Cryptocurrency and Video Games - Perfect Match

Cryptocurrency and Video Games – Perfect Match

 
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The global gaming industry, like no other, is suitable for the implementation of blockchain technology and cryptocurrencies as it is rooted and growing in digital space and is being essentially monetized through online games.

Blockchain may find many use-cases in this industry. It may sound surprising for non-gamers, but many major industry titles utilize “virtual currencies” that may be purchased with the fiat money and are required for in-game purchases.

The issue is that current virtual currencies have value only within a certain game. And that is where blockchain climbs the stage, believes CEO Elite Gaming Environment Kerry Pridgen.

In his interview for the Newconomy media, he praised the cryptocurrencies as a universal means of payment for video games. It can serve as a perfect bridge between worlds that the market lacks, bringing a high standard of fast, reliable and immutable payments.

Ideal currency and investment tool for video games

No less important for Pridgen that a cryptocurrency may be used to raise money for gaming projects, because the utility token delivered to investors in return for their contributions may perfectly fulfill different functions in the gaming process.

Investing in an ICO has obvious advantages compared to a purchase of “virtual currency” because an ICO-investor is rewarded with just a utility, but also a tradable asset. And its value is defined by the popularity and success of the project among gamers.

Pridgen himself is developing a universal social networking service, which will be allegedly integrated into video games across different platforms. He underlined the need for the universal communication place for the gaming community:

“In the gaming community everyone plays games, but there is no one place where everyone can be judged.”

It is vital that such communication service is cross-platform due to the gaming community that is divided between platforms now, says Pridgen. In the future, he also plans to add a payment system to his social service for items and subscription. He concluded on a point that a gaming industry lacks a universal service for interaction.

Making gaming professionals valuable

Not only casual users will benefit from the in-game currency of next generation, but the features of blockchain such as accuracy and transparency can become a solution for the fast-growing segment of the gaming market called e-sports, claims the team of another gaming startup dubbed MobileGo.

A peer-to-peer nature of cryptocurrencies provides an opportunity to easily organize a commercial tournament when leveraging them, which means that every e-sport professional or amateur will be able to earn money based on his activity and skills. Use of smart contracts guarantees that all payouts will be made according to the pre-programmed conditions.

Industrial standards for the blockchain use

A chance for gamers and e-sport professionals to become investors at the early stages of the project development will be beneficial for both developers and publishers.

Fully understanding the importance of blockchain adoption by industry members, the initiators have established the Blockchain Game Alliance in September 2018, a business coalition that aims to facilitate the implementation of blockchain in the gaming industry. It is made up of leading companies such as Alto, Gimli, Fig, Ubisoft, Ultra, B2Expand, ConsenSys, EverdreamSoft, and Enjin.

Alliance members have agreed to “share knowledge and collaborate on research which fosters new ways to create and play games.”

Overall, it seems that cryptocurrencies have a bright future in the gaming industry, becoming a “fresh blood” for the gaming economy. The ICO tool, in its turn, can turn users to investors of the projects they want to play.  

Also read: Turning Video Games into a Full-Time Career through Blockchain