One of the most exceptional rising technologies in this world has been blockchain. We are quite familiar with how it has made our lives simpler and better with its advanced features. It provides an extent of trust and validity, just as various benefits when we use cryptocurrency for transactions.
However, blockchain is not limited to only business-related industry but also gaming world. Gaming industry has already crossed $150 billion dollars revenue in 2020 and it is time game software developers take leverage of blockchain power. It has been predicted by the experts that the gaming industry is ready for a historical change. They claimed that gaming industry will be key use for cryptocurrency.
They further claimed that the blockchain technology can entirely rebuild the business. Reversing the situation on the console market, having a multi-dimensional industry and blurring the line between digital and real is the most immersed thing to come out of it
What are the ways that this service is giving gaming companies an upper hand over 3rd party transactions?
Most importantly, we must take the example of the company which made Fortnite – generating revenues around $2 billion with over 350 million players. Rather than taking the enormous achievement and getting a charge out of it, Epic Games declared that it will be add blockchain gaming soon.
Similarly, Ubisoft – the organization behind highly acclaimed Far Cry and Assassin’s Creed series also hinted that they will be investing in the blockchain industry to shape the future of gaming. The question here arises is why these companies are interested to invest in this technology? They know that this cryptocurrency technology is going to completely reform the multibillion dollar gaming industry.
Blockchain allows these developers to make transactions faster than before. It promises security, speed and cost-effectiveness for both gaming developers and gamers. These will be saved in personal wallet of each player. A player also holds the entire control of his virtual cash.
The issues persisting with gamification can be ideally solved by blockchain. You can smooth out exchanges by empowering your players to have a certifiable advanced asset with consistent reconciliation of both users and developers.
Let’s talk about few blockchain benefits which are reforming the complete industry.
Sense of Ownership
As microtransactions – with which you buy weapons and skins – have become a new norm in game, blockchain will allow players to change their digital buys into real assets. A developer and user can customize their characters and other items with their own creativity. It will help them purchase and sell these resources creating a new marketplace and ecosystem in this industry.
Blockchain technology will engineer the appropriated record for decrease of crypto credibility processing duration. It will subjectively assess the planning to give safety and protection to your software.
Promotion & Patronage
With the help of blockchain technology, developers can connect the sponsors to games. It will help them generate new income methods. Software developers can charge an insignificant amount to improve their profits this way.
Blockchain acts as a plus allowing developers and engineers of gaming servers to claim royalties of any item being transacted in their area. It can benefit them by charging a fee to upgrade their income. It is another way to profit from the gaming economy.
To make the betting and role-playing games (RPG) industry more transparent, there is smart contract which is, unlikely centralized server, checking the winning rates. It expands the value of it each time there is a transaction made.
Blockchain and Digital Assets
This advanced technology effortlessly allowing developers to collect microtransactions at a lower expense and in a quicker exchange rate. It again allows to turn your digital assets into real-life resources. Developers can have memberships and permit players to spend as much as possible.
One of the most breakthrough benefits of cryptocurrency is minimizing the losses. Chargebacks, failed transactions and frauds can be avoided with blockchain. Additionally, you can keep even hundreds of millions of dollars completely safe with this groundbreaking technology.
Blockchain is undoubtedly, extraordinarily helpful in the evergreen industry of games. It can conceivably be utilized to make sure about the information in existing cycles, including writing the players or the names of individuals who wager on games into a changeless record. Then again, it very well may be utilized to make decentralized gaming frameworks where nobody organization can control the gaming framework.
It does not matter which game you are playing, on what console you are playing – either PlayStation or Xbox. Even if you are a PC gamer of a mobile gamer, you are limited to its condition. You have been able to utilize the reward you won in a game, in the game. Blockchain is here to bring a historical change. From security, fast processing, transferring rewards from one game to another actualize the value of your win. Dealing in the cryptocurrency-controlled market does not only make gaming more fun but a valuable asset. It is going to boost the already uplifted industry marking a new step in this world.