The Multichain hack has cost users $3 million so far. However, one victim managed to get back most of their money - by talking to the hacker directly. A "white hat" hacker returned about 800k in Ether to a hacking victim. However, the hacker kept $150,000 as a "tip" for keeping the funds safe. The CTO of crypto wallet ZenGo Tal Beery highlighted the conversation between the hacker and his victim on the blockchain. The hacker presented himself as a…
The concept of collecting virtual items connected to a blockchain network in a transparent tracking of ownership isn’t new. A 2016 platform dubbed “Rare Pepe Wallet” developed by Joe Looney was the first platform where people could buy tokens to represent virtual trading cards on a Bitcoin blockchain.
However, it took CryptoKitties’ to turn the concept into a game in November 2017. Cryptokitties brought a rise in digital collectibles built on cryptocurrency. The rising trend made it clear that cryptocurrency and gaming are a perfect match.
What are Crypto Video Games?
Crypto video games are games that allow players to earn cryptocurrencies by doing various activities. This is a new way for gamers to get rewarded for playing games. Some crypto games reward players with in-game coins which can later be exchanged for other cryptocurrencies, purchase items, or buy characters and sell them in the in-game Marketplace.
Currently, the cryptocurrency gaming industry provides several models in which gamers can kickstart the ever-exciting crypto world.
- Pay-to-play model – In this model players are required to make an initial purchase before participating. This way, you pay for your first character or an item like a jersey or playing field for you to play.
- Free-to-play model – Here, you join the platform and begin playing and earning cryptocurrencies right away.
- Mining model – Players are rewarded with coins after completing certain activities such as generating certain game items through solving complex mathematical functions.
Types of Crypto Video Games
DApp Video Games
DApp (Decentralized apps) games are games built purely on blockchain technology. They follow the core blockchain principles of decentralization, immutability, and transparency.
That said, each move you make in the game is irreversible. Therefore, to remain in the game, you have to initiate a transaction where a fee is applicable.
Hybrid Crypto Games
Hybrid Crypto games take advantage of blockchain technology and integrate a decentralized environment and non-fungible tokens (assets that exist on the blockchain) for game’s items. However, the platform itself is not based on the blockchain.
In hybrid crypto games, the game exists on the company’s central server, but the items and the economy exist on the blockchain.
For instance, if your favourite video game integrates blockchain assets, then it automatically becomes a hybrid crypto game.
How to Become a Crypto Video Gamer
To become a successful crypto gamer, here are few steps vouched by expert crypto gamers:
- Choosing an exchange – The most rewarding crypto games are based on a pay-to-play model hence the need for starters to have some money to invest. A crypto exchange is a platform that you need to convert your cash into a cryptocurrency like Ether. There are currently many crypto exchanges to choose from. The process of choosing the best exchange that fits your needs is an important one.
- Choosing a wallet – Now that you have a cryptocurrency, you need a safe place to store them. A crypto wallet is a software program that allows crypto users to store and retrieve cryptocurrencies easily. Again, several wallets exist. Good research will help in choosing the best fit for your needs.
- Choosing a crypto game to play – Your goals best describe the game you choose. From entertainment to learning games and those for profit-making, the industry has it all.
Examples of Crypto Video Games
Besides the landmark Cryptokitties, other crypto video games include:
Launched in February 2018, Mythereum was the first Ethereum-based payable trading card game.
Also known as the “last-man-standing” game, the ultimate goal is for players to keep their characters alive.
Beginners can start with a free Survivor Edition card, Genesis cards edition or Awakening card editions.
All cards are blockchain-based assets that can be withdrawn to the Ethereum wallet at any time.
EOS is one of the most prominent blockchain networks, especially when it comes to building, hosting, and executing dApps.
Available in Android, iOS, and as a browser extension, EOS Knight is the first game implementation of EOS blockchain.
The game revolves around fighting the bad guys in several ways. The player can collect and trade EOS-based assets through actions controlled on smart contracts.
If you’ve been looking forward to a “decentralized world,” then the MegaCryptoPolis game was developed for you. The game gives you a chance to create your decentralized city, manage citizens & taxes, and finally sell the city to gain profit. The game is based on the ETH blockchain hence supports ERC-721 tokens.
Merits of Crypto Video Games
Security – Crypto video games use strong cryptography to secure transactions. The systems also employ a high level of anonymity for users while allowing no third party access to users’ information.
Speedy Payment – Crypto gaming needs no banks or credit companies to process transactions making the payment process very fast. Besides, there are no chargeback problems associated with third parties.
High Bonuses – Some of the crypto-based Casinos even offer as high as 100% or more bonus on customer’s deposit.
Crypto Games Setbacks
Currency Volatility – One thing crypto investors will never run from is the volatile nature of coins that makes it difficult to ascertain the real value of your total earnings from gaming.
Attacks – While crypto systems are much secure, they are not immune to malicious attacks. Several attacks are in a record, especially during transactions.
To learn a new skill or technology, people go through different paths until they gain the confidence to invest more time and resources. Playing a game is one tried and approved way to train your mind new things while you also have fun.
Investing in the crypto world is still a viable and most attractive way to make money. Crypto Video games give the best way to start your adventure with cryptocurrencies.