Opinions

Does Gaming Industry Need Cryptocurrency?

Like every other digital field cryptocurrency has the potential to revolutionize, why leave gaming industry unaffected? It’s the same industry that generated a [predicted] revenue of $137.9 billion this year.

That’s nine zeroes right there. A budget of a whole country could be fit into this number.

What new could cryptocurrency bring into the gaming industry?

The control over in-game currency.

In-game currencies, in the form of gold or silver or diamonds or as plain points have been controlled by the owner of the software for all time in history. This allows them to alter or delete them at anytime without the consent of the players involved. EVE Online players, for example, had a hard time adjusting to the update when the developers decided to modify their currency units. Riots ensued in the game, halting activity for some time.

Similarly, hacking in games is becoming the new high, people pay to get their hands on all that gold and progress points in the games. Black markets are dwindling with requests for in-game currencies or in-game products and offers of getting some for you.

It’s time to take the sole reliance on trust away from gaming. The business model of in-game currency is based solely on developer trust. Let’s scratch that. Blockchain will give the authority back to the players. No one will be able to do things to your game progress from behind the screen without your approval.

The next in line reason is the concept of betting and pitching of real money on any competitive event in a game. How exciting is the notion that someone could bet some money, win the game and be rewarded in real money? That’s happening in reality right now. eSports, for example does this on a regular basis. They manage competitive events between players that has some reward money at the end. The power of blockchain could be used to allow secure transactions between players or for insurance of money or reward assets.

Finally, many items or crates in games have been known to be difficult to get their hands on and are usually worth alot of money. Cryptocurrency can provide an excellent platform for buying and selling of these items. For example, DMarket is a blockchain based global market which allows gamers to transform in-game currency and items into real-world commodities. It allows users to trade virtual items for any game title. All with the help of blockchain.

To sum it up, gamers are probably more familiar with the concept of virtual currency than non-gamers. Naturally, they have spent thousands of hours collecting virtual currency fighting villains or exploring virtual universes. Blockchain will, sooner or later, penetrate the foundations of gaming industry. We may not need it right now, but we surely will need it sometimes in near future.

 


Sarim Mehmood

An electrical engineer to be. Sarim is a blockchain & crypto enthusiast and an early investor in ETH and Ethereum based projects. Contact the editor at editor.opinions@blockpublisher.com

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