Most of us associate Blockchain with the financial sector and the unpredictability of cryptocurrencies. However, the race to pioneer this new technology, or to apply it in ingenious new ways is fierce. The innovations in the field of Blockchain is driving the world towards the age of the digital revolution. Blockchain is impacting not only finance but also medical, insurance, retail, supply chain management, gambling, and gaming. Yes, Gaming too! It seems crazy that Blockchain is such a versatile technology, looking for problems to solve!
Blockchain in gaming: introducing new trends
The gaming sector is one of the most thriving industries of the present age, with projected growth in revenue from USD $94.4 billion to $128 billion in yearly volume by 2020. About 2 billion people across the globe are directly engaged in online gaming. This makes Gaming and blockchain stand at the epicenter of a new wave of competitive technological innovation. Blockchain Gaming is disrupting how people interact with games and companies are striving to differentiate one’s self from others by delivering the best user experience.
5 Ways to turn Blockchain Gaming into a success
Blockchain Gaming offers such incredible features that millions of players worldwide are looking forward to seeing this technology breath a new life into the Gaming industry. The tech-savvy generation is looking at the perspective of new gaming trends with Blockchain Gaming. The enormous potential of Blockchain Gaming gives the possibility to earn for both players and owners. Blockchain-based games promise to offer unique gaming experiences with constantly evolving characters and convenient in-game transactions between different games.
1. A continuous and Parallel Gaming Universe
If you are a gamer, then for you nothing can be more thrilling than playing online games and getting continuous access to parallel gaming universes. The Blockchain distributed ledger would enable their users to use their characters and items in multiple games with interlinked environments. The advantage of using your characters and items across several games can also be used by in-game algorithms to work out a player’s gameplay preferences and provide a more tailored experience. This would give game development studios ability to create parallel gaming universes. This can turn Blockchain Gaming into success due to increased loyalty across all inter-linked titles.
2. A safe and secure environment
A Blockchain ledger is encrypted, guaranteeing gamers safe and secure storage of gaming items, permanently. It is impossible to decipher the impenetrable encryption, as to hack the distributed cryptography the hacker has to hack the right nodes, at the right time.
Therefore, Blockchain Gaming will revolutionize the gaming industry by guaranteeing that virtual items will be safe in the user’s pocket, in all instances, places, and scenarios.
3. A more valued market
Gamers spend hours fishing for in-game items, especially those that are difficult to come across. With Blockchain, the value of virtual items will increase as Blockchain provides new ways to use virtual items in and out of games that raise the functional value of those items. Also, a Blockchain Gaming platform enables gamers to exchange their items in return of cash which ultimately strengthens their economic value. Additionally, a Blockchain-enabled gaming platform that promotes trading, gifting and sharing of virtual items will increase the social value of gaming items. All this together would make gaming profitable and turn Blockchain Gaming into a success.
4. Enabling micro-transactions and cost-efficient payment processing
Blockchain technology allows users to make transparent and real-time transactions without the involvement of any intermediaries. The transaction fee on a Blockchain platform is infinitesimal as compared to transaction fee given to intermediaries. Blockchain will enable gamers to make micro-payments quickly, easily and affordably, giving developers new ways to monetize their games. For a more fluid gaming experience, automatic in-game transactions can be set. This will let players allow games to automatically deliver assets at a cost without having to tediously approve or reject requests.
5. Reducing Fraud and revenue loss
In the present online gaming scenario, one out of every 7.5 virtual items is lost to fraud. Adding to it the cost of chargebacks and failed transactions, amounts to billions in lost revenue per year. Given the unhackable security of Blockchain Gaming platforms, the gaming industry can save billions annually by eradicating the threat of hackers.