From a purely console-based platform to a internet-based gaming model and now, digital gaming that includes innovations such as Augmented Reality(AR) and Virtual Reality(VR), there has been remarkable transformations in the gaming world over the past two decades. Combine this with the steady rise in the adoption of smartphones and radical enablers like blockchain technology, and the future of the gaming industry looks very lucrative indeed.
As more and more relevant technologies emerge, blockchain is posing as the ultimate solution to bind everything together and power the evolution of the global gaming industry. First up however, why are experts high on blockchain technology- a nascent platform borne by a radical new currency system- in the gaming industry?
Read: Is Virtual Reality Gaming the Next Big Evolution in the Gaming Industry?
Onwards from cryptocurrency to gaming
This year, the overall value of the global cryptocurrency market reached an all-time high of over $700 billion. This is a clear indicator of the increased interest in digital currencies and their underlying blockchain technology. Today, the latter is being efficaciously implemented across several industries and over the next decade, it is likely to revolutionize a number of industry verticals including healthcare, real estate, financial and importantly, gaming.
Just as blockchain technology is transforming several industries, the gaming industry realizes the value that can be gained from this technology. The current disruption that is delivered by blockchain and the associated technologies are bound to enhance long-term growth of the gaming sector, making it ripe for investors who are looking to make a significant profit in the near future.
Read: It pays to be cryptocurrency savvy in 2018
Gaming and blockchain technology are compatibility personified
The coming together of blockchain and gaming is inevitable, and the impact of this evolution is set to be as significant as the emergence of online gaming a decade ago. Blockchain has the potential to revolutionize the entire gaming ecosystem, ranging from creating instant, transparent and secure payments to connecting developers and gamers from across the globe. Consequently, developers and players are quickly turning toward the blockchain technology to redefine the billion-dollar gaming industry, as well as the global esports market.
There are numerous ways that blockchain technology can impact the gaming industry in the future. From the game developer’s perspective, blockchain gaming can bring solutions to a host of industry vulnerabilities such as difficulties in player security and retention. It efficaciously addresses cyber-theft and duplication concerns by making a transparent registration platform and verifiable ownership of substantial in-game assets.
As a result, gamers will be able to purchase, sell and trade their virtual items outside of the games. Such clear ownership transfer options and secure environment will stimulate players to invest more funds and time into gaming. In addition, the decentralized nature of this marketplace also promises that there will be no censorship or third-party interference. Moreover, by accepting cryptocurrencies such as Ethereum and Bitcoin, players now have more opportunity to access new games across the globe.
Competition is on to pioneer blockchain gaming
The race to pioneer innovative technologies, or to harness existing technologies in creative ways, is fierce. Gaming companies are constantly striving to stand out from the crowd, and the most excellent way to differentiate from the competition is to deliver the best user experience. There are many companies like GameCredits, Spells of Genesis and MobileGo that have already applied blockchain across their turf of the gaming market.
Tapinator, a pioneering mobile game developer, has positioned itself to exploit this emerging industry trend and set up an early lead within the blockchain gaming industry through the recent formation of its subsidiary, Revolution Blockchain LLC. Their first venture is scheduled to set off in the second quarter of 2018. Similarly, many accomplished as well as startup companies are looking to capitalize on opportunities in the blockchain sector. While there is copious promise, only time will tell if there is sustainable lucrative value to back up the talk.
