Blockchain in gaming goes far beyond fun and excitement. It’s the business-oriented growth that offers the breakthrough excitement that might just be one of a kind.
The blockchain is the basics to many inventions, even for cryptocurrency investment, but there is one industry that might worth to take a deeper look. The gaming industry. Playing video games is a common pastime to many; it’s not something that seems far-fetched when we say it relates closely to technology. So how about the blockchain? When we bring the innovation together with the fun-engaging games, the world seems more entertaining and, conveniently lucrative. Since blockchain records a permanent and unalterable history of transactions, when it’s applied in gaming, the immutability brings key benefits for in-game currencies and the ownership of digital assets.
The most common implementations of blockchain technology for gaming is the creation of its tokens, the virtual objects, and the exchange. “Normal” video games also have in-game currencies but gamers risk losing control of them as they are completely controlled by the game companies. However, cryptocurrencies are truly in the hands of the gamers, allowing the real economies run solely by them without any interference from any authority behind the scenes. The fact is, staking cryptocurrency on a game in the decentralized economies is far more interesting and hugely popular among players for the sake that they can win money depending on the outcome of the game.
This also leads to the purchase, sale, and trading of virtual objects with real value. Blockchain games allow players to own exclusive items, say, weapons or clothing. CryptoKitties, for example, was the first video game to experiment with digital assets and ended up with one sold for $170,000. Since the buyer, and not the game company, is the true owner of the asset, a real market was created for the owner and fellow players. This mechanism actually works both ways. Game developers are eager to create the verifiable scarcity of virtual objects and collectibles, and most importantly, to monetize them. One critical benefit of cryptocurrencies for gaming is their utility as fast and secure payment networks. They possess the fundamental feature to drive the seamless transactions on decentralized exchanges. Through providing direct creator-to-consumer opportunity, blockchain-driven games enable developers to build and distribute their products without the need for expensive intermediaries. What’s more, game developers can make extra profit on an on-going basis through the automated cryptocurrencies payment supported by smart contracts.
Since Asia is openly known to welcome the adoption of the blockchain, one can easily acknowledge its take in the gaming industry is especially prolific. Different prominent platforms like BUFF and FLUX are making the best use of the technology. The former is a crypto-based loyalty program for gamers that pays users for their gaming accomplishments. Players can monetize their skills and use the earnings to make in-game purchases, to compensate online collaborators, or exchange them for fiat money. To reinforce its offerings in the Asian market, BUFF is actively taking part in various meetups in Japan and South Korea, including the finale of the Blockchain Unchained tour in Japan, a sold-out event for blockchain enthusiasts who applaud for the ingenious integration of the blockchain and cryptocurrencies. The latter is into providing a digital token that speeds up payments for the online gaming community. The FLUX token can officiate payments from esports tournaments to other competitions. With the use of smart contracts and a distributed network, FLUX Games, which acts as the technical backbone of the gaming industry, is in serious discussion with the industry officials from authorized Chinese factories to have the FLUX app pre-installed on the applicable devices.
Seeing Asia function as a global incubator for the blockchain gaming industry, one can’t help to ask: is gaming going to be the catalyst for blockchain adoption? One thing for sure is, the industry can embrace all the technology can offer to fix the issues from fraudulent payments to the authenticity of crypto collectibles. With the facilitation of the exchange of virtual in-game items, the industry is gaining maximum revenues, estimated to be worth $50 billion, and expected to increase rapidly. Blockchain is not going to take over the industry but it opens new opportunities and a new genre of games, to provide the smooth transition that assuredly will boost a new gaming economy.
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