How Blockchain Could Elevate The Gaming Sphere

In just a remarkably short amount of time, blockchain has managed to entwine itself in various industries, and shows no signs of slowing down.

The blockchain and gaming industries have always overlapped in terms of target demographic. Digital economies and currencies are not foreign concept to gamers and they adapt to the technology quite quickly. It seems apparent that the union between blockchain and gaming would happen sooner or later. There has been a new wave of innovations that naturally combine the two fields in rather beautiful way.

Game companies are already creating digital assets. Owning virtual characters, profiles, items and resources could not be that far away. Should game publishers have absolute control over game economies when it’s the players that are funding them?

Bringing blockchain and gaming together allows developers to create unique ways to monetize. Companies will also be able to save millions on payment processing, as payment fees become negligible through the use of digital currencies. This allows publishers to explore new monetization models using micro-transactions.

Another benefit of joining blockchain and gaming together is that virtual items such as tools, weapons, costumes and accessories will hold increased value. Blockchain infrastructure would facilitate the purchase, sharing, gifting, and trade of all virtual items. Platforms could also be set up to allow users to sell in-game items, thereby giving the items actual economic value.

Gods Unchained, the world’s first blockchain-based eSport created by Fuel Games, is an example of this. They leverage the technology to allow players trust-free ownership of the items they purchase or earn in games. This adds a new dimension to gaming, and makes it easy to understand how the decentralization of in-game economies is important.

Digital assets with real value together with the public blockchain ledger allows developers to create limited edition rare virtual assets. As the items get unleashed periodically, the scarcity will keep users interested, loyal, and ready to pounce at any chance to be one of the few that have the item. Users will be able to track the availability of coveted digital assets through web pages that pull data from the blockchain. An example of this is the popularity of CryptoKitties, the game that allows you to buy and breed collectible and unique digital cats.

Blockchain is the key to improving the world of gaming companies and users alike. It is up to entrepreneurs in gaming to research the ways that the blockchain can help improve their next project, in order to ensure a warm reception upon launch, and ongoing financial success in the short-term and the long-run.