How blockchain continues to redefine online gaming industry

Blockchain gaming

The growing online gaming industry has continued to adopt cryptocurrencies and blockchain technology. Due to the industry’s massive potential, it is expected to reach a global revenue of $143 billion in 2020. Online gaming firms have embraced blockchain tech like its long lost sibling. Blockchain adoption by the gaming industry has lead to several innovations. The technology, however, can still unlock more potential for the online gaming space in future implementations.

Newzoo 2016-2020 game market projection

Primarily, games involve money. Some of them allow the gamer to buy digital gold, although that is still too time-consuming. For this reason, gamers use real money to buy in-game assets. To date, it remains one of the main revenue generators for the industry.

Blockchain Meets Gaming

Similar to the financial world, where investors require a safe environment to carry out their transactions, gamers require a safe platform to develop their own ecosystem. They must be able to trade, sell, and buy in a secure manner. Blockchain technology allows them to sell their profile to others on a secure platform, for example. They can also take their profile with them into a new game, rather than starting from scratch. Options like these have lead to incorporating the blockchain into online games.

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For example, Beyond the Void, a space strategy game, was built on the Ethereum blockchain. Imagine playing Call of Duty in a Grand Theft Auto map using World of Warcraft weapons. This is what will be possible when everything goes onto the blockchain. That is, assuming developers will ever implement the technology on a large scale. For now, that is not the case.

Blockchain has also added other value to online gaming.

Other Ways Blockchain has Revolutionalized Online Gaming

Canada-based Axiom Zen launched a blockchain game on Ethereum, “CryptoKitties,” on November 28th, 2017. By December 6th, players had already spent $ 6.7 million on this game. This may seem minor, but it confirms there is a genuine interest in blockchain-based video games.

Cryptokitties shows how an interesting game developed on blockchain will help players’ project real value on intangible digital collectibles.

Blockchain has also simplified buying and selling in-game assets, similar to how people can securely and easily transfer crypto from one end to another. The tech also ensures the interoperability of players’ profiles. Gamers can use their unique game addresses from one game to another and transact with their digital currencies from the same public address across those different games.

As much as blockchain has added value in different ways to online gaming, there are still many other use cases to be unlocked within the online gaming space.