Why Crypto Gaming Could Be the Future of the Global Gaming Industry
The first game that reached our TV screens was “Pong” in 1975 that had two paddles and a small pixel ball. Ever since then, the gaming industry has evolved so much that, according to CNBC, gamers all around the globe spent a whopping amount of $138 billion in 2018.
The gaming industry can be a vast and lucrative market for those who are looking to become a gaming entrepreneur or developer and push the envelope on what is possible with the help of high-end hardware and software.
As the games have become increasingly focused on the multiplayer side of the Internet age, people have put more and more focus on trust and fairness. They have criticized the big companies that tend to take advantage of micro-transactions and often censure that this practice is ruining the feeling of accomplishment in a game where you can buy all the progress.
Now there is a new technology in the gaming industry that will take things to another level, and that is Blockchain. If you’ve ever tried Book of Ra online, you know what we’re talking about.
We decided to do the research and find out if crypto gaming and Blockchain is a beneficial add-on for the gaming industry, and how it will affect the day-to-day gamer. So, let’s see in more detail.
In-Game Purchases Can Be Easier With Cryptocurrencies
By using cryptocurrencies, the players in the gaming industry will be able to buy the game collectibles instantly and not wait for some 3rd party payment provider to take their request and process it. They could also save all the fees that, usually, the payment providers are charging its users.
Safe and Secure Environment for Gaming Industry Entrepreneurs and Developers
The blockchain platforms in the gaming industry are using powerful, strong data encryption technologies in order to secure crypto token transactions. Because there is no server, hackers will not be able to hack a decentralized blockchain network, and on top of that, they are not able to stage any “Distributed Denial of Service” (DDoS) against these kinds of networks.
Blockchain systems around the gaming industry are using “Proof of Work” (POW) and other several consensus algorithms for ensuring security.
Safe Buying and Selling of In-Game Assets
If a game is developed on a blockchain network and players are allowed to buy and sell the in-game assets by using cryptocurrencies, they will be more inclined to do those transactions because it’s a safer environment, especially in the mobile gaming industry.
Because there was an immense popular interest in Crypto gaming, now you can buy and sell crypto tokens easily and securely, as opposed to when the first cryptocurrency appeared on the market.
Securely Store Your In-Game Assets
A centralized server is a hacker’s dream because it’s only one target — the encryption can be broken, and all the assets stored there are now in their hands. Using the blockchain technology can change this in the global gaming industry, as players will be able to store their game collectibles in their crypto wallet safely and securely. And mobile games can thrive even higher.
Rarer In-Game Assets Can Be Created
A gaming industry trend that is visible already and, most probably, will grow in the future, is that the rarer the digital collectibles are, the greater the price they will attract, driving up the revenue of the sector at the same time.
You Can Truly Own Your In-Game Assets
In the current gaming industry, in the popular mobile games where developers are not using blockchain, you do not really own the purchases that you make in-game. Simply put, smart contracts are automatically executed when all the coded conditions are being fulfilled, that has an irreversible result. All the assets that players buy will be sent straight to their public addresses.
The results from smart contract execution are being recorded by using a decentralized blockchain, and the records are basically immutable. The public address of the assets’ storage cannot be changed by any centralized agent, which means that no one can switch the ownership of said assets.
Whether you choose to make an income from Bitcoin gambling or just want to enjoy your mobile games, you can safely use your money if the game uses a blockchain network. Expect to see a more significant rise in the gaming industry as the new technology is available and ready to use for your safety. What’s your position on crypto gaming? Is it about to explode by using these new technologies? We would love to hear your stories and experiences.
Thomas Glare is an award-winning journalist and tech enthusiast. As a hobby, he likes to buy broken phones from the local shops and repair them in his garage. Originally from London, Thomas now lives in Minnesota and likes to go to the movies alone occasionally.