Of all the wild applications that the blockchain is going to have on our world, by far the most fun to think about is its effect on the gaming industry. Blockchain and gaming are such a perfect fit for each other; blockchain allows you to completely digitalize assets and bring them into video games where previously this was all done on eBay. Startups like decentraland have created virtual property rights entirely secured by the blockchain. Parsec Frontiers is developing a virtual currency used for an MMO that will blur the line between gaming assets and real assets. The future of blockchain gaming will be defined by virtual assets taking on a newly liquid, valuable, and immutable charm.
Virtual economies operate very similarly to the ones we see in real life. Wherever there are tradable assets to be found, economies develop around them. One of the most liquid and efficient economies of its time was developed by Jagex in its game Runescape, that was essentially a working stock exchange of every item in the game.
An image of the ‘grand exchange’; effectively the stock exchange for every virtual in-game item
This was one of the most interesting economic changes made to the game, and also changed the game entirely. Many people hated it, many people loved it, but overall you can’t argue that it didn’t make trade far more beneficial for the community as a whole. Trades went through far faster, and you could multitask while trading. This, however, brought a whole new dimension to asset management within the game. Now you actually had to worry about which assets you held your net worth in. Instead of thinking about which items provided you as a player the most value, you also had to consider how the rest of the world was valuing it. Now, the thing here is that all value is still restricted to in-game currency. There was a dividing line between the real world and the virtual world that most people wouldn’t cross because they could get kicked out of the game. Enter, blockchain.
Parsec Frontiers is eliminating that line completely. Not only will trading currency in the real world be allowed, it will be a core design feature of the game. The entire premise is that all transactions will happen on the blockchain and be completely auditable by anyone interested. This includes gathering resources, destroying others’ property, and in-game trades. The currency will be on the blockchain, so anyone can trade it at any time, and the price will fluctuate with market demand. What will this do to the game, you might ask?
A parsec credit; an artist’s rendering of the blockchain based currency designed for Parsec Frontiers
This type of game embodies the phrase virtual reality. The blockchain allows for this type of microtransaction on a mass-scale, without allowing the game developers to change things without the players knowing, or hackers to capitalize on bugs without people knowing. It creates the most efficient and profitable economy of any game on the market today, and could make gaming an actual livelihood for a large market of people. This is the power of blockchain.