Could Blockchain Have a Positive Effect on the iGaming Industry?
Blockchain could have a significant effect on fraudulent activity in the gaming world. Every transaction on the blockchain is logged and stored – making it far easier to root out any fraud and protect gamers from hacks.
Smart contract execution results are logged in a decentralized blockchain, and these records are unchangeable. Nobody can change the public address where the assets are stored, so the ownership of the in-game assets cannot be changed either.
Enjin – One of the Gaming Coins of the Future
One coin that is ahead of the curve is Enjin. Enjin coin allows game publishers and communities to reward players with items that have real value. By attaching virtual items to ENJ, you give them real value. Gamers will be able to sell their items and immediately get their Enjin coin in return. Currently, it’s pretty much impossible to sell your items for ‘real value’ legitimately.
Leading industry experts say the gaming world is poised for severe change; the claim is that gaming will become the first real use case for blockchain. Blockchain has the potential to completely restructure the gaming industry, flip the switch of the monopoly console market, create a multiverse, make games more immersive, and cross previously uncrossable boundaries.
The Democratic Republic of Blockchain
Blockchain has the potential to establish fairness around in-game currency and asset trading and tie them to the real world in ways that are beneficial for gamers. This could be particularly useful for the increasingly popular free-to-play model popularized by Fortnite. Most of their gaming revenue is generated by in-game purchases funded by digital currency.
Blockchain is already affecting the gaming industry. It enables communication between players and developers. Developments in blockchain apps are always driven by a community consensus and not by a hierarchy.
Blockchain is a fascinating technology that allows for decentralized control. There are several blockchains, but the main principles remain the same. Numerous nodes make up a decentralized network, where changes can only be made with the consent of 51% or more of the nodes. Meaning no single person or company controls the blockchain.
Even trusted, big names like bet365 and FanDuel come under scrutiny with many players questioning if FanDuel is safe to play at. If a player loses big or feels they have been duped by the casino, they will always question if it is legit to play there or not. Using blockchain technology can remove this as everything would be fully transparent.
How Can Blockchain Help the Gaming Industry?
Blockchain could be a beneficial tool for the gaming industry. Bitcoin and Crypto games could be used to secure the data in existing processes, writing the winners and losers or the names of people who placed wagers on games into an unchangeable ledger. Or, it could be used to create decentralized gaming systems where no single company can control them.
The rules are still being written. Blockchain games of today are still rudimentary. Ethereum, the most omnipresent blockchain platform, is getting ready to launch an updated 2.0 version while other platforms are also starting to emerge.
What has Been the Reaction so far?
So far, enthusiasm hasn’t been widespread. The hesitancy has been compared to the feeling surrounding mobile games when they became popular. Initially, they were seen as a passing fad, but mobile gaming has since exploded, with more people using their phones to game than ever.
EA Sports and Epic Games have both shown an interest in blockchain technology, while Zynga have announced a strategic partnership with blockchain gaming platform Forte to start developing NFT-based games.
One upside is that interest in NFTs does not seem to be wavering. Last year, transactions totalled around $25 billion from nearly $100 million in 2020. Major crypto exchanges like Coinbase are also preparing to launch NFT marketplaces, pointing to a huge rise in interest and popularity.
Whatever your thoughts or feelings on the crypto world are, it’s becoming more and more popular and we are certain to see more and more companies make moves into the field over the coming years.