Gaming market is turning heads as it is exponentially growing over several decades. Dominated by major gaming players like Valve Corporation, Riot Games and ActivisionBlizzard, the industry is projected to grow from $116 billion in revenues in 2017 to $143 billion by next year as per DailyFintech research.
However, numerous issues have been experienced by game developers and gamers alike. Cheating, frauds and hacking have been plaguing the industry for years, eroding trust among the participants and stealing the joy of playing.
Hence, game developers are designing new methods to run online games securely, privately and efficiently using blockchain technology. Players can form teams in new and existing ‘Massively Multiplayer Online Role-Playing Games’ (MMORPGs), record their accomplishments securely and permanently, pay and exchange in-game resources or share rewards, like tokens or in-game currency.
The world's first blockchain game, Huntercoin, was released 2014. It was forked from Namecoin and runs entirely on its blockchain without servers. In the game, players earn the coins by competing against each other, which they can trade for Bitcoin.
Multiple investors including VCs are partnering with gaming platforms to introduce crypto-currencies in online games. For example, Cocos-BCX, developer of the famous mobile games including Angry Birds, Clash of Kings, and Badlands, has raised $40 Million from global investors including Binance Labs, 500 Startups, BlockVC, and NEO Global Capital for a blockchain Gaming Network, to help take gaming to the next level with crypto-currencies. Similarly, CryptoKitties, one of the most popular blockchain-based games, raised $12 million in a round led by Union Square Ventures and Andreessen Horowitz.
Blockchain-based platforms like Enjin further allow developers to build fungible in-game virtual currencies and assets as part of their unique ecosystem. Similarly, marketplaces like Wax, OpenSea, and Rare Bits function as decentralized exchanges for non-fungible assets, giving users the freedom to interact in a P2P manner.
Coupled with the meteoric rise of e-Sports and an opportunity for developers to properly monetize and participate in the gaming community, the intersection of blockchain technology, cryptocurrencies and gaming has potential to transform current gaming landscape.
Credits : Akhil Handa