It’s been a hard time but also an eye-opening year for the crypto market. With the ups and downs, backlash, and overnight regulations imposed on this platform, it’s now evident that blockchain isn’t replacing traditional infrastructure soon. The cryptocurrency industry is on the offensive position and needs to prove its economic viability (through mass adoption) showing that it goes beyond being a crowdfunding platform. Fortunately; the gaming industry is the perfect opportunity for crypto to prove its economic viability.
By introducing both blockchain tech and token economy to the gaming sector, many companies will soon adopt blockchain to cut down operational costs and enhance security thus improving their ROIs. Most adults who were kids in the 90s and early 2000s grew up playing video games using virtual currencies and digital items.
Today, they are versatile with cryptocurrencies vis-a-vis blockchain, and they are leading the path to fully embracing the new economy, having dealt with it since childhood and gaining a better understanding of the same.
The Rise of the Digital Economy
People who sacrificed their time with friends and family to concentrate on gathering rare items or mining gold ore only to have their wares stolen and not having an open market to sell should embrace the cryptocurrency world.
For the sake of enhancing security, and transparency, both gamers and developers are working to introduce a gaming universe that embraces an open market economy. The dynamics are changing, and publishers have no option but to embrace the digital economy.
The edgeless casino is a blockchain-based games platform that has fully embraced blockchain tech. The number of digital transactions happening when playing casino games is on the rise as more punters feel transacting through cryptocurrencies gives them better leverage.
In-game currencies convert into cryptocurrencies naturally making it easy for publishers to justify prices and user to monetize the time and effort. Besides, blockchain tech plays a crucial role in facilitating cross-game exchanges.
More revenue avenues are opened with blockchain adaptation. Publishers now get the chance to earn revenue from charging transactional fees on the exchanges they own and hold. The additional revenue stream helps them turn in a profit and exacerbates their in-game item’s value.
After an ICO, users, and publishers can horde a portion of the tokens to increase their value (when demand surpasses supply) and sell them at a higher price mark. Moreover, publishers can use this opportunity to sell rare items through auction and get the funding needed to cater for operational costs and spur development.
Governance and Economic Incentives
Self-governance is one of the perks associated with blockchain tech. It has its advantages in the gaming industry allowing communities to save a game they love should a publisher decide to shut it down for financial reasons or any other reason.
Moreover, when legislation is introduced through PoS consensus and decentralized voting mechanisms, gamers will have more say over how a game should evolve and publishers will profit from more liquidity.
In such a scenario, the voting power will be bought and sold in accordance to the publisher’s strategy and any person who invests in a stake will ensure that the game’s ecosystem grows to benefit financially.
The Harmonious Gateway
Blockchain is only coming to facilitate a more safe and secure platform in an existing dynamic. The gaming industry should embrace tokenization and decentralization and benefit from a win-win situation thanks to blockchain tech!
Besides, the gaming industry is humongous that when it integrates blockchain tech, the ripple effect will spiral to other sectors and markets as well. Bigwigs in the gaming industry are now embracing the token and decentralized economy.
The gaming industry has a better chance of championing the blockchain platform wading through murky waters to fruition.
A Bright Future Ahead For Decentralized Gaming
Wagerr is a prototype that has shed new light to the extent blockchain can go. Note; although there’s no guarantee that the prototype will be released. It’s already proven that other than just building games on blockchain, the tech brings a new perspective into computer-based games.
Players owning gaming assets is a significant benefit derived from blockchain use. Games from yesteryear run in-game items including player characters that are exclusively owned by the developers.
The games, in general, are run on servers thus allowing developers to be in full control. Decentralized gaming enables the games to and the in-game items to be stored on blockchain. Punters can purchase in-game player characters and various items through blockchain, their ownership of the items makes them get separated from what the developers’ own. Allowing gamers to buy virtual assets is a wise move for developers.
The items become more valuable, worth collecting, liquid and the return on investment props upwards. Moreover putting up virtual assets for sale via smart contracts encourages peer-to-peer transactions that are made public on blockchain thus eliminating the need for centralized control.
Allowing every member on blockchain to publicly see transactions gets rid of any fraudulent activity. Blockchain experts advise that using this platform as an online digital identity not only enhances security; it secures login details for various blockchain based games.
The online world is prone to a lot of fraudulent and hacking activities. A report dated December 2015, shows how 77,000 Steam accounts were hacked into and players lost not only the monies in their accounts, but their data was breached.
Traditional gaming platforms go through a difficult time trying to improve security, proving that a newer more secure and hack-proof technology is dire. Game developers using the blockchain platform developed online directories that gamers log into to keep track of the availability and the scarcity of various in-game assets. The ledgers used are made public allowing all the people in the blockchain to see how sales happened, at what price and who owns the items.
Newer Remuneration Avenues
Blockchain together with crypto-gaming activities have opened new revenue streams. Gamers on the platform can qualify for remuneration for their gaming sessions, their creativity, and mastery in gaming worlds.
Trueflip game is one of the many that allows players to benefit from these kinds of remunerations. More developers are attracting players by rewarding them when they reach higher levels and when they qualify for in-game achievements. The new gaming world is setting standards that will prove tough for traditional gamers and developers.
Enter The Big Shots
Not to be left out, huge tech and gaming companies are investing heavily in blockchain casino gaming. They are also updating their computer game ecosystems with crypto features readying them for the future.
A giant gaming corporation that wants to be part of the future is GMO, (Japanese internet service company) that promised to release a bitcoin-based application for in-game rewards. They will pilot the project on their popular Whimsical War game that will be integrated with the app when they launch in August. Another gaming giant (Sony) is pushing to integrate blockchain for ownership records in its flagship PlayStation Network.
This year (2019); Sony has promised to launch a blockchain-based video game that they say will take gaming to the next level. Microsoft as well is in the process of rolling out a blockchain based product that will be responsible for Xbox royalties and content rights. Epic games (Fortnite creator) is exploring blockchain tech and will soon share with the world how they want to utilize the platform.
Worldwide Asset Exchange (WAX) conducted a study recently, where 62% of the respondents said they find it a worthwhile venture to transfer virtual items between games and would be happy to spend money doing so.
There is room for more innovations that welcome gamers to direct, create content and perhaps be in-charge of online gaming teams. Most players today are happy with the fact that they can either earn or purchase items that they can use in cross-gaming sessions.
A perfect example is earning or winning in-game items in Super Smash Brothers, which can be used for various Nintendo games characters. Decentralized gaming through blockchain makes this possible!
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