No innovation has come to the forefront as the best use case for blockchain technology.
The blockchain has proved itself as a technology that can be put into multiple applications.
From democratizing elections, to supply chain management and the most mainstream of them - finance.
Nonetheless, not even finance has come out as a major catalyst for the adoption of blockchain.
However, as much as understanding and acceptance of the technology is key for its adoption, effective implementation is important to drive usability to its latent potential.
Gaming is another nascent industry.
Gaming pundits claim the industry has similar booming traits as the blockchain.
And given the global phenomenon of both innovations, gaming proves to be a potential use case for the blockchain.
What’s more? The gaming industry is also growing at a fast pace.
A study in 2019 revealed gaming as a whole would be worth $180 billion by the end of this year.
Implementing blockchain in gaming will attract a better user experience, more development tools, better monetization methods for developers as well as the ability to tokenize rewards.
Here are Key points Indicating the direction of interweaving blockchain and gaming.
Monetization
Games consumer spending will rise to $196 billion by 2022.
As an innovation, the industry represents immense potential and benefits for both developers, investors and users.
Furthermore, the mobile side of gaming will take the largest share of the pie.
A study by Polfish shows mobile gaming alone will generate over $95.4 billion in 2022.
This revenue will represent approximately 40% of the entire gaming industry.
The use of cryptocurrency in gaming will help gamers and developers in multiple ways.
For instance, gamers will earn, buy and spend using tokenized gaming currencies.
These tokens are based on blockchain technology and contribute sufficient accounting benefits to protect against fraud problems in the industry.
The most popular gaming tokens are RevolutionVR (RVR), Decentraland (MANA) and GameCredits (GAME).
High rated games that have already implemented cryptocurrencies in their technology include, Mega Cryptopolis, EOS Knight, MyEthereum, Spells of Genesis and Gods Unchained.
Gaming Data Feeds
In June 2020, the development team at GamerHash announced it was integrating data feeds from Chainlink to fairly price gaming platforms.
The announcement went on to affirm Chainlink's credibility in the Decentralized finance space.
GamerHash emphasized gamers should double-check the pricing of Non-Fungible Tokens (NFTs) through verifiable price feeds.
And Chainlink, a blockchain analytics platform is the single-most credible platform for that.
Chainlink's Verifiable Randomness Function or VRF would help gamers play, trade and invest in in-game tokens.
Ripple and Forte $100 Million Fund for Game Developers
(2019) Ripple's developer ecosystem Xsprings and blockchain services provider platform Forte came together with a $100 million developers fund for the gaming industry.
The fund would support game development solutions driving mainstream adoption of blockchain in gaming.
In January 2020, a gaming startup in South Korea raised $2.5 million in a Series A investment.
South Korea's largest venture capitalist Investment Partners and SBI Investment Korea led the investment series.
SuperTree Co Limited uses blockchain as its underlying technology.
The company's most successful games are DozerBird and CryptoDozer.
All of which, the company's developer team built using blockchain technology.
According to the above indications, it, therefore, seems funding and capital investment are unlikely to be a problem for blockchain game developers.
Gaming pundits and blockchain proponents believe in projects pushing for mainstream adoption of cryptocurrencies.
And supporting such projects remains a top priority.
Conclusion
Blockchain is essential for gamers and the future of both industries seem to be inextricably interwoven.
Blockchain's decentralization, transparency and fairness possess immense benefits for gamers.
However, not all blockchains can be used for gaming developments.
For example, with their slow and expensive transactions, Bitcoin and Ethereum in their current state are practically unusable for gaming developments.
And that is where faster and cheaper chains like Bitcoin Cash, Tron, Solana, etc can shine.
What do you think about the application of blockchain technology in the gaming industry? Share your thoughts with us in the comments section below.
