Blockchain is bringing the real-world economy to the gaming world
Imagine a world where you wake up every day, you do your job, you put the hours in, and at the end of the month you don’t get paid. Doesn’t sound appealing, right?
Welcome to the gaming world. A world where you can play video games, earn rewards, make progress and move up in the society, yet end up making no monetary value in return. In 2018, we are on a brink of another revolution in the most exciting industry in the world — An economic revolution in the gaming world!
Blockchain is revolutionizing every sphere of our lives. The gaming world is no exception. With over 2.2 billion gamers playing video games every day, the gaming world creates a huge market with huge economic opportunities. Gamers are buying video games, in-game items, and in-game tokens, resulting in total spending of $116 billion. The market keeps growing, however, until now there was no vehicle to support the growth and enable the secure, fast and transparent flow of rights within the gaming world. Blockchain can change that.
ONE WAY ECONOMY IS HOLDING BACK THE GAMING WORLD
One of the most obvious limitations of the gaming world is the one-way economy. Users are putting a lot of money into games, but have no way of getting any return on their investments. Their money and assets are trapped within a single game. This system empowers big gaming companies, while the gamers are left without an option to profit made from their investments. While today professional gamers are finding ways to make a living by doing what they love, casual gamers are stuck with this outdated economic system. Blockchain will change that — blockchain will empower casual gamers.
Utilizing the latest blockchain technology, projects like GTEX are trying to revolutionize the gaming world and bring the real world economy to the virtual world. Ryan Ding, co-founder of GTEX said: “Gaming world needs change and it needs it now. There is so much unused potential in this market. That’s why we are developing a revolutionary platform that will enable benefits for gamers, game developers and investors, while creating completely new streams of revenue.”
TECHNOLOGY BEHIND IT
“Blockchain has given us the vehicle to revolutionize the gaming economy. We at GTEX are making the most out of it. By combining several proven blockchain based algorithms we are creating a platform that will support the growth of the gaming world in an effective way,” Said Ryan Ding. GTEX is creating a platform that consists of: unique wallet, game marketplace, in-game item trading, and a gaming currency exchange. Together, these four components will utilize blockchain technology to answer all needs gamers and game developers have. Wallet, cryptocurrencies, trading — it all sounds pretty simple and proven. But what excites everyone in the gaming world is tokenization of in-game assets. Utilizing the ERC-721 token, projects like GTEX will be able to convert in-game assets into tokens, therefore making them easy and simple to trade.
ONE UNIQUE WALLET FOR ALL GAMES
The current system for in-game payments is outdated and is limiting the growth of the gaming economy. Every game has their own system for in-game purchasing, usually involving manually connecting gamer’s bank account to the game. This process can turn gamers away from spending money. It is also very repetitive for those who decide to spend money. One unique wallet for all games will solve these problems. It makes the buying experience much easier and it will encourage gamers to make in-game purchases more often.
HELPING GAMERS GET RETURN ON INVESTMENT
Blockchain will introduce a whole new system for buying, selling and trading game assets. Up until now, gamers would purchase a certain game asset and receive an enhanced gaming experience in return. With the latest blockchain technology, gamers will receive the same gaming experience plus the opportunity to return their money, or even make profits off of the game asset they purchased. Using the Etherium blockchain network, it will be possible to buy, sell and trade assets fast, secure and cheap. This will open up a whole new way for gamers to profit from playing video games, encourage them to buy more assets, and most importantly prevent sunk costs.
HELPING SMALL DEVELOPERS RAISE FUNDING
Utilizing platforms like GTEX, small developers will have a chance to list their games on a brand new type of marketplace. They will have direct access to gamers and investors, making crowdfunding that much easier. By offering incentives and in-game compensations small game developers will have a great business model that will attract large masses of early investors, ultimately helping raise funds for their projects.
HELPING BIG DEVELOPERS ACCESS LARGER MASSES
Just like the small developers, big established developers can benefit from blockchain integration in the gaming world. By listing their games on said marketplaces, they will have a unique opportunity to access large masses of experienced gamers. Blockchain will also serve as the user attraction amplifier, generating new and larger gamer basis than ever.
HELPING INVESTORS ACCESS RIGHT INVESTMENT OPPORTUNITIES
As mentioned before, game developers will have access to investors. Same way, investors will have access to game developers. Blockchain-based gaming platforms will make investing into small projects simple, fast and fun. In a matter of few clicks, investors can safely transfer cryptocurrencies to game developers and help them fund the games. Investing in new projects will be as simple as transferring funds from one wallet to another.
CREATES COMPLETELY NEW STREAMS OF REVENUE FOR EVERYONE
Blockchain based buying, selling, trading and investing in the gaming world will create new ways for all sides to make profits, helping the gaming economy grow as a whole. Bigger market, means bigger profits, and those who know how to navigate within that market will receive dividends in the years to come.
