Blockchain Tech Powers In-Game Purchases
Blockchain technology and cryptocurrency are opening up new opportunities across gaming, and that’s true for both players and developers. Currently, one of the problems for small developers is that their costs are escalating and retail prices are declining. This is hurting the industry, since some of the best and most creative games are created by up-and-coming independent game-makers. Blockchain tech can be leveraged to improve the gaming industry and actually earn developers money by facilitating the development of in-game assets and purchases.
In-Game Purchases: A Novel Monetization Strategy
Players have been making small transactions within games since the 2000s. One of the first in-game purchases was the horse armor pack that was available for the game The Elder Scrolls IV: Oblivion. These type “micro transactions” were known to be used in free-to-play games to purchase items in that helped players advance. Using this type of system benefits players by creating a more rich and authentic in-game experience and video game companies by giving them a new opportunity to monetize.
By enabling in-game purchases, developers can extend the longevity and profitability of their games, particularly among die hard followers. This approach is clearly seen within the mobile gaming market, where at one point about 50% of all game revenue across the market came from less than 1% of the players. And despite this apparently niche revenue stream, in-game purchases can be highly lucrative. For example, the game Fortnite doubled its revenue from $126 million in February 2018 to about $223 million in March largely due to rises in in-game purchases.
In-Game Purchases Create Opportunities for Blockchain Tech Integration
Block and Chain Game Studios is committed to creating a better gaming industry. This requires meeting the needs of both players and game developers, and integrating blockchain tech into in-game purchases is a perfect example of a win-win approach. Players who choose to participate in the in-game economy can do so as they wish, all the while supplementing the free-to-play components of the game with their paid contributions. Gamers get better games, and developers get the resources they need to make fun and immersive virtual experiences.
The gaming industry is a multi-billion dollar industry, and it’s only continuing to grow. With an increase in the number of young players and developers entering the gaming market, we will see more innovation across the industry. Block and Chain’s system is just one example of a platform that allows developers to build and actually support their projects using blockchain tech to power in-game purchases and digital coin applications. The revenue coming from these in-game purchases will help motivate developers to create more, better games, which will lead to better and better gaming experiences for players.
Blockchain technology is finding new applications across the gaming industry, and the tech-savvy players and developers who power this market are much more prone to adopt these exciting new innovations for mainstream use. Block and Chain Game Studios provides in-depth knowledge partners who wants to experience the benefits of blockchain tech in creating in-game economies.
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