HOW CAN BLOCKCHAIN REVOLUTIONIZE THE GLOBAL DIGITAL GAMING MARKET?
Just like VR gaming or cloud gaming, Blockchain gaming is the new opportune area in the global digital gaming market. The gaming world depends on gamers trading and salvaging to earn currency. All this has a very strong connection with the real world where people earn money to make purchases, gain access and acquire real estate—the only difference being that for gamers, moving up the ladder happen fast in the digital world. This sense of combat and accomplishment that the games offer becomes the ultimate reason for gamers to return to the game repeatedly.
Peer-to-peer transactions are a rising component in MMO games. These include in-game purchases to arbitrage, tips and services. In World of Warcraft, players buy and sell items. In the world’s largest online video-game streaming platform called Twitch, gamers can leave cash tips for other players in the form of ‘Bits’. In order to process these payments, Twitch is depending on payment platforms like PayPal and Amazon.
Ways Blockchain can revolutionize the gaming space
Blockchain is here to remodel the gaming world. There are several ways in which Blockchain will revolutionize the gaming space:
The problem of fraudulent activities can be controlled with the help of Blockchain. Blockchain can prevent illegal trading of virtual assets and is also capable of stopping hacking. In the past, players could not own or trade virtual goods and often their items would be stolen by fraudsters. But with Blockchain technology, in-game trading market gives players the confidence that they are buying authentic uncopied items. The in-game trading industry is also proving to be quite profitable for legacy video games like Call of Duty and Blockchain-based games like CryptoKitties.
Control over virtual assets:
In order to control duplication, gaming companies often store virtual assets in centralized servers that prohibit players from having access to their purchased assets. This was a deterrent for players who indulge in buying or trading assets outside the game. Blockchain has been successful in decentralizing the assets, thereby facilitating exchange of virtual assets. Decentralization is a welcome relief among players as it allows interactions in a peer-to-peer model. The aim of Blockchain is to allow exchange of virtual assets across different games, providing players with a better and more personalized gaming experience.
Processing of payments:
The ever-expanding gaming industry is not very cost-effective. In-game transactions are a time consuming process. Blockchain has been a potent solution to this pressing issue in the gaming world. Payments are processed faster, and transactions can be carried out without involving debit and credit companies. Fee is also not high in Blockchain due to the decentralized system. In-app purchases are also made easy with cryptocurrency, allowing direct micropayments from gamers to developers. Unikoin Gold is an e-sports betting platform that allows gamers to use in-house UKG tokens to participate in decentralized gambling.
Blockchain has enabled game developers to provide direct developer to gamer opportunities and build and distribute products without the need for expensive intermediaries. Developers can also monetize games through in-house assets as part of the game’s design and receive automated payments through cryptocurrencies.