Author: Reuben Jackson / Source: Big Think
- Blockchain is already revolutionizing many industries across the board, and the gaming sector is no exception
- The gaming industry is a massive market on the rise with huge potential for growth, and blockchain is already looking for ways to innovate this up and coming sector
- Blockchain projects are already focusing on solving specific pain points and issues currently found in the gaming world which will be based on the technology
It is often said that blockchain technology could one day revolutionize a range of industries – from global payments, energy and even the election process.
However, one sector in particular that is somewhat under-discussed is the gaming space.Blockchain is the technology that supports cryptocurrencies such as Bitcoin. It’s basically a giant accounting ledger that records each and every transaction that is processed by the system, and it’s extremely secure. Moreover, blockchain requires no third party to verify transactions, as that is role is left to a group of online volunteers known as “miners”.
So how does this link in to the ever growing world of gaming, an industry that generated $108.4 billion in 2017 revenues?
Incentivizing
Incentivization within gaming is a crucial selling point for many leading titles. For example,players of FIFA Ultimate Team, a hugely popular mode within the FIFA soccer range, are given the opportunity to earn FUT coins while navigating through the game. However, other than allowing the player to purchase additional player packs, these FUT coins have no use outside of the game.
Blockchain uses a digital token system that once listed on a third party exchange, allows users to exchange them for other cryptocurrencies such as Bitcoin, or even real-world cash. As a result, the future of competitive gaming built in collaboration with blockchain could reward successful gamers with in-house cryptocurrencies that have real-world value.
One such example of this is the Huntercoin project. The blockchain-based gaming world allows players to earn its native HUC coin by competing with other players.
True ownership of rewards
Similar to the FUT coins, gaming skins are a hugely popular way for players to earn in-game rewards. Essentially, skins are a customizable reward that allows players to change the appearance of a particular in-game feature, such as a character, vehicle or weapon. This is a surprisingly lucrative industry, for example, in early 2018 a Counter-Strike: Global Offensive (CS: GO) player sold a weapon skin for $61,000!
However, some would argue that these gaming rewards are opaquely controlled by those that own the title. As blockchain does not require a third party to facilitate the transferring of digital assets, players would be free to trade in-game skins on a peer-to-peer basis, gaining full control of the skins they have earned.
Removing the black market
Earlier this year, an…
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