Blockchain and the gaming industry
The immense power of blockchain technology to disrupt present status quos in the financial and economic landscapes is again on the verge of proving another use case this time in the world of gaming. Blockchain is about to transform the industry by decentralizing the console market, multiverse creation possibilities, more immersive and borderless games, digital item transactions, and the games’ back-end infrastructure, an out-of-this-world player experience that will open the floodgates for worldwide mass adoption.
Infusing blockchain technology into gaming spells liquidity that many gamers won’t even notice since tokenization has been a gaming lifestyle all along that virtual currencies were already part of foundational games. When games became Web-based, in-game gold can be bought in and out of games. Blockchain has the capacity to correct this by set rules for fair trade and game. Fortnite’s free-to-play model is a perfect example that can trigger gaming’s success with blockchain.
Gaming on the blockchain is divided into decentralized and hybris running id. If a game is running on a blockchain, it cannot be altered unless the developer can convince and get the nod of the whole community. With a hybrid model, the game is running from a server while its assets can be traded through an open marketplace. Blockchain gives in-game assets permanent value and legitimacy that are all the time ownable, eventually crushing fraud, making assets scarce, and purchases are incentivized as they are transferrable among games. If this be, then gamers will be attracted to investing in digital assets and developers will continue creating more in-game items.
Blockchain’s inherent nature can grant ownership immutability for in-game items, thereby preventing theft, hacking, and the sale of fakes. It can tie assets not in games but to players that will save them investments in time and money, including bad moves made by creators. Trust will be restored between developers and distributors due to the transparency offered by blockchain. Through the distributed ledger technology, games will be able to be decentralized and with that, other economic systems can be created, such that players will be incentivized through dividends and participation in development processes. Furthermore, there will be more concentration on in-game currency value rather than revenue where game development will be more player-centered.
“Gaming, where art thou?”
“Gaming does not need blockchain; blockchain needs gaming,” so says Josh Chapman of Konvoy Ventures, who clarifies that mass adoption and mass application can only take place if blockchain can introduce a huge amount of value to the video gaming realm. Tokenization has been within gaming since 40 years ago and if 2.6 billion players and thousands of studios simply migrate to a blockchain infrastructure and apply cryptocurrencies, investments will be heavy.
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