The gaming industry has a chance to transform thanks to blockchain
Blockchain is expected to change the face of the game industry thanks to immutability, security and the ability to bridge the gap between players and developers.
After a significant impact on the financial services industry and becoming the cornerstone of the cryptocurrency movement, blockchain began to invade the gaming market.
The demand of purchasing in-game items and currencies grows, analysts say blockchain will play an important role in the booming gaming industry, as well as eSports.
The potential of Game Industry
The value of the global gaming industry reached nearly $ 148.8 billion USD in 2019, an increase of 7.2% compared to 2018. In particular, the mobile game segment contributed nearly 50%, equivalent to 68.2 billion USD.
The impressive results are driven by the popularity of smartphones around the world. Market analytics firm NewZoo predicts that the number of smartphone users will reach 3.2 billion this year, thereby helping the gaming industry surpass the $ 160 billion mark.
In Southeast Asia, the gaming industry grew rapidly, generating 4.3 billion USD in revenue in 2019, up 13.9% compared to 2018. Compared to other markets such as Western Europe and South America. , Southeast Asia is much more consistent. This is considered a key market for any company that wants to release new games in the area or simply increase its regional presence.
Safe transaction in Game
With inherent advantages in security and immutability, blockchain allows users to monitor and increase benefits while in the game. Game developers can apply blockchain technology to develop currencies, support payments and exchange items.
For example, GES is one of the pioneers applying digital transformation in the game field. The company develops GES Token based on the Ethereum ERC20 standard, to ensure information security and property ownership.
“GES allows developers to create decentralized applications (DApps) running on multiple block chains at the same time, creating token systems to replace outdated traditional payment methods to ensure safety, fast and transparency, ”said GES. “The speed and usability of GES Token is optimized in the ecosystem, ensuring on the blockchain platform, the assets of GES Token owners are unique and global.”
Linking in-game item data to GES Token allows trading of assets between different games, depending on the publisher’s policy. Instead of having to plow back from the beginning, they can use the old game item to exchange for tokens and then use it to buy new game items.
“Blockchain opens up the ability to pay or exchange assets in the game,” said Rahud Sood, CEO of eSports media company Unikrn. “We can carry out legal tracking, money flow on the platform and prevent any fraudulent intent on the system.”
Narrow the gap between player and developers
“We think blockchain is an effective complement, taking the gaming industry to a new level. It helps extend the life of the game, providing players with an exciting experience like never before, ”said Steve Grossman, CEO of Planet Digital Partners.
For example, the cooking simulation game Cooking Mama allows technology savvy people to change the game’s algorithm expressions to customize characters, recipes, etc. Players can share their creations in the community. through the public key.
“The mode of converting digital assets between PC games has existed for many years but is limited to consoles,” Grossman said. “With Blockchain, we have found a way to allow users to work with personal assets for a unique experience in Cooking Mama.”
Other experts also agree with the view that blockchain changes the gaming industry by expanding the ability to communicate between players and developers. Specifically, developers can refer to the player’s ideas, collect feedback from the community and apply to improve the game quality.
Currently, many giants in the gaming industry are involved in the research project of the applicability of this new technology.
In 2018, Ubisoft, the creator of the Assassin’s Creed series, revealed plans to launch HashCraft, a game that allows players to develop their own missions. Montreuil-based company (France) joined the Blockchain Game Alliance, along with Fig, Alto and EverdreamSoft.
However, Coin Telegraph said that the blockchain game still has some disadvantages like cryptocurrencies. The value of money in the game can fluctuate, increase or decrease difficult to control. Moreover, publishers are also concerned about unclear cryptocurrency management policies in many countries. The alleged circulation of unlicensed currencies may affect their reputation and stocks.
Moreover, blockchain enhances experience, but quality is the key to the game’s success. “Blockchain is a cherry on a cake, it helps take the game to the next level”.