One of the most exciting new areas of the gaming industry that has opened up the world of online gaming for millions of people in South Africa and across the world is blockchain gaming. 

On this page, we will be taking a closer look at the many different ways that blockchain technology and cryptocurrencies will change the future of the gaming sector in more ways than one. 

What exactly is blockchain gaming?

The term ‘blockchain gaming’ refers to video games that utilise blockchain technology and incorporate cryptocurrencies, non-fungible tokens (NFTs), and smart contracts to manage and represent in-game digital assets. 

Blockchain games unlock various innovative new features, such as play-to-earn and play-to-own mechanics, true ownership of in-game assets, and interoperability between different games, meaning players can buy, sell, and trade those digital assets that have real-world monetary value on various external marketplaces. 

Blockchain technology is completely reshaping what it means to play games online, unlocking new monetisation models, creating new player-driven ecosystems and economies, fostering the growth of online communities, and creating more immersive, rewarding, and engaging overall gameplay experiences. 

A growing number of fully licensed and regulated online casinos in South Africa and beyond have also realised the importance of cryptocurrencies and blockchain technologies and have started accepting this form of payment in their virtual cashier/banking sections. 

They have also introduced a range of transparent crypto casino games that utilise ‘provably fair’ technology, which enables players to independently verify the outcomes and results of the games they play themselves. 

For example, when you bet with crypto at 10Bet – South Africa’s number one online casino and sports betting platform, registered members can now check to see if the games are fair, thanks to the provably fair technology used in some of their games. 

5 ways blockchain technology will continue to revolutionise the gaming sector

By leveraging blockchain technology, online gaming will be completely revolutionised in various ways, but mainly by unlocking new economic opportunities, facilitating smoother, quicker, lower-costing, more convenient transactions, and enhancing player ownership of digital assets. 

Here is a more detailed breakdown of five different ways that show us how blockchain will reshape the gaming sector as we know it:

1. Enhanced digital asset ownership – Blockchain technology gives players verifiable proof of any digital assets that they acquire as non-fungible tokens (NFTs), for example, which have intrinsic real-world monetary value. This model is in stark contrast to traditional games where digital assets have no monetary value in the real world and are locked within the ecosystems of individual games
2. Transparency and security – the risk of fraudulent activities, hijacked transactions/stolen funds, and other data breaches is significantly reduced due to the very nature of decentralised blockchain networks, which cannot be monitored, tracked, or interfered with in any way by any third-party entities, financial institutions, or government agencies. This fosters a sense of trust between players, developers, and gaming platform operators, and safeguards the very essence of online freedom, privacy, and anonymity 
3. Play-to-Earn (P2E) and financial incentives – players can earn cryptocurrency and other tokens simply by playing their favourite blockchain games, thanks to the blockchain-enabled P2E model. In traditional video games and gaming models, there is extremely limited return on investment, but blockchain-based games create new income models/opportunities and revenue streams for players, developers, and operators
4. Community-driven development and governance – unlike traditional video games, blockchain games allow players to actively participate in the governance and development of games via Decentralised Autonomous Organisations (DAOs)
5. Interoperability and cross-platform assets – the technology also allows digital assets to be used across different platforms, metaverses, and games – also known as interoperability

Blockchain technology will continue to revolutionise gaming in many other exciting new ways that we cannot yet imagine. All types of games, from large Massively Multiplayer Online games (MMOs) to smaller Indie games, will continue to change over the coming years. 

Some of the other key technologies that will also help push the boundaries of what is possible with blockchain games are various artificial intelligence applications, such as machine learning, but also cloud gaming and computing technology, faster internet speeds, virtual reality (VR) and augmented reality (AR). 

Some of the most famous blockchain games that are already offering many new opportunities for online gamers, which some of you may already be familiar with by now, are Axie Infinity, Illuvium, Splinterlands, and The Sandbox. That’s not forgetting to mention Gods Unchained, Decentraland, Star Atlas, My Neighbor Alice, and Alien Worlds, to name a few. 

Top crypto games you can play at online casinos include hit titles like Aviator from Spribe. However, players can also use cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and many others to play traditional online casino games instead of using fiat currencies like South African Rand, US dollars, Euros, and so on. 

Final thoughts

The continued evolution of blockchain technology and the rapid progress of the gaming industry have experts predicting that the market value of the global gaming sector will likely increase to USD 65.7 billion by 2027, with an incredible CAGR (Compound Annual Growth Rate) of around 70.30%. 

To sum up, the future of blockchain gaming looks bright, and the integration of blockchain technology will create a much safer and more entertaining online gaming experience for everyone involved.