Most people hear the term “Blockchain Technology” and immediately think of it as in relation to Finance and Technology, but did you know that it affects industries such as agriculture, energy, art and online gaming? Indeed, blockchain can be integrated into just about any industry because of it’s nature to be an immutable ledger. For this article, our focus will stay on the multi-billion dollar gaming industry and how blockchain is making inroads to revolutionize this space.
Parallel Gaming Universes
Blockchain’s distributed ledger would make it possible for gamers to use the same character in several games and their data would be shared through smart contracts. Blockchain copyrights data and provides better options of storing it in digital assets form. Gaming companies can fortify their terms and conditions via smart contracts, and potentially allow cross-platform gaming and atomic transactions.
Gaming items and collectibles will get expensive
It is gamer’s heaven to possess several in-game items, especially those rare or ultra rare items that are difficult to come by. Gamers take gaming seriously because many consider it part gamification and part investment. They will spend endless hours trying to build up their collection. Think of collectibles like CryptoKitties and Rare Pepe cards.
Blockchain’s encrypted ledger acts as a guarantee to security of gaming items and collectibles. No hacker will be able to break in and gain access to the game items collected and stored securely on the ledger. There is an impenetrable cryptographic encryption that deciphers all transactions, which is difficult to impossible for hackers to penetrate.
Lower Transaction fees
The gaming industry will save thousands of dollars everyday because blockchain transactions are cheaper and currently do not have any other hidden fees like you might find when using your credit or debit card. In-game purchases will be quick, safe, and cost-effective.
Regulated Gaming Economies
The problem with heavily regulated economies or government bans is that it results in an increase of black markets and contraband, which is bad for the consumer and the gaming industry. Game developers lose the capacity to control parameters of the trade and therefore forfeit potential revenue. This also exposes users to the risk of being scammed. Blockchain technology will enable developers to collect ongoing royalties for items that are bought or traded on the gaming ecosystem.
Easy, quick and affordable micro-payments give game developers better opportunities to monetize their product beyond traditional ads. The result would be a great turn around in development ROI and earnings goals. There is an expectation that the gaming industry revenue will exceed $132 billion dollars by 2021.
As you can see, the use of blockchain technology will have a massive impact on all aspects of the gaming world. Tokenization of virtual goods, improved micro-payments, and improved governance. Blockchain technology will take governance and gaming to the next generation of innovative games with a better user experience, little to no ads, and secure in-app purchases.
Content provided by CryptoTraderNews is for informational purposes only, and should not be construed as legal, tax, investment, financial, or other advice. All information is of a general nature. As always, there is risk with any investment. In exchange for using our products and services, you agree not to hold CryptoTraderNews Pro, its affiliates, or any third party service provider liable for any possible claim for damages arising from decisions you make based on information made available to you through our services.