Innovation in Blockchain Gaming Foreshadows the Expansion of Tokenized Assets
By: Samantha Joule Fow
The mainstream adoption of blockchain technology is being facilitated by technological innovation within the gaming industry. Block and Chain Game Studios is pushing innovation in the blockchain gaming space, but it’s not alone in its quest to see greater user of cryptocurrency and blockchain tech. New gamemakers are popping up all over the place, and they’re generating real excitement in the cryptocurrency and gaming communities alike. This is leading to the innovation of new blockchain gaming experiences while increasing the products and services available in the cryptocurrency and blockchain markets.
Game Developers Look to Blockchain Innovations
Game industry veterans are flocking from big companies like Zynga, Ubisoft, Sony, and Microsoft to start-ups in the blockchain gaming space. That’s because there are tons of new and exciting opportunities to be had at the cutting edge of gaming technology, and new innovations in blockchain tech are leading directly into new innovations in blockchain gaming.
For example, one up-and-coming indie blockchain gaming developer is working on PC, mobile, and console games that will run on the EOS blockchain, which is giving the Ethereum network some much-needed competition. Blockchain gaming technologies are enabling developers to create games that will feature player owned economies. This means that players will control their own economy through the sales of blockchain-based items, assets, and content created by the players themselves.
Using the blockchain to build a democratic in-game economy is just one development made possible through the use of blockchain technology to tokenize game objects. With more and more innovations introduced each day, blockchain technology and tokenized assets are quickly becoming well known among gamers and gaming companies. This is just another step towards the mainstreaming of blockchain technology and the tokenization phenomenon that has followed, which is revolutionizing markets across the world economy.
The Tokenization Phenomenon
FinTech is revolutionizing financial markets, and the ongoing wave of digitization in financial products and services completely changing the way people are using, borrowing, and investing money. Tokenization – the widespread digitization of physical or intellectual assets that allows for trading online – has created an entirely new investment vehicle for investors on the cutting-edge of the movement. But of course, this is old news to the gaming community, which has been relying on tokenized assets to power in-game economies for years.
Massively multiplayer online role-playing games (“MMORPGs”) were one of the most influential gaming innovations of the early twenty-first century, and these complex and immersive in-game worlds nearly always involve economic activities powered by some digital token. These realistic trading platforms in top MMORPGs have earned franchises like World of Warcraft and Star Wars: The Old Republic millions of subscribers and billions in revenues. Now, the tokenization phenomenon that the gaming industry already knows and loves is moving into real-world financial markets. And with the security and immutability of increasingly-sophisticated blockchain technology, digital assets are only set to become more advanced across both in-game and real-world economies.
Billions of Gamers Can’t be Wrong
The gaming industry is thriving worldwide. There are about 2.3 billion active gamers globally, and this figure continues to expand. The global gaming market is estimated to be valued at $137.9 billion by the end of the year, and the widespread deployment of blockchain technology across this large sector of the worldwide entertainment market is only foreshadowing larger mainstream application of cryptocurrency and similar blockchain-based financial technologies.
The expansion of blockchain tech in the gaming industry will allow for this crucial new technology to branch out to a variety of industries. Healthcare, banking, insurance, and professional services industries are all working on figuring out ways to move their services to the blockchain. As a result, gaming absolutely has the potential to be catalyst in the larger adoption of fintech worldwide.
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