including Polkabridge, Formless and Blokpad.
GEMS, the first blockchain Esports platform that provides comprehensive services, currently has more than 80 blockchain and Esports companies as partners, most of which are pioneer, top-tier investors or leading players in the industry.
The platform will leverage its Esports hotels chain in South East Asia by integrating GameFi, Metaverse and SocialFi elements. GEMS spurs the innovation and evolution of the Esports industry and serves as an Esports 3.0 aggregator platform with its five core business pillars including NFT marketplace, DeFi facilities, Fanfi studio, Communities 3.0 and Play-To-Earn Arena, creating a robust and extensive ecosystem for different participants and stakeholders.
The GEMS token is designed to empower the GEMS ecosystem. The token will function as a medium of exchange and a rewarding token, along with featuring governance properties. GEMS token holders will gain access to various membership tiers, exclusive NFTs, Esports tournaments and PVP Arena battles. GEMS token will be the medium of trades on the NFTs marketplace and be used to reward users through the FanFi Studio platform. Holders will also be able to engage in DAO governance, along with its voting function on important platform decisions.
“We believe that the marriage between Esports and blockchain technology will give birth to considerable opportunities, and create further use cases that benefit both fields. The current market of gaming is at an all time high of 3.24 billion, and 300 million are professional Esports players. With our digital gaming services, gamers and players from Esports and GameFi areas could join and utilize our platform for multiple monetization in this sharing economy,” Andy Koh, CEO of GEMS, said.
“Tokenomic and services of the platform are the primary point of focus for us. While honing the products and improving services, we also endeavour to create a well-designed tokenomic to boost the activity of the ecosystem and provide well-functioned platform token to facilitate stickiness of participants,” Andy added.
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