Blockchain Technology in Gaming

The Video Game Industry Revolution

In recent years, we have seen a boom in the utilization of blockchain technology, this was a direct result of the need for a new system that can solve problems. Most commonly used today, we have seen blockchain technology implemented to solve the problems that exist in fiat currency — but blockchain technology is not just about money, it also has the power and potential to have a revolutionary impact on the gaming industry.

The early development of CryptoKitties was a glimpse into the potential future of gaming. CryptoKitties operated on the blockchain-based Ethereum. By early December, the game turned into a viral sensation; sending the prices of multiple kittens well above $23,000 and the “genesis” kitten being sold for a record of $113,000. There were so many transactions within the game, that many feared that the entire Ethereum network would come to a halt. So, how does all this kitten talk change the fundamental business model of the gaming industry?

Since blockchain emphasizes decentralization and freedom, gaming itself would be changed; favoring player freedom. The video game would essentially be owned by the players and not the company. The most commonly known approaches in blockchain gaming are mainly in transactions of assets in the game.

Gamers have the potential to own digital assets that they can use to pay for in-game items. Players can sell it, use it, or could even hang onto it. Enjin, the largest social gaming website platform in the world is developing an Enjin coin to tokenized in-game purchases. Enjin Coin lets developers and players “create, manage, distribute and trade virtual goods.” This gives game developers and content creators a new vision of virtual ownership. Players will also be able to trade their digital assets from game to game, allowing them to grow their digital wallets with real monetary value.

In the future, I believe that there will be several roadblocks and implications in the path ahead; foreign governments and regulations banning the use of transactional cryptocurrency. Otherwise, the blockchain gaming phenomenon has tremendous potential to revolutionize the gaming industry.

Source: https://medium.com/@stephenong21/blockchain-technology-in-gaming-6e7e5cc1a4f0?source=rss——cryptocurrency-5