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The Impact of Blockchain on the Game Industry is Good

We know that blockchain technology brings innovations to many sectors. One of them will be the game industry. In the growing game industry, the improvements offered by the blockchain can make technology an indispensable part of the industry.

In 2018, the gaming industry generated approximately $138.7 billion in revenue, and according to Newzoo's data, it will grow by 9.6 percent to reach $152.1 billion by the end of 2019.

Despite these large numbers, Forbes predicts that growth in the gaming industry will slow down. This is due to the fact that players purchase more content and subscriptions, and sales of accessories and equipment are reduced. Another problem is that players use a universal digital currency to make purchases between P2P and in-game platforms. Data from a 1,000-player LendEDU survey analyzed that 69 per cent of players who played for 6-10 hours paid an average of $84.67 in micro-payments.

Currently, players need to shop with a credit card that presents privacy risks, or collect a few masses of tokens stored on different platforms that are relatively restricted for their use. The industry needs a universal digital currency or token that can be exchanged seamlessly between games to make P2P transactions or in-game purchases in every platform's e-shop. This is where the blockchain technology comes into play.

Ubisoft recently announced that it will try the EOS blockchain to help with gaming and microprocessing in its network. As Vlad Miller (CEO of Ethereum Express), recently said;"one of the key advantages of such platforms is the ability to scale horizontally. PoA services can improve the efficiency of the entire network by combining computing power for common transaction processing.

In 2017 and 2018, cryptocurrency and blockchains could be the technology to build the payment infrastructure needed for the gaming industry to climb to the next level. Currently, players are accumulating a large number of platforms and game-specific tokens that cannot be transferred across platforms, which has led to the development of secondary markets in which players trade and trade for the game-specific digital currencies they need.

The industry needs interchangeable, universal, multi-chain digital assets that can be traded and transferred across thousands of games, regardless of their platform and licensing.

Source: Blockchain Turkiye

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