The issues faced by the gaming industry,

How can blockchain be the ultimate solution❓🙍‍💬🤔

(ctto)

Blockchain technology and the virtual gaming are completely unavoidable especially when the world is unraveling different possibilities of the blockchain. The gamers across the world have shown openness to accept blockchain in the gaming industry. For the gamers, the blockchain serves endless options that are more than the payments. The blockchain technology is designed in a way that it can be used for authentication as well as record anything without manipulation. Particularly, it is a robust technology to fight against fraud activities that are quite prevalent in the industry. With the distributed ledger and proof ownership, the gamers can utilize these platforms to play and also trade the loyalty points in a P2P manner.

The video game industry is one of the first ever industry to utilize blockchain to evolve the entire gaming industry by building a trust, change the gaming community, and reinvent the digital distribution of the games.

The global gaming industry is developing at a lightning speed. Three years ago the revenue earned by the global gaming industry was $93 billion dollars. However, the earned revenue of the industry after three years is around $180 billion dollars.

The industry that has been around for 50 years, such growth seems to be interesting and amazing.

What is more interesting is the rapid growth of the mobile games, which was around $31 billion dollars in 2015 and is believed to increase to $106 billion dollars in 2021.

The issues associated with the online gaming industry

The developers earn millions every day through virtual items. However, the gaming industry is currently facing a number of problems. Let’s discuss them here.

Unreliable transactions

The gaming industry constantly battles with fraud activities and data breached which results in the loss of billions of dollars every year.

However, the blockchain technology can certainly make the entire ecosystem more secure by taking care of the transactions, storage, and delivery of the virtual items to the distributed ledger.

Customer retention is not very common

A player earns the loyalty points customize the characters. The players can use various other platforms to play the games which are just one click away. The loyalty programs offered are more or less the same. That is why the players do not consider it as an auxiliary add-on, the players know that these points will not offer much to them, as they will either expire or cease in the future.

The blockchain technology can revolutionize the overall gaming industry and protect the ownership of the digital points. By using the blockchain, the gaming industry gains the benefits of using cryptocurrencies. The platforms will provide:

  • The decentralized network
  • Transparency
  • Highly robust and secure platforms
  • Quicker, cheaper, and easier transactions
  • Immutable proof ongoing and previous ownership

Restrictions due to crowdfunding

One of the best and most popular ways for the developers to fund their projects is by using various crowdfunding sites but they simply have insufficient incentives to give.

The blockchain gives an opportunity to the developers to offer exclusive points and discounts to the gamers. This simply means that players would get their points straightway that can be stored in a cryptographically secure wallet which can be used at any point in time.

Short-term value

Currently, the use of loyalty points is limited to the game only on which you purchased it. This significantly decreases the value of these points in space and time; this means that these points only hold value to the restricted game outside the game it is of no use.

The blockchain technology gives an opportunity to the developer to significantly increase the value of loyalty points. This is only possible by protecting the use of the points. The cryptocurrency in the blockchain can be used to incentivize the gamers worldwide. This cryptocurrency can be further traded or exchanged for various other cryptocurrencies as well as fiat currencies.

Conclusion

It is very clear that the current gaming industry has problems that need to be fixed. Clearly, blockchain powered platforms can evolve the gaming industry to a whole new level. The blockchain technology has an ability to create entirely different but innovative opportunities for all the actors in the gaming industry to benefit from the gaming platforms. Taking advantage of the technology a small project can turn into a million dollar industry. More and more advanced development in the coming years can allow the gamers to earn points that will not expire and can be secured in a wallet for as much time as possible. Blockchain-based transactions, referral tools, and fundraising will create new opportunities to expand and innovate. Platforms like Big Bang, Buff, Monetizr, and FunFair aim at bringing endless possibilities to completely revolutionize the gaming industry by making the gaming platforms 100% secure and transparent.


BIGBANG LOYALTY TOKENS

Written by

A BLOCKCHAIN-POWERED PLATFORM FOR THE GAMING ENTERTAINMENT INDUSTRY

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade