How Wax Is Setting the Blockchain Gaming Paceby Fintech News Singapore January 13, 2022
Blockchain technology is not just disruptive but a foundational technology. Without any shadow of a doubt, it will rebuild any industry that it is integrated into from the ground up. Blockchain and gaming are particularly a match made in heaven.
Coupled together, blockchain could alleviate some of the legacy gaming industry’s shortcomings, such as ownership of in-game assets and account theft. A blockchain-based identity system will open up gaming metaverses to gamers, supporting the movement of their assets between interoperable gaming ecosystems.
Such settings will create new revenue generation avenues. This novel technology will also enhance decentralization and wrestle the industry from the grip of studios and publishers. Decentralization will ensure that all parties that contribute to the industry’s current success receive their fair share of rewards for their dedication, hard work, passion, capital, and creativity.
Unfortunately, these benefits have not come to fruition. This is because, in the past, the Ethereum blockchain was the home of the decentralized application development environment. Ethereum’s greatest strength, its ability to attract and keep a large developer network, became the chink in its armor.
Over time, Ethereum’s proof of work consensus algorithm has bogged its transaction speeds, increasing transactions costs. Ethereum might be popular amongst tech-savvy developers, but it poses a high barrier of entry to the ordinary player.
To play Axie Infinity, for instance, its most popular game, you will need some ether (ETH) in your wallet. Consequently, legacy blockchains do not provide a seamless transaction process that solves a gamer’s challenges when processing microtransactions.
In contrast, third-party in-game assets, accounts, items, and boosting services marketplaces such as Eldorado.gg have, in comparison, eased peer-to-peer trading of gaming services. As an illustration, you can sell or buy RuneScape 3 Gold on Eldorado.
Eldorado’s transactions have an average delivery time of 4 minutes. In contrast, while Ethereum’s transactions should have a 15 second block time, they could take hours or days if your gas fee is not juicy enough to attract its validators.
Fortunately, all that is changing as the World Asset eXchange (WAX) blockchain takes over the blockchain games sector. Splinterlands, the second most popular decentralized application after PancakeSwap, runs on WAX. It is a trading card game with play-to-earn, NFT collectibles, and marketplace features. Splinterlands has over 300,000 daily active users.
WAX is also home to Farmers World, a farming game with NFT features and the metaverse Alien Worlds. Alien Worlds simulates the Earth’s economy and supports the tokenization of any asset. It has the third-highest number of users amongst all decentralized applications. Over 230,000 users converge in its social metaverse daily. On the other hand, Farmers World has the fifth-highest number of users of all decentralized applications. It has 72,000 daily active users, closely rivaling the massively popular Axie Infinity’s 90,000 daily active user metric.
To lower the user barrier of entry, WAX has an easy one-click account creation process. Gamers can log in to WAX accounts via their Google, Steam, or Facebook accounts. Additionally, the WAX NFT marketplace accepts fiat cash or crypto for payments. As a result, the not-so crypto savvy gamer can play WAX blockchain games without the private key management worries, and its transactions are free and 500-millisecond fast.
This is an article written by Eldorado.gg . Fintech News Singapore does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. Fintech News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. Please note this is no investment advice.