There have been plenty of technologies, such as augmented reality, that have transformed the gaming industry in the last few years. Blockchain technology is another technology that is set to do the same. With this technology, it can enable a new way for developers and players to interact with gaming platforms.
IMPACT OF BLOCKCHAIN TECHNOLOGY ON GAMING INDUSTRY
- MORE CONTROL OF VIRTUAL ASSETS
A gaming industry will store game assets on a centralized server, due to the risk of any assets being copied. The centralized server forbids the gamers from buying and selling assets outside the game platform. This means players don’t own any gaming virtual assets they have. Blockchain will provide decentralized control and full transparency of virtual assets. This means players have full ownership of virtual assets. It will also allow gamers to use assets across different platforms to allow for a more personalized game experience.
- MORE EXCITING GAMING UNIVERSES
Blockchain will allow gamers to use characters and items across several different games. Data will be verified through smart contracts to make this possible, providing parallel and more exciting gaming universes.
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- ACCOUNTABILITY AND CREDIBILITY
Blockchain records all transactions and isn’t allowed to be altered without the authorization of most of the network. This allows players to use accounts across different gaming services that will track and document all interactions.
- GAME SECURITY
Gamers will work hard to get ownership of virtual goods on these platforms. However, fraudsters will copy a virtual product from the game and sell it, which will decrease the value of the asset. Blockchain will create a ledger to prevent any illegal stealing or trading of goods.
- VALUE OF GAMING ITEMS INCREASES
With more security, the value of gaming items will increase. Blockchain creates more value by creating new ways of using virtual items in and out of games. It will also create platforms that allow gamers to sell virtual items for fiat cash. Creating a virtual space that promotes sharing, gifting, and trading virtual items will also increase the social value of these items.
- SECURE STORAGE
Storing game items are important and blockchain guarantees gamers have a secure and safe way to store game items. If data is in the blockchain, then hackers don’t have a way to get to it. Blockchain will permanently ensure the safety of any virtual items.
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All video game companies required candidates to take a test (3D art test) to showcase their skills and how closely those skills matched the requirements.I used to check out the company’s games, see which games they have worked on, and then create assets in my portfolio that matched those games.The music used in my video reel was classical instead of techno.
It made the interviewers take notice.
Also, I highlighted other skills apart from my work – I was good at finding tutorials/help online-offline (this was in 2004-2005 where it was not easy finding information on the internet).
According to the latest research by Newzoo, it is expected that the Gaming industry will grow from $137.9 billion in 2018 to $180.1 billion in 2021.
It is also obvious that blockchain technology has found its useful way to bring in a lot of new features and capabilities to the rapidly evolving gaming industry.
Most of the gaming developers find their way from a traditional gaming to a decentralized gaming and its no surprise that blockchain continues to revolutionize the gaming sector.
Huge Opportunity of Blockchain in Gaming Industry
Although the Gaming industry is growing and achieving continuous growth in the recent times, like the other industries in the extensive market, gaming sector also constantly face some challenges, particularly with regards to privacy, digital rights management, in-game asset/digital asset ownership, hindrance of social interaction and revenue sharing.
But, blockchain technology looks to be a solution to solve the issues faced by the evolving game industry, with its ability to manage ledgers through decentralized distributed ledger and high quality smart contract.
To know more : Blockchain Gaming Apps
