Cryptokitties was introduced in the early stages of blockchain technology, and has certainly been a key factor in boosting its world-wide adoption. As Forbes claims, the innocent feline mobile game had drawn enough hype “to almost bring the second-biggest blockchain by market cap to a grinding halt.’’ It is thus to no one’s surprise that blockchain has left its indelible mark on the gaming industry, but what’s so fascinating about integrating blockchain technology with games? How can it optimize the gaming experience for developers and players alike?
Well, here’s a list of four reasons why you should get excited about this novel development.
1. Blockchain Technology Allows for a More Safe and Secured Platform for Gaming Developers and Players
Blockchain technology is by default immutable, transparent and secured. With powerful data encryption technologies like having public and private key settings, it is almost virtually impossible to hack into any cryptocurrency token transactions. Also, owing to the decentralized nature of blockchain technology, hackers no longer have a centralized source of database to attack. Instead, databases are distributed as nodes across the chain with each node containing all the information of the database.
With Proof of Work (PoW), Proof of Stake (PoS) and other consensus algorithms, the network is kept secured for both players and developers to enjoy. What’s there not to like about that?
Furthermore, once a player has created a public address on the blockchain platform, he or she can use that address as a ‘username’ and engage in other games on the blockchain without the hassle of creating new profiles. We’re talking inter-game plays and even inter-gaming assets. Cool, right?
2. Blockchain Technology Allows for Cryptocurrencies Which Will Make In-game Purchases a Seamless Process
As mentioned earlier, blockchain technology allows for true blue transparency and security. Games most often than not require players to collect virtual objects and items throughout their gameplay and sometimes, these items can be purchased with the game’s currency which is then paid with real cash through the Internet.
This shortens the processing time considerably as players no longer need to rely on third party payment providers to process their transactions. Traditionally, some in-game purchases are limited to selected countries due to the lack of a central payment provider, However, with cryptocurrencies in the picture, the decentralized piece of technology can enable anyone from any part of the world to participate in the game so long as they have Internet connection. This, in turn, can help gaming companies reach a wider audience than they had before.
Without a central means of verification, players are more susceptible to virtual scams and frauds. One instance would be the popular multiplayer shooting game Fortnite. According to research by WIRED, a staggering figure of 4,770 live domains were used for scams this year.
With blockchain technology, however, the millions that are benefitting scammers could be rewired for better use. Through smart contracts, non-fungible assets can represent rare collectible items in the game while guaranteeing their authenticity. This means greater access to authentic in-game assets that are verified by the developer themselves. What a great way to combat the rise of virtual scams!
3. Blockchain Technology Enables Direct Interaction Between Developers and Players
One of the greatest things you can give any avid gamer is not the ability to manipulate the controls of his or her favourite game, but the opportunity to feedback great ideas to its game developers and improve the playing experience for everyone.
Say goodbye to the reviews that are lost in Google Play and Apple stores or those that are tossed in the junk mail folder of inboxes. Blockchain technology is here to save the day. As application developments are transparent on the blockchain due to its need for community consensus for decision-making, communication channels between developers and gamers are constantly left open. This means that any player or developer can suggest an idea through the channels and find the idea implemented immediately once community consensus is achieved.
4. Blockchain Technology Enables Gamers to Actually Own Their Favourite Game
While the benefits of the above are numerous and many, perhaps the most groundbreaking discovery from the union of blockchain technology and games is that such a union enables gamers to have greater control of their favourite games, to the extent of owning them through asset tokenization.
Asset tokenization refers to the process of representing a tradable asset (such as a game) digitally on the blockchain as tokens. This allows ownership to be fractionalized for all to buy, creating a shared token economy among games, developers and players. In-game purchases will now be interchangeable among games hosted on the blockchain. Since players own the assets they have purchased with cryptocurrency, it negates the need for a centralized party to manage their gaming assets such as a gaming studio or its alike.
From what was written above, asset tokenization certainly sounds like a necessary step in the evolution of the gaming landscape. The next question that arises is thus this: Is there a blockchain-based platform out there that can facilitate the trade of games and ensure that any information stored is secure and safe?
The Missing Piece of the Puzzle: An Asset-Tokenization Platform
Asset-tokenization platforms have been on the rise in recent years, and many have tapped into the gaming industry. Notable pioneers of the industry include companies such as 0x and Enjin that seeks to explore the blockchain gaming frontier and its eventual tokenization.
Some other platforms, in contrast, have chosen to tread on the path less traveled and offer a diverse set of assets to be tokenized on their platform instead of a single asset. These types of platforms may be more suitable for investors looking to have a diversified portfolio.
For instance, Konrad, an upcoming asset tokenization platform, offers asset valuation, asset tokenization and trading services. With the ability to support multiple assets on its platform, ranging from raw material assets, gaming assets to IP, investors who choose to pile their treasures on Konrad may enjoy a greater diversity of assets compared to conventional platforms, which may just be what they are looking for in their portfolio.
To find out more about Konrad, check out its socials at:
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Website: https://www.konrad.holdings/
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