With 380 million users and $138 billion revenue, blockchain gaming is one of the most rewarding investments that techies can make today.
Blockchain has been adding several new dimensions at many different levels in the gaming industry. Changes, that looked like a gamer’s dream yesterday are now fabulously spread over a litany of types and features. Many of them are creating history:
Cooking mama game challenges its users to complete recipes. Users can also share their recipes with cooking mama community.
With Crypto kitties, users can store and trade virtual cats.
Etherians allow users to build and sell monsters.
EOS Knights lets its users craft and trade knights using 55 unique items.
Megacryptopolis allows its users to build a city, collect taxes and trade in the open market.
That brings us to the question: how blockchain is doing so?
Online gaming world started as the big bang of online entertainment but was restrained by scalability issues. Blockchain’s parallel gaming universe has arrived as the perfect answer to it. Blockchain gives its users continuous access to a wide array of games. Gamers can use their characters and purchased items in these interconnected games. Here’s how it works, swift and smooth as a mirror:
This is a win-win deal for both users and developers. B2Expand are already using this and they are also the first in the gaming industry to create a crypto economy.
Parallel gaming universe is just the beginning, here’s more that comes with blockchain:
Blockchain increases the value of gaming inventory by:
facilitating multi-game use of the bought assets.
enabling selling, leasing, gifting, trading and sharing of these gaming assets.
These gaming assets can later be turned into digital assets. Users are able to limit their spending by opting for subscriptions. They can also set automatic in-game transactions option that will allow automatic transfer of their money in assets. This trait has already become popular and its worth is estimated to be USD 50 billion.
Encrypted blockchain ledgers help in keeping gaming assets safe and secure. To hack into your account, the hacker has to hack multiple nodes at the same time. Gaming frauds are commonplace now with one in every 7.5 items vulnerable to them. Blockchain will remove this threat which will further result in saving billions of dollars yearly.
Blockchain payments will not involve debit or credit card companies. Exclusion of third party transactions and economies of scale will enable considerably less user fee on gaming items.
Users are able to create customized assets such as avatars, swords, armors, weapons, etc. Crypto Kitties game that is already using this feature earned millions of USD in transactions in a week’s time. Its top-selling cat genesis was sold at USD 115,000.
Blockchain makes user voting un-tamperable and only authentic games that received the best ratings get the popularity they deserve. Blockchain will increase the authenticity of top ranked games.
Bans in online gaming result in lost revenues, illegal scamming and black markets. Blockchain eliminates the need for third-party policing. The release and restrictions depend entirely on the owner or the developer. This makes launch and operations far easier.
These advantages are just the tip of the iceberg and blockchain is very likely to overhaul the gaming world. Though blockchain is revolutionizing many sectors, it is yet to find the one use case that can serve as the perfect example for it, that can define all its merits and realize all its potential. One application right as rain. Online gaming sure can be!