I'm currently playing a game where a few players are tempted

>>44072981
>Players
Not their characters?

Advantages :
- players know the other players are serious as fuck about this campaign

Disadvantages :
- possible infection/disease from the open wound to open wound sharing of blood
- death from embarrassment later in life upon reflecting you entered into a blood pact with other players over a tabletop RPG campaign

>>44072981
>What are the benefits and disadvantages of this?

We have literally no way of answering that because you didn't specify what system you're playing.

>>44072987
Some people would call you a pedant for that. I am not one of them though as I find it amusing.

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Pro: tighter unit cohesion and a greater bond between players.

Con: if one of you have AIDS you're all fucked.

Assuming you're talking about medieval fantasy?
It gives a good ingame reason for the party's loyalty to each other.

>>44072981
Do you want to make this magical?

There can be extra benefits and disadvantages if you are the GM and want them to.

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>>44072981
One of them will say 'by the way, I have AIDs' once its done and over with

>>44072981
Whatever the GM decides they are.

Strong empathic bonuses, knowing what is up with each other over distance, stuff like that. Also being vulnerable to magic that targets one person's soul, probably gets all of them to some extent.