There are very few industries in the world that are as fragmented as the video game sector. The sheer number of competing brands with different ideas and projects is astounding, to the point where conformity is simply unimaginable. This certainly sounds like an industry that we’re familiar with, as there are clear divisions in the cryptocurrency community right now as well. The similarities don’t end there either, as blockchain is currently the foundation of the digital currency market, with its power now bleeding over into the video game domain.
We recently looked at Microsoft’s interest in implementing blockchain within its Xbox platform, along with the latest shoot ‘em up release to have cryptocurrency implications. However, this could prove to be just the tip of the iceberg when it comes to what blockchain is capable of in the video game industry.
Embracing the Power of Blockchain
It wasn’t all that long ago that the cryptocurrency market was riding high. With a $700 billion valuation, you simply couldn’t move for its overbearing size and power. This figure has dropped since the late 2017 boom period, but the interest in digital currencies and the blockchain technology behind them remains. Blockchain technology is now being adopted across a number of industries – from real estate sales to online dating.
In the virtual economy, the video game industry is truly dominant, with its dominance not escaping the clutches of blockchain. We’ve already mentioned two examples of blockchain at work, but with each passing week the cross-pollination between the two fields grows. Leading companies and creators like GameCredits, Tapinator, and Spells of Genesis have already brought blockchain-based software to the video game market. Some of these companies have even opened up blockchain focused subsidiaries. For example, Tapinator recently opened the doors to Revolution Blockchain. This new company will be focused on developing blockchain apps and games, with its first project now well underway.
For the Players
There is no doubt about it, wide-scale blockchain adoption in the video game industry is well underway, but what does this mean for players?
Look at the gaming landscape right now, almost every game utilizes its own form of virtual currency. From FIFA 18’s Ultimate Team Points to Fortnite’s V-Bucks, in-game currencies are now a crucial part of the gaming experience. Players use these currencies to buy in-game options and unlock further features. By implementing a blockchain system, it opens the door to allowing players to reinvest tokens earned or purchased across a number of games under a developer’s banner. For example, you could spread tokens across EA’s entire game series, jumping between FIFA 19, UFC 3, Madden 19, and beyond. It would also allow for almost instantaneous cash out of these funds when required.
Making use of blockchain and a cryptocurrency-esque system allows tricky credit card-driven micro-transactions – along with the fees attached to them – to become a thing of the past. This can also benefit competitive gamers and streamers, as it means that donations would become easier to claim due to the use of a game or platform specific token.
Battling Back Against the Hacks
Arguably blockchain’s biggest impact won’t actually be customer facing. The video game industry has faced something of security crisis in recent years. Even industry stalwarts like Sony have fallen victim to major hacks that have seen customers’ personal details be put at risk. Blockchain could prove to be the remedy for these woes, as it would address major problems related to security and player retention.
Cybertheft and duplication is rife in 2018, blockchain would make the registration process attached to any game or system transparent, with player assets being instantly verifiable. Blockchain helps bring together a clear ownership system that will eliminate the murky and sometimes controversial nature of in-game transactions. This could potentially entice players to invest more funds and time into gaming too – on the understanding that it is a secure environment.
Marketing to the Masses
It’s 2018, not 1988, with marketing now as big a part of the video game release process than the game itself. Many great games have lost out on sales because they just haven’t been able to spread the right message to players. Through blockchain technology, game developers can improve marketing and crush the related costs in the process. Referral systems have become a huge deal in the technology sector, just look at the success OnePlus has been able to achieve, with ABYSS looking to take things one step further.
ABYSS is a digital distribution platform for gamers and developers – operating as a product of Destiny.Games. Focused on MMO games, the token is primed to work with a community that’s built upon multi-level referral, motivational programs, auctions of game items, and other gaming social activities. It effectively disrupts the usual way of handling advertising, as ABYSS will allow users to collaborate by directly buying and selling targeted traffic to one another. Referral systems in a traditional sense might be considered old fashioned, but when it’s infused with blockchain technology it’s a different game entirely – if you pardon the pun.
Bring on the Blockchain!
The cryptocurrency and blockchain industry is expanding at a rapid rate, to the point where it is spilling over into other sectors. For developers and startups, blockchain specifically is now much more than just a useful tool, it’s becoming pivotal to the game creation, marketing, and distribution process. The advantages of using blockchain are undeniable, with it making a huge impact among video game creators – generating some serious excitement in the process.
The hype attached to blockchain-based video game projects is running wild, but there is no denying that Blockchain will undoubtedly change the video game industry for the better.