NFT and ERC721 tokens are not only helpful to the gaming industry, but other blockchain features can also be used by the industry to improve them, taking the example of esports that use blockchain technology.
Experts say the industry is facing fundamental change, and they say gaming is the first real use case of blockchain. The collision of blockchain technology and gaming holds promise for the growth of this technology. When we talk about the games industry and the blockchain industry and how it will boost the economy, we know that the power of the games industry is fanbase and that the two industry and the blockchain industry share the same statistics in terms of popularity, potential and skills and developers love crypto games to join the league.
As a corollary of the Chapmans hypothesis, blockchain has yet to find a way to add real value to the video game ecosystem, but it remains a key component of the technical fabric that is accelerating the industry. We believe that the traditional gaming industry is a perfect target for Blockchain integration and as a result the mass adoption and popularization of blockchain technology will greatly improve the current gaming industry.
Starting with cryptocurrencies like Bitcoin, blockchain technology – a virtual register that can record and verify high-volume digital transactions – is spreading in waves across industries. Industries from insurance to gambling to cannabis are already seeing blockchain applications. As blockchain use cases move beyond cryptocurrencies, the technology will redefine several industries.
The UNCTAD document states that while blockchain technology has the potential to be used in many applications and contribute to sustainable development, its innovation is currently focused on financial applications and is decoupled from the real economy. Digital currencies – such as Bitcoin – are the best-known application of blockchain technology, but it promises to go beyond currency and financial transactions. Since blockchains are known to facilitate secure transactions, it makes sense for the banking industry to explore many of their applications.
The technology underlying Bitcoin and other virtual currencies is called blockchain, an open and distributed registry that allows two independent parties to exchange assets such as intellectual property, titles, deeds and virtual currencies without the need for a central guarantee authority such as banks. Blockchain transactions are validated by following blocks with a pair of symmetric cryptographic keys. Blockchain technology provides a useful and secure way to authenticate information, identities and transactions, creating a super-secure data set that can be updated in real time. As we know from Bitcoin, blockchains are great for facilitating transactions, but they can also be used to formalize business relationships through smart contracts.
With a blockchain, players can store their purchases or even their promotional bonuses and retain their value in-game, resell them to other players or even sell them for the first time to other games. Blockchain enables asset tokenisation and the creation of decentralised games markets. With distributed blockchains, players could use a perfect character set, skill, or object in a digital universe.
Decentralized blockchain-based gaming platforms enable secure and transparent money exchange. Entertainment entrepreneurs are also turning to blockchain technology to make content sharing fairer, as creators can use smart contracts to distribute revenue from the purchase of creative works under pre-defined licensing agreements.