Our world is gradually unraveling innovative ways of using the blockchain industry. There’s more to this technology than just finance and cryptocurrencies because it’s penetrating more and more sectors and industries. For instance, art, agriculture, energy and more have been already starting to integrate the blockchain into their operations.
Online gaming is another player that got on board, and there are a lot of projects which are already picking up. The gaming sector is thriving, and the revenue is projected to grow from about $94.4 billion to $128 billion in yearly volume by 2020.
The gaming business is one of the fastest developing tech industries in the whole world, and the developments of more sectors and industries only come to support it.
Blockchain gaming is morphing the gaming sector and brings an avalanche of enthusiast gamers and investors as well who are enjoying the massive number of opportunities that the blockchain technology has to offer.
More gaming companies are developing games based on the blockchain
Gamers have begun more and more acclimated with the digital economies, and they’re rushing to adjust to innovation. Mobile gaming companies are already producing digital resources, and the blockchain tech seems the natural step in these developments.
More mobile companies are developing great mobile games which are based on them, and the association between the blockchain and gaming enables developers to have an approach to monetize. Organizations are also able to save a lot in terms of payment processing because payment fees become almost inexistent via the use of digital currency. This leads to distributors’ opportunity to investigate new adoption models.
Digital assets in gaming
Virtual weapons, accessories, tools, and costumes will hold an expanded value because the blockchain facilitates their purchase, sharing, trading, and gifting. Users can offer in-game items, and this only gives such things actual financial value.
For instance, Gods Unchained is the world’s first blockchain based eSport produced by Fuel Games. Players can enjoy trust-free ownership of the items they’re buying or earning in the game. Such proprietorship is adding an entirely new measurement to gaming.
What does the future of blockchain-enabled gaming industry hold?
Blockchain-enabled games offer gamers the ability to pay for everything with crypto and even if the digital assets’ value is volatile, gamers are still appreciating the flexibility that stems from this.
Each activity and data is verified via smart contracts, and you can build a character that can be used over a large number of gaming systems.
The risk of hacking in minimum due to the high security enabled by the blockchain technology. Game developers will be able to incorporate blockchain nodes into the design and play structure of the games that they’re developing.
The blockchain technology will eventually change the way in which data is stored for gamers, and it will change the whole way in which games are developed. These are just a few ways in which the innovations of the blockchain technology will disrupt the gaming industry leading it into the future and presenting it with new opportunities.
Henry Lares is still early into his career as tech reporter but has already had his work published in many major publications including Tech Crunch and the Huffington Post. In regards to academics, Henry earned an engineering degree from Apex Technical School. Henry has a passion for emerging technology and covers upcoming products and breakthroughs in science and tech.