There would be no wrong in saying that blockchain proved to be a disruptive technology once it was discovered that cryptocurrency is not the only use case of blockchain. It was a young technology prior, but considering the current era, blockchain has revolutionized the world altogether. When gaming industries started to acquire blockchain, it resulted in tremendous success. The gaming industry has reached a revenue of $143 billion in 2020.
The main use of blockchain within gaming realms is liquidity. Blockchain applications in the gaming industry prove to be a no-brainer in many ways because gamers were already habitual to tokenization. The success of the epic game Fortnite was in parallel to the success of blockchain in the gaming industry. In 2018, Fortnite proved to be the highest-grossing game in history and earned $2.4 billion.
Another key evolving aspect that is astonishing the world currently and in upcoming years is tokenization. But the question arises: what is tokenization? and what is its significance? It is also somehow associated with blockchain because tokenization is a digital form of an asset. Blockchain then authorizes the retention and transfer of these cryptographic tokens in a compatible way. With the urge of people not being comfortable enough to share their personal data, tokenization plays a crucial role in helping people. It generates a random token value and saves it in the database. By deploying the following process, the actual data is never removed or modified, providing satisfactory results by fulfilling the requirements of the organization’s terms and policy.
Chapman’s statement “blockchain needs gaming” proved to be true during the observation of customer acquisition strategies of blockchain companies investing in gaming.
“They are granting $100 million for free in gaming studios instead of investing. This proved to be a customer acquisition strategy more effectively due to blockchain gaming’s digital asset transferability. ”
Considering the fact that gaming industries mainly focus on in-game assets, blockchain can potentially solve numerous problems such as scarcity creation, elimination of fraudulent items, incentivizing more purchases by making items transferable across games. Some of the companies have a vision that even companies like Microsoft and Sony will also incorporate this technology in near future for console gaming and single-player gaming.
How Blockchain Redefines the Gaming Industry?
There is no shame in saying that the gaming industry is one of the most profitable and advanced with respect to technology these days. With the speedy evolution in the graphics of the gaming world, there is another change emerging in the form of Blockchain.
Blockchain has totally revolutionized the gaming industry. Let’s have a look at some of the main changes:
- Making a decentralized system will help the gamer and developer have direct interaction with each other. This enables the user to sell the lot at the Online Steam Platform and the developer to have some extra chips.
- Everyone is familiar with every situation because of the assurance of a transparent relationship provided by a blockchain. Blockchain has enabled players to stay confident in the best possible way and see what’s happening across the network.
- With the help of blockchain, the players who are not willing to share their personal information with anyone can purchase anything without sharing their bank account details, identity, and location, because this seems to be the most annoying part for online gamers to share their data with an unknown website page or a person.
Evolving Game Producers Are Acquiring Blockchain
Blockchain platforms utilize the most powerful data encryption technologies such as private key – public key for the security of crypto token transactions. In the current era, it is impossible to hack data encryption technologies considering the advancements in computing technology. As there is no one server to destroy, hackers are not able to destroy a decentralized blockchain network by any means.
Hackers cannot modify or delete any existing transactions in the blockchain that’s why gaming developer industries are integrating themselves with blockchain technology to provide a safe and secure environment to their players.
Let’s have a deep insight into the game producers which are acquiring blockchain technology in the best possible way.
Playway is one of the biggest game producers that have launched the first platform that uses blockchain technology for acquiring ideas for new video games. Thanks to the recently launched “Need for Game Idea” platform. Playway wants to acquire ideas for new titles from game players around the world. It will be produced by development studios that are part of the PlayWay Group, which consists of over 200 development teams concentrated in 120 companies. Idea makers will be rewarded in PWAY tokens, digital tokens, based on the Ethereum blockchain.
The platform will also play a one more important function. It will integrate and activate the multi-million Playway games fans around the world, enabling the purchase of unique products and services related to the games of the PlayWay Group and the impact on the development of the platform.
For making online gaming bets more easy and feasible, Unikoingold is one of the best platforms. For the reliance of the user, the company on a regular basis entertains every user with Unikrn Wallet to preserve the UKG tokens. Users can use these tokens on whatever they like betting on online games, as an entrance in jackpots or a gaming tournament.
The company Unikoingold is giving multiple options to the users in order to take part in UKG token bets, like United Master League and UMode which are promoted in games such as Dota2 and Fortnite.
The gamers who have problems purchasing game assets Opskins is the best place for them. Opskins is not only the platform where the user can buy but they can also sell things like video games assets with the help of blockchain. These items can be anything that includes skins, armors, and even the special edition of games.
Opskins has recently opened their WAXExpress Trade where one can buy apart from digital items any kind of apparel, shoes, fan gears, gift cards, and even AirPods.
The number of games that are developing using blockchain is increasing at a rapid pace with every passing day. In my opinion, the coolest thing is that the gaming industry allows people to become actual owners of their digital assets with the help of blockchain, allowing the players to monetize their progress.
In traditional gaming, when a monster is killed, it will drop the piece of equipment that a player can pick up and store in his inventory. That inventory is no more than a database on the developer’s server which indicates that “item XYZ belongs to player ABC”. it means that all of your currencies and items stay even when you leave the game.
On the flip side, when a monster is killed in a blockchain game, it will also drop the piece of equipment. But technically speaking, the main difference is that the piece of equipment is actually sent to the player over the blockchain. This end’s up in the player’s wallet and the player will be able to sell, buy and trade their items as they fit. I believe that in the near future, gamers might even be able to make living by playing games.
If you are developing your game, then it would be no better option than blockchain to provide a secure environment to players while buying and selling in-game assets using digital currencies.