The global gaming industry is a huge venture and is bound to only get better, given that it’s projected to have a net worth of around $143 billion in 2020. If you’re a gaming developer or an entrepreneur, you must be informed of how the future of gaming could get you a fortune. In this article, we’ll break down how the blockchain can bring positive changes to the global gaming industry.
With that being mentioned, micropayments in the gaming industry have received lots of flack out of various reasons. One is because micropayments act as quick cash for game developers, and secondly, it takes away a sense of accomplishment from the game.
Some Dynamics of the Gaming Industry
Well, to start off, we’ll dig into the free Book of Ra and examine the dynamics and characteristics of the gaming industry. Below are some of them:
- One needs money to play the most loved games.
- Game entrepreneurs and developers require a safe environment where games can be created and launched.
- Players demand platforms in the industry for selling and buying game assets securely.
- Players need to store their gaming assets somewhere when they are offline, and what is the better place than the centralized servers of the gaming industry? With that in mind, hackers can easily access the server and alter things in their favor.
Are you a game developer? Then you can assist players by enabling them to purchase in-game assets with the help of Bitcoin gambling. Blockchain start-ups are already taking advantage of this newfound opportunity, and they have introduced a framework where game developers in the industry can work. Some of them include:
- Software development packages
- Game plugins
- Apps for virtual management and payment gateways.
How Do Cryptocurrencies Fit in All This?
Cryptocurrency, by definition, is a digital asset created to work as a platform where secure transactions can be done using cryptography. In 2017, customers were allowed by gaming companies to make use of cryptocurrencies to facilitate their in-game transactions. Here are some of the platforms that are well-known among the gaming community for using cryptocurrencies in purchasing game-related content.
- Bitrefell: This platform allows its customers to buy gift cards for online games like Xbox live. An example is an Xbox gift card, which costs $15 or 0.0016020 BTC if one purchases with this cryptocurrency.
- Gipsybee: The crypto marketplace has an allowance for the purchase of game hardware like wireless gamepads. This platform also accepts Bitcoin, whether it’s in cash or another payment method.
- Scan. UK: This is among the best mediums for purchasing professional gaming hardware like graphics cards. Some of the most popular brands in the world of gaming are also found here: Nvidia, Intel, and 3XS.
Blockchain Assures Developers of Safety
A blockchain is a database that assists in the recording of transactions once they’ve been completed. It is first registered in all computers that are participating in the network; then, the data is stored in blocks. There are 2 main features concerning blocks that you need to know:
- Contents. This consists of instruction statements, digital assets, amounts, and addresses of the parties involved.
- Header. Metadata, like the unique block, has the reference number, the creation time of the block, and the linkback for the previous block.
Blockchains offer safety for game developers because they can’t get hacked due to being decentralized with database maintenance nodes.
For the past decade, crypto gaming has evolved, especially due to the rapid rise of online transactions. A market study research was conducted, and out of 1500 gamers, nearly 59% were found to be playing a game of their choice. This was made possible through the use of micro-payment systems, which would allow them to play these games for 6-10 hours. It shows you how much the gaming industry will be prosperous in the years to come since every gamer spends around $84 to play.
With that, we hope that you’ve learned something new concerning the mobile gaming industry. Are you conversant with the most popular mobile games on the planet? Please share with us some ideas by leaving your comments below.