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In the last decade, we have seen the gaming industry rapidly being transformed by the introduction of new technologies that enable engaging experiences, such as AI, VR and AR. However, one of the latest of these emerging technologies – blockchain – is destined to redefine the future of games by transforming what has been seen as a leisure activity into a potentially economic endeavor.
In this sense, blockchain seems destined to upset the gaming industry and allow players and developers to interact with gaming platforms. With about 70% of the American population playing video games and with a gaming market that is expected to reach more than $ 138 billion by the end of the year, how will the blockchain be destined to transform the gaming industry?
1. Players will have full control of their virtual resources
Because of the risk of duplicating resources, gaming companies often store game resources on centralized servers. However, this means that players do not actually own their purchased virtual resources and do not have the ability to buy, sell or exchange resources outside of the game. Currently, if a player wishes to exchange or sell virtual goods, he should do so through non-traditional means.
Blockchain allows full transparency and decentralized control of virtual resources, which means that players will have ownership of their virtual resources. They will be able to exchange these resources with other players, and for resources on other games, all at once. Players will also be able to use their virtual resources through different games, giving players a more personalized video game experience.
2. Players are rewarded for their interaction with video games
Through tokenization of the platforms, players will be able to earn tokens to play, review or share games on social media. Players will also be encouraged to provide reviews and feedback to developers, leading to improved games available. Blockchain will allow monitoring of player activities and their accurate and instant reward.
3. Blockchain builds the credibility and responsibility of the players
Because the blockchain is an immutable ledger that records all transactions and allows players to use their account on multiple game services, player interactions, player history and game object trading are always tracked and documented. With these publicly available records, a player's reputation is linked to the blockchain, thus encouraging good behavior within the community. This creates and promotes a safer gaming environment, giving value to those with credible reputation and encouraging transparency within the gaming ecosystem.
4. Better security for games
In the past, ownership and trading of virtual goods were never completely possible. For example, rare or expensive individuals who worked hard or paid were often copied by scammers and resellers, making their object not as unique or as valuable.
Blockchain prevents the trading of illegal virtual goods on the black market, as well as hacking and key theft, creating an immutable ledger of that item and to whom it belongs, making duplication impossible. After all, the original purpose of the blockchain was to irrefutably demonstrate the ownership of bitcoins and other cryptocurrencies.
5. Transparent and fast payments for developers and players
Blockchain technology will allow players to purchase items or games faster, while ensuring that their payments are secure. Developers are increasingly having difficulty selling their software outside of app stores, which translates into high commissions and loss of control over their customers. Blockchain makes it possible to process nano-payments and developers to be paid instantly, allowing developers to quickly reinvest the money in their launch on the gaming market.
In the meantime, players will have access to a range of new earning opportunities, with the ability to earn money for players who earn potential returns.
