How Blockchain Can Redefine the Gaming Industry?

The Gaming Industry has reached $200 billion and is one of the most important sectors in tech today. The term “entertainment industry” is no longer only applicable to the movie industry, it does now include Gaming as it is now providing one of the most immersive and awe-inspiring forms of entertainment to more than three billion people around the globe.

The Gaming industry is constantly evolving and growing, with new companies popping up and pushing the boundaries of technology to create innovative and immersive entertainment experiences.

In the meantime, with the development of blockchain technology, GameFi offers players the opportunity to earn assets with real-world value. This creates competition for traditional games in prominence and adoption.

How could Blockchain create real disruption for Gamers ?

• Many players use their real-world currency to purchase virtual in-game assets. How about using crypto ?
• Game entrepreneurs and developers need a safe and secure environment to develop and launch games and thus, monetize them.
• Players need a safe and secure platform to buy and sell in-game currency, so they can continue to enjoy their game play without having to worry about the security of their personal information.
• Players play several games, having a consistent identity that they can use regardless of which game they are playing at any given moment, could make a big impact.
• There’s no doubt that the trend of people projecting value on intangible assets is real and present. We’re seeing more and more real money being spent on virtual games, which indicates that the Gaming industry is ready for some serious technological disruption.
• Storing Gamers’ virtual assets securely using the blockchain, instead of the Gaming company’s centralized server
• Gamers own in-game assets, but what IRL?
• Players are full of ideas and talents and might be the most relevant ones to develop the best games. Blockchain technology can spawn a business model enabling closer collaboration between players and developers.

Cryptocurrencies Can Make In-Game Purchases Easier For Gamers

Enabling players to make in-platform payments and purchase assets in cryptocurrencies. With this system, players won’t need to wait for 3rd party payment providers to process their fiat currency transactions – they can buy game collectibles instantaneously.

Blockchain Platforms Offer a Safe And Secure Environment For Game Developers And Entrepreneurs

By using data encryption technologies, blockchain platforms can secure crypto token transactions. Hackers have more difficulties hacking decentralized blockchain networks.

Blockchain provides game entrepreneurs and developers a safer environment to develop games.

Blockchain In Gaming To Secure Buying And Selling In-Game Assets

As cryptocurrencies become more popular and their adoption is trendier, buying and selling crypto and tokens has become much easier. Using crypto to buy and sell in-game assets will cleary disrupt the industry and bring new ownership perspectives.

This also brings the matter of storing and securing your asset in wallets, either online or hardware wallets like Ledger. Education is also key to maintain knowledge on how Gamers should secure their computer, avoid scams, fake websites, etc.

Several Games, One Unique Player Profile

A wallet address is a string of letters and numbers from which cryptocurrencies or NFTs can be sent to and from. Imagine being able to use your unique public address or your NFT as your unique Player Identity in different games ?

Valuing Intangible Assets

Digital collectibles have always been an important part of video games. Since the very early ages of gaming, there seems to have always been something to collect : Pac-man collected dots and fruits, Mario collected stars, and Donkey Kong Collected Bananas.

After overtaking video game purchases, in-game consumer spending accounts for the biggest share of the video gaming market. In 2020, global gaming audiences spent an approximate 54 billion U.S. dollars on additional in-game content. In 2025, the market value of in-game purchases is projected to surpass 74.4 billion U.S. dollars.

As video games have advanced, in-game collectibles have become increasingly fun and complex. In games like Fortnite and Counter-Strike Global Offensive, collectibles come in the form of skins and decorations that players use to customize their characters and show off to other players. In games like World of Warcraft or Final Fantasy XIV, collectibles are not just cosmetic but have unique properties to make the players more powerful.

Securely Storing In-Game Assets

Blockchain technology can provide a much-needed change for the gaming industry. When players purchase digital collectibles in a blockchain-based game, they can store them securely in their crypto wallets rather than on the game server. This would not only be more convenient for the player but also ensure that the collectibles are truly owned by the player and can’t be taken away by the game publisher.

Truly Owning Your In-Game Assets

A blockchain-based game will use smart contracts to govern transactions inside the game, making it a more secure and efficient way to play. Smart contracts are executed automatically upon fulfillment of conditions coded in them, and the result is irreversible. This means that when you launch a blockchain-powered game, all in-game assets that your players bought using smart contracts are transferred to their public addresses. Smart contracts also allow for full transparency and every player can view the rules. This makes playing the game more fair for everyone involved.

A New World Of Opportunities For Developers

Blockchain is opening up a new world of communication between players and developers in the gaming industry. By enabled community-driven development of blockchain apps, players and developers can work together to create the best gaming experiences possible.