Oct 11, 2018 12:30 UTC
Oct 11, 2018 at 12:33 UTC
Blockchain In Gaming Industry
Bit-by-bit, the world is unwinding better approaches to use blockchain technology. While the vast majority would easily think of cryptocurrency and finance every time the “Blockchain” is mentioned, there is a whole other world to this technology.
Industries like art, energy and agriculture are integrating Blockchain technology into their operations. Another player joining the fleeting trend is online gaming. Numerous projects are already picking up. Home to around two billion users as well as projected growth in revenue from USD $94.4 billion to $128 billion in yearly volume by 2020, the gaming division is really flourishing.
Now, let’s dive in and discover 8 different ways Blockchain will reform the gaming industry:
1. Gaming Universes Will Get Even More Exciting
What could be more exciting in playing online games than getting consistent access to parallel gaming universes? Blockchain’s distributed ledger will make it feasible for you, as a gamer, to use your characters as well as things across several games. It’s conceivable in light of the fact that all your data will be checked through smart contracts.
How does it work? This question must be disturbing you. Well, blockchain copyrights you the data and gives a superior alternative of storing the information that will be used in games in the form of digital assets. Besides, this technology will make it feasible for the many gaming companies to hold the hands and create parallel gaming universes. The gaming companies will have their terms & conditions invigorated by means of smart contracts, allowing loyalty over all inter-connected titles to enhance.
2. Esteem of Gaming Items Will Enhance
The satisfaction in gaming comes from having a few in-game items, particularly those that are hard to come across. In this way, gamers will invest huge chunks of time cultivating for these items. A portion of the manners in which Blockchain will build the value of these virtual items include:
- Making better approaches of using virtual items all through the games which will expand these items’ functional value.
- Creating platforms that permit you, as a player, to offer your virtual items in fiat currency will fortify their economic value.
- Making a virtual space that advances gifting, sharing and trading of virtual items will enhance their social value.
The expansion in value will prompt the change for the sake of game items from virtual items to the digital assets.
3. Highly Protected Storage
You will be happy to know that introducing encrypted Blockchain ledgers with the gaming industry will go far in promising you a highly protected storage of your game items.
When your data is in the Blockchain, you can bid a goodbye to any witty hacker’s dream of accessing your data. Not only does a hacker need to ensure that the correct nodes are hacked, but also the timing has to be perfect.
There is also the invulnerable encryption to translate through. Likewise, that is only the initial step of the few nodes that the hackers will need to find and hack all the while. Thusly, Blockchain, for all time, guarantees the security of your virtual items.
4. Minimize The Fraud & Lost Revenue
Revenue lost to fraud is one of the generally noticed indecencies over the internet. The gaming industry has not been spared with one out of each 7.5 virtual items capitulating to fraud. The Blockchain technology will guarantee the eradication of this menace, sparing the gaming industry billions lost in revenue every year.
5. Saves Bounties During Payment Process
As you know already, the gaming industry is tremendous. While it is conceivable to pay for your games using fiat currencies, there is a costly charge that accompanies it.
As a user, Blockchain will allow you to make payments, regardless of how small the amount is, without including credit or debit card companies. What’s more? Since it is decentralized, the fees executed here are little.
Additionally, this technology invigorates payment in a way that hackers cannot bait you, as a gamer, anywhere. At the end of the day, in a Blockchain system, it’s quite difficult to steal the data or even manipulate the market.
6. Managed Gaming Economies
The issue with vigorously regulated economies or government bans is that it results to the black markets, and this is terrible for everyone. Not only do game developers lose the ability to control parameters of the exchange and thusly relinquish potential revenue, but also exposes users to the danger of being scammed.
Blockchain doesn’t need any policing. It will empower the developers to gather progressing royalties for items on exchange over the gaming ecosystem. As a developers, you can likewise choose whether to permit the exchanging of items without any confinements or stop the offering of the assets.
7. Micro-Transactions in Gaming
Simple, fast and affordable micro-payments will allow developers to discover better approaches to monetize their games and in addition empower the users to legitimize purchasing of items. Micro-financing features incited in games through Blockchain include –
- Games giving inexpensive power-ups for users will incite more users to purchase the items.
- Users’ capacity to constrain their expenditure on gaming platforms via membership service that start-stop and ascertain time spent.
- Setting programmed option in-game transactions can enable games to transfer the money automatically in the form of assets.
The results would be an extraordinary turn around in monetization objectives, as it would never be tied in with serving the few as opposed to the many. By 2021, it’s expected that the revenue of gaming industry would have surpassed $132 billion dollars.
8. Proof of Asset Scarcity
As Blockchain is an open-source, game developers are free to create some rare digital assets or customize particular assets like swords, armors, and other in-game cosmetics making them even more valuable. Crypto Kitties can be seen as a perfect example in this regard.
As can be seen, the use of Blockchain in gaming industry will massively affect all the aspects of gaming world Tokenization of virtual goods, improving payment processing as well as betting are the tip of the iceberg of the many advantages of this technology.
What’s more? As the blockchain technology evolves, it will revolutionize the gaming industry further. Maybe you should enjoy the new set of gaming development that this technology is coming up with.