The video game industry and the blockchain and crypto domains seem to fit perfectly. Both communities recognize and appreciate the value of digital objects. For instance, values range from conducting cutting-edge technological developments, allowing gamers enjoy total control of their actions and providing passionate intense emotions.
Blockchain seems to be very useful in the gaming industry. It can potentially be deployed for many improvements. Some of which include data security to safeguarding progress and recording betting data in an immutable registry. As a result, the technology can help create truly decentralized games, where no entity can control them independently.
The global gaming market is expected to reach sales of $159.3 billion in 2020, with year-over-year growth of 9.3%. Can blockchain and cryptocurrencies be part of this industry? Of course! That said, are the large video game companies that generate massive revenues year after year ready to adopt blockchain technology?
Factors that Hinder the Adoption of Blockchain
While the gaming industry is ready to adopt blockchain at the technical level and use it to advance the operability of games, there is another problem with financial factors. The great development of the video game industry in recent decades proves that its business model works.
If there’s one place where developers or artists can sell virtual and digital items to their customers, it’s the game. Often, video gamers look for rare items within this game, being willing to pay real money to get them. There is a concern that blockchain technology will help players exchange and exchange items with each other, without the need for a central entity.
If developers no longer benefit from the introduction of digital products in their games, what would be the reason to develop them in the first place? This freedom and decentralization can seem quite frightening for well-established gaming brands.
Discussions about the use of crypto for micropayments in video games are already an important topic. Developing blockchain-based ways to allow publishers to monetize their gaming products more can also be beneficial for players, as they would avoid spending extra money on an intermediary.