Gaming Industry Needs More Business Sense As It Grows, Blockchain Can Help.
As the gaming industry continues to experience tremendous year-over-year growth, the industry faces challenges that can be greatly improved by blockchain technology.
While the industry is experiencing a large capital injection from mainstream capital and VC sources, the gaming industry still needs to embrace more of a business-savvy attitude to handle the operational side of things.
As companies like Tencent enter the mobile gaming arena, who is responsible for $4 out of every $10 invested in mobile gaming in 2017, smaller companies will need to gain soft business skills. This is lacking from the industry. Many smaller and mid-level mobile gaming companies are built by gamers. Most do not excel in areas like fundraising and pitching their vision. You see CEOs designing games for multimillion dollar companies without a president who is simultaneously trying to grow the company. These issues needs to be fixed as the industry grows to scale.
Another one of the major problems in the gaming industry is the lack of universal gaming tokens. For instance, when you are playing a game, you can receive a token. However, that token may only be unique to that game. In other words, you can’t use that game’s native token beyond that game. This is challenging for gamers because they are limited to only using the token within the game it is earned during, but nowhere else.
Some benefits of having a universal gaming token would be that you can use the coin on one game, but then use the coin to pay for extras on another game. This would allow gamers much more flexibility when using the money they generate from playing video games. Being able to use the token beyond the native system it is earned on is attractive for several reasons.
One blockchain company is actually in the middle of developing a universal token that can be used across gaming platforms, Gamegold. The blockchain created on the Ethereum network is creating an API which can easily be integrated across mobile gaming platforms. Gamegold uses smart phones to mine cryptocurrency, so it eliminates costs which add up from all of the expensive computing hardware and software programs. The company will also feature a marketplace and betting platform.
This company’s vision can seriously improve payment in the gaming industry. Having a universal token is just one hurdle the gaming will have to move past on its way to becoming a more prominent financial investment. Once the universal gaming token is developed, gamers will have major flexibility to use money they earn wherever they’d like.
