The gaming sector evolves in recent years because of the new technologies are embedding day by day in creating advance games. Video games result in the widespread adoption of the gaming industry in the past some years. The blockchain technology is pushing the gaming sector more steps further in providing a better community interconnected via cryptocurrency.
The decentralized technology is making its place gradually in all sectors whether it is finance or medicine. The gaming world is no exception as many companies used the DLT technology in designing the games so far and it’s kept on increasing day by day.
Cryptocurrency’s Usage in the Gaming Sector
One of the main reasons behind shifting to the blockchain is the use of currency based on cryptography. This functionality of blockchain will remove the complex procedure of the bank, credit, and PayPal. The payments and withdrawal will become easy for Casino games. A lot of Casino companies added the option of Bitcoin for payments such as Bitcoin, Ethereum, and many other cryptocurrencies.
The application of blockchain will ensure the reliability of the gaming platforms. Moreover, the ownership will shift from developers to players subsequently. The products in games will be easily accessible to players, and purchased things will not control by the game owners. The decentralization will benefit more users than developers. However, the secure transactions and real-time ownership’s feelings on the part of players will provide big revenue to developers.
Recently, Forte, the blockchain company mainly focus on gaming, partnered with five different game studios to equip them with Forte’s blockchain technology. These partners include Magmic, Netmarble, Hi-Rez Studios, nWay, and DECA Games. The most interesting thing about the partnership is the involvement of Ripple. Ripple is the company that backed the world’s third-largest cryptocurrency. The interest of big blockchain organizations will definitely change the outlook of the gaming industry.
The vice president of Marketing at Forte, Kaiser Hwang, said:
‘’While the sector is absolutely ripe for penetration, in order to take advantage of blockchain technology and the new creative designs it unlocks, game developers first need easy-to-use tools and comprehensive services to properly integrate blockchain technology into their games. They simply don’t exist today. But once they’re in place, we’ll see blockchain penetration in the games industry make large strides, and begin to see mass adoption.’’
‘’Blockchain technology allows developers to safely and securely provide players a way to own in-game assets, trade with each other, and even earn income through playing with each other. The technology offers ways to address many economic issues found in the games industry today by unlocking more equitable and sustainable business models,’’ he added further.