Blockchain in gaming – The world is shedding new uses for blockchain technology every day. Although most people think of Bitcoin and finances when they hear the term ‘blockchain’, technology extends its scope far beyond both.
You may already know that agribusiness, energy companies, and the art world are integrating blockchain into their operations. However, there is another unexpected field that also participates in: online gaming. Many electronic money projects are picking their controllers, so to speak, and some of the industry’s biggest names are contributing to their support.
In this article, we will tell you how blockchain technology is entering the online gaming market worth more than $ 50 billion.
The game platform is using Blockchain technology for billing
As with other industries, traditional gaming payment systems are often slow, cumbersome and costly. They can also cause a wealthy ecosystem by intermediaries and large suppliers who benefit most from ineffective people.
With blockchain, in-app purchases become friction free because money can be transferred directly from the player to the game developer. No intermediary needed in this transaction. The safety and stability of blockchain technology are sufficient to facilitate this type of unreliable exchange.
Blockchain also provides value for game distribution. Instead of publishing to a centralized market like the Apple App Store, game developers can reach consumers directly through a decentralized market. Again avoiding a focused intermediary, developers only pay a fraction of what they would normally charge on sales.
GameCredits is building this exact billing system. This project aims to become the single payment system for the online gaming industry. You can use GAME, the cryptocurrency of the project, to pay for the game and make in-game purchases. GameCredits also includes GPlay, a non-centralized app store that pays 90% of its direct sales to game developers.
Blockchain Technology is Gamifying Real Life
Some projects are blurring the boundaries between virtual reality and reality. This trend starts with the actual game booster like Pokemon Go and is continuing through the blockchain. Due to the nature of electronic money no friction, you can get a monetary reward for the actual actions that you can spend on virtual platforms.
Experience Points (XP) is just a project that makes this happen. Experience is starting by offering incentives on the online gaming platform but plans to expand to the real world.
Here’s how it works: You earn XP, the platform’s native token, which can be redeemed for items and game services when performing certain actions. These tasks may range from unlocking the gameplay (virtual) to getting the letter “A” on the math test (physical). The mission of the group is to create life and reward you with the everyday experience.
The blockchain is improving sports betting
Like gambling, e-ports betting benefits from blockchain technology. This technology creates an unreliable, secure ecosystem for low-cost individuals beyond the control of a central party. This opens up the most well-known legal areas for betting on a whole new market of gamblers.
The most notable project addressing this area is the launch of Mark Cuban, Unikrn. The project uses its electronic money Unikoin Gold as a means of exchanging for sports betting on the platform. Unikrn raised ~ $ 31 million in the initial coin offering in October 2017 (ICO).
As you can see, blockchain technology is affecting almost every aspect of the online gaming world. It informs virtual goods, improves betting and billing, and brings breakthroughs to a whole new set of games.
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