How Blockchain Technology Is Shaping the Future Of The Gaming Industry

Blockchain technology is transforming almost every sector and the gaming industry is no exception to it. The impact of blockchain in the video games industry is inevitable. Even various startup companies are simplifying blockchain for their benefit. Read on to learn how this innovative technology will change the future of the gaming industry.

Providing players with a more personalized gaming experience

Most gaming companies often store their assets on centralized servers as there is a risk of asset duplication. Since players don’t have control over the virtual assets, they are restricted from buying, selling and trading these assets beyond the gaming ecosystem. Blockchain brings control of these assets in the hands of gamers wherein they can exchange their virtual assets with other players. Also, players can exchange the assets with players of other games, which offers a more personalized gaming experience.

Saving millions on payment processing

Today, the online gaming industry offers a variety of games, including Neon Jungle, White Wizard and Cygnus to name a few. You can use your credit cards, debit cards and other payment options to make deposits and play your favourite games. The card-issuing banks charge some fee for each transaction the player makes at the online gambling sites.

Decentralized payment gateways will allow users to make payments with a fraction of the fees that are currently paid to the banks. Also, game providers will save a huge amount of money on payment gateways and merchant subscription fees.

The blockchain fee is paid to the miners, who are rewarded for running their data processing hubs. But there are so many of them and they are so far removed from the customers that they have no way to manipulate the market.

Proof of asset scarcity

The public blockchain ledger will allow gaming companies and independent developers to create rare items, providing proof for asset scarcity. Developers could easily create web pages through which they can track the availability of the most coveted digital assets in a gaming platform.

No one can fool the blockchain ledger: if there’s a specific amount of something, that’s all the users will see. This gives proof of rarity to anyone who wishes to create rare digital collector’s items.

Regulated gaming economies

Game developers and governments know that banning trade in the gaming industry does no good but create black unregulated gaming markets. This disables the games to control all the trading parameters, increasing the risk of being scammed online.

The blockchain can be programmed to allow developers to collect ongoing royalties for items being traded throughout the gaming community. Developers can also choose to allow items to be traded with no restrictions and can even stop them from being traded at all.

Micro-transactions could make gaming fairer

The ability to take micro-payments easily and affordably will give developers new ways to monetize their games. Cheap power-ups will allow more gamers to justify buying items, especially knowing that they’re gaining something with real-world value.

 

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