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Even if the usage of cryptocurrencies in many areas of the business is no longer shocking, we are nonetheless ecstatic anytime we hear about it.
Epic Games, the game developer, created the first-person shooter game Fortnite in 2017. It soared to the top of the list of the most popular games in less than a year and brought its producer remarkable financial success. According to TechCrunch’s sources, Epic Games made a $3 billion profit in 2018, with Fortnite revenue accounting for $2 billion of that amount.
The cryptocurrency community, on the other hand, was not surprised by the earnings. The official Fortnite store debuted in December 2018, offering players the ability to purchase a variety of souvenirs and in-game items. Early in January, crypto enthusiasts discovered that the company is happy to accept Monero as payment.
Even though Fortnite does not enable bitcoin payments, this does not rule out the use of blockchain technology in the gaming industry. It is vital to note that brand new crypto payments are made rather frequently to obtain products in video games, which should be remembered while analyzing other games.
The implementation of blockchain technology in the gaming industry may be divided into two categories. To begin, traditional gaming companies are looking for new technology to help them advertise their content.
Sony is one firm that exhibits this. The business has patented a digital technique for accessing games. Game “breaking” occurs regularly. The blockchain network that Sony is constructing will also track users’ digital rights and reduce the quantity of content that is deemed “pirated.”
At the moment, Microsoft and EY are working together to create such a system. Only in their version will game developers be allowed to track and receive royalties for licensed material sales. Only in their rendition.
These are just a few examples of how well-established companies and cutting-edge technology might “collaborate,” but there are many more.
Alternatively, rather than waiting for existing gaming companies to mature, one might construct games directly on the blockchain. Furthermore, it is experiencing rapid development in the crypto community.
According to the State of the DApps report, there are already 2,432 decentralized apps running on several blockchains. The vast majority are video games (483 apps). In addition, if we consider the numerous other sorts of gambling games, the number will rise by 336. That is gaming accounts for over half of all apps that adopt the decentralized approach.
Blockchain technology has the potential to alleviate both ownership and trust difficulties. The non-fungible tokens earned from playing crypto games are completely under the ownership of the players.
The player has complete control over his character as well as the items on which he has concentrated his efforts. He has the choice of turning them over, putting them up for auction or selling them for a fixed and acceptable amount. To put it another way, the developer has no method of stopping him from doing anything he wants with his assets, therefore he is free to do whatever he wants with them.
Because of blockchain technology, users may affect the general evolution of the business in addition to having control over their characters.
Players not only keep ownership of the assets they trade, but they also have a direct impact on the market and the prices they set. The blockchain, on the other hand, does not record every interaction a player has with the game, including project images and so on. Popular blockchains are not “rubber,” and storing significant quantities of data on them would make it difficult for the user and developer to play the game without it being prohibitively expensive.
Certain projects have advanced to the point where the entire world might now be constructed on the blockchain. Decentraland, a virtual reality platform driven by Ethereum, is one such example. In this ecosystem, any developer can build whatever they want. It makes no difference whether the establishment is a shop, a company, or something else. Certain abilities will be more useful in the actual world than others.
A large range of blockchain-enabled apps may be found in the gaming industry. On the other hand, the fact that technology “encourages” market openness and transparency may be the single most advantageous component of its application.
One of the most essential things that blockchain brings to crypto games is the concept of an open market. It does away with the concept of a parallel or black market since any secondary market is instantly absorbed into the primary market. Everything on the market is legal, including the trade of crypto-games, thus there are no restrictions.
There are now bitcoin casinos in addition to the traditional blockchain games. The blockchain is important in these casinos because it ensures that players can trust one another. The gambler has the option to inspect the consistency of the game’s logic in the form of smart contracts at any moment, giving him peace of mind that the casino is not attempting to deceive him.
Because blockchain technology allows the user to fully manage his character, the latter is turned from a game object to an asset. The user has the option to earn money on this platform by monetizing the time they spend playing a game. As it turns out, the advantage is shared by both the market and the creators.
Players have the ability to work with the game’s creator on the game’s development, which might have an impact on how it is promoted and priced. Because the player might exploit the developer’s mistakes, the developer is compelled to pay greater attention. Because the crypto-games market is still relatively young, there is no competition, allowing entrepreneurs to make a lot of money.
The fact that Fortnite does not enable “accidental” bitcoin payments is, of course, bad news for the cryptocurrency industry. However, blockchain technology has long already revolutionized this market, giving rise to a diverse range of companies. And if companies like Epic Games continue to put off the introduction of currencies, they may go out of business in the not-too-distant future.