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The world is discovering new ways to use blockchain technology every day. Despite the fact that most people only think of bitcoin and financial instruments when they hear blockchain, this technology is used in a wider range of areas of life.
Due to the incredible benefits and opportunities that this technology uses, it has been adopted in many industries.
Hundreds of companies from all over the world have already implemented blockchain in their work, among them are agricultural enterprises, transport, and energy companies.
However, there is also a more promising industry that is starting to apply blockchain technology – the video game industry. Right now, blockchain technology is actively being introduced into the video game market with a value of over $ 170 billion. By comparison, in 2018 the industry was worth only $ 100 billion and the number of users was 2.2 billion.
Also, like any other technology, blockchain has its pros and cons. Society has split into two camps: the first is happy with the emergence of this technology, and the second looks with suspicion.
However, the technology provides more advantages than disadvantages. That is why many video game developers are actively exploring technology and using it in their projects. Many people are wondering how blockchain can be used in games. The technology has the potential to provide many benefits for both gamers and developers.
For example, the problem of fraudulent and hacked accounts can disappear through the use of blockchain. This inspires gamers, developers and even game publishers to bring innovative technology to the video game industry. A new era of gaming has already begun. The main benefits of blockchain for the video game industry are presented below.
The security and reliability provided by the blockchain minimizes the number of fraudulent incidents. Since it is impossible to change the information on the blockchain, the number of thefts of valuable game goods and accounts can be minimized. Also, the transparency of the blockchain reduces the likelihood of fraudulent gambling schemes.
Fast, light and affordable microtransactions are an advantage, in particular for developers. Lean ways to monetize developer work are changing the industry. Blockchain technology is decentralized, which means independence from authorities and transparency of transactions.
There are no illegal blockchain markets, there is only compliance with the rules that make secure interactions flourish. Microtransactions on the blockchain network are more reliable than microtransactions on traditional centralized networks.
Oddly enough, the blockchain provides low transaction fees. This has a positive effect on the economy of in-game operations, which makes it possible to reduce the cost of goods and services for gamers. Also, due to the fact that the blockchain is an independently functioning decentralized system, there is no need for intermediaries or centralized governing bodies.
Fraud is rampant in the virtual goods market. The lack of trust in the market leads to segregated, centralized trading platforms that often charge excessive fees when exchanging assets. In addition, a sudden shutdown of the gaming platform can lead to the disappearance of gaming assets and losses.
However, the video game market does not stand still; new solutions to these problems based on blockchain technology are constantly emerging. Wax and Enjin Coin are two projects that are transforming the ownership of virtual goods.
WAX (Worldwide Asset eXchange) is a decentralized platform that can be used to create virtual markets. Created by the OPSkins team, the platform uses WAX tokens to trade any virtual asset in cryptocurrency. Enjin Coin is a platform where you can create and manage goods directly on the Ethereum blockchain.
Using this platform, gaming communities create currencies, items that are supported by the Enjin Coin token. The project also created a “smart wallet” with which you can trade goods on various gaming platforms.
The cryptocurrency payment system eliminates intermediaries in transactions, etc., micropayments can be sent directly from players to the game developer directly. Thanks to blockchain, there is no longer a need for an intermediary.
The advantages of blockchain are enough to convince the gaming community to use it. Blockchain can also be used to distribute video games. In addition to publishing games to a centralized marketplace, such as the Apple App Store, game developers can directly transfer video game data through the decentralized marketplace. Again, avoiding a centralized middleman and high fees. GameCredits creates just such a payment system.
The project aims to become the only payment system for the online gaming industry. You can use the GAME cryptocurrency to pay for games and make in-game purchases. GameCredits also includes GPlay, a decentralized app store that pays 90% of sales revenue directly to game developers.
Nowadays, many games of various sizes are created based on the blockchain. For example, Decentraland is a virtual reality platform based on the Ethereum blockchain. In fact, it is a virtual world that you can own. You can buy land in the world of Decentraland, and leave the ownership record on the Ethereum network.
You can do whatever you want with the ground. Over time, each player has the opportunity to build real estate, creating a whole virtual universe with business, services, and social activities. The only limit is the imagination of the players on the platform.
Some projects blur the lines between virtual and actual reality. This trend started with augmented reality games like Pokemon Go and continues through the blockchain. Experience Points (XP) is one of the projects that makes it possible to combine the virtual and real worlds.
A person earns an XP token that can be exchanged for in-game items and services by completing certain tasks. These tasks are very different, from unlocking in-game achievements to getting a good math score. The team’s mission is to gamify life and reward gamers for achievement.
Blockchain technology creates a reliable and secure betting ecosystem with low commissions, the ecosystem is not centrally controlled. This has a positive effect on jurisdictions known for their strictness in rates. Blockchain has a positive effect not only on betting, but also on casino games.
Blockchain will allow taking gambling to a new level, since almost every online casino will have to use cryptocurrencies. The blockchain will allow casino gaming with Bitcoin and Ethereum. Moreover, the blockchain is able to provide complete anonymity for players. The introduction of blockchain will give casinos the ability to resist regulation by governments. Thanks to this, for example, you can refuse certification and save a lot of money. Players from different parts of the world will be able to play online casinos without complying with any state laws or regulations, as no government has access to the blockchain network.
The most famous project in this area is the startup Unikrn. The project uses its Unikoin Gold cryptocurrency to place rates at airports on a dedicated platform. In October 2017, Unikrn raised about USD 31 million in an Initial Coin Offering (ICO).
Esports Subgovernance was created as part of the Free TON project. The goal of this Subgovernance is to promote Free TON in the esports world, bring new members into the community, and distribute TON Crystal tokens to esports tournament winners.
These goals are achieved through the holding of daily and weekly gaming tournaments, the winners of which receive their awards in the TON Crystal. Tournaments are streamed on streaming sites such as Twitch and YouTube.
Esports Subgovernance is focused on mobile gaming. Studies have shown that in the mobile segment it is easier to get a result with less time, human and financial costs, while in the classic Esports direction, 300-500% more resources will be needed to achieve the same results. Esports Subgovernance chose this particular segment because:
The activities of Esports Subgovernance members are not limited to holding esports tournaments. Esports Subgovernance also develops software and tools to facilitate tournaments, audience engagement and distribution of TON Crystal tokens.
TON Crystal tokens can be used, for example, in minigames within the platform (Case Roulette, Esport Forecasts, Coin Flip Mechanics, Blockchain Mafia).
It may seem that blockchain technology provides a huge number of benefits only to players, but this is not the case. Video game developers are also reaping huge benefits from using blockchain. Smart contracts allow developers to regulate the game economy by setting specific terms for controlling trade.
This allows you to control the saturation of the in-game market and ensure fair trade, for example, in in-game goods. Moreover, with the help of blockchain, it is possible to create the foundation of a gaming ecosystem that players will use to create their own gaming economy. Developers can use the free economy to generate income by charging trading fees or taxing peer-to-peer transactions, essentially mimicking the financial system.
Blockchain technology affects almost every aspect of the online gaming world. It preserves the value of virtual goods, improves betting and casinos, allows direct payments, and fosters new types of video games. But this is just the beginning. As the blockchain industry matures, online games will evolve and introduce new gaming innovations. Blockchain technology opens up a new world for esports full of possibilities. As it continues to evolve, blockchain technology will inevitably lead to a revolution in the gaming industry.
Also published on: https://blog.freeton.org/en/changing-the-gaming-industry-with-blockchain/
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