Why gaming industry needs Blockchain Technology?
The world of gaming has evolved more over the past decade, particularly when it comes to online purchases and transactions. During the first two decades of its existence, publishers primarily relied on an item assigned to as “pay-to-play,” that essentially entailed a gamer paying the full price for a video game (CD-ROM/cartridge) to enjoy uninterrupted access to the title. However, over the past 10-15 years, owners have started to use a new approach which essentially decreases the game into small parts, with the price of each item being charged separately through a digital transition medium called “virtual currency.”
The report says that thirty percent (30%) of the total people on the earth which makes for about two billion (2.2B) are active gamers. One billion (1B) of these gamers spend money while playing. The estimated amount for the gaming industry thus adds one hundred and eight billion ($108.9B) dollars. The creation of a virtual economy- allowing players to get a better performing gear which helps them get out of the grind cycle and rise up to the top players with relative ease.
Blockchain Solves Fraud in the Virtual Asset Market
The centralized marketplace user often suffers from the receipt of incomplete virtual assets or delivery issues on the part of the seller, these problems are solved by blockchain. In a centralized marketplace, intermediaries are needed to prevent and stop the fraud, which is fine but the amount to spent the transaction cost of sake is too high. Instead of that, decentralized marketplaces don't need any intermediaries to stop the fraud. They all developed by a smart contract, which will guarantee delivery of the asset.
Blockchain smart contracts have the power to omit a majority of transactional intermediaries and ensure that goods are delivered and which buyers and sellers follow through on their responsibilities without the need for third-party intervention which drives up the price of buying and selling up.
Blockchain impact in the video game industry
The rise of blockchain technology can generate multiple solutions for the gaming world, as it can offer gamers a more transparent and also decentralized way to engage with games and in-game assets. According to some main experts, blockchain technology will gonna change the face of the gaming industry in the near future.
Many game developers are already adopting blockchain technology with the launch of new dApps, or decentralized applications which use blockchain technology in gaming. Apart from the growth of dApps, the gaming community plan to managing their digital assets in a new way for their favourite video games.
In addition to that, the gaming industry has been revolutionized by various new technologies, including Virtual Reality (VR) and Augmented Reality (AR), Artificial Intelligence (AI) all of which offer mesmerizing gaming experiences. Envision the massive things going to happen in these technologies games with the blockchain technologies.
Blockchain to secure gaming
Safe and Secure Storage
Introducing encrypted blockchain ledgers to the gaming world will go as long as the way to promising guarantee to secure storage of your game items. Until your information is in the blockchain you can say goodbye to hacker’s dream of accessing it. Blockchain also allows gamers to securely store in-game assets.
Saves money on payment processing
As you are already aware of the gaming industry which is very huge and it is possible to pay your expensive fee that comes with it. The blockchain will allow you to pay your fee without considering whether the amount is small or high, without involving the debit or credit card companies. finally, it is decentralized fees implemented here are small.
Proof of asset scarcity
As blockchain is open source the game developers can build rare virtual assets such as armours, swords and other in-game cosmetics to make them more valuable. One of the best examples which use this blockchain technology is the Crypto Kitties Game.
Finally, now you can get the idea of how blockchain will have a massive impact on all aspects of the gaming industry. Since the blockchain technology is spreading seriously, it will revolutionize the gaming sector further and we must admit now which it is becoming a prominent part of today as well as the future.
How to create a game in blockchain
Creating a game with blockchain is a big thing. You have many resources to build your own blockchain game. Reach a trustworthy blockchain dapp game development company like gamesdapp. We have a well trained experts to create innovative game. Ping us to know more about developing blockchain games with our experts.