Thanks to the internet revolution led by broadband, the gaming industry today have transformed itself from just a console-based platform to a digital platform. According to the rough estimate, the revenue produced by the gaming industry (including the hardware and software components) is somewhere around the three-time revenue generated by the movie industry – a fact that speaks volumes for the importance and revenue generation capabilities of the gaming segment.
Gaming and Crypto: A heavenly Match
The next logical step for digital gaming is now the speed-up of the adoption crypto technology with most of analysts and researchers pointing towards the huge potential gaming segment can derive from the adoption of open ledger technology. In fact, the digital gaming industry is counted prominent among the industries where the application of blockchain has literally changed the scenario. The major potential lies in the development of an ecosystem where players not only get better connectivity and access to the games through the broadband internet and blockchain technology but also stands to benefit from the option to make purchases (in the form of various coins and other facilities related to games) using cryptocurrencies. With the help of blockchain, users can use their specific game character with particular characteristics to other games also, which essentially means more integration and connected game outlook for players.
Experts agree on the fact that this is a very evolutionary face and when we add the power of artificial intelligence and other algorithms in the whole ecosystem, there are tremendous possibilities to grow in the digital gaming space. The big names in the industry have already established their own gaming ecosystem and reaping rich dividends by offering gamers a one-stop solution for their gaming experience as well as purchase requirements. Transactions happening in the gaming industry today invariably use smart contracts which are essentially based on the principle of cryptocurrency and blockchain technology. We have witnessed the huge popularity of the crypto kitties, which has taken the whole industry by storm. This blockchain-based game is a testimony of the fact that how much the gaming industry has evolved with the help of technologies emerging in the crypto sphere.
Role of cryptocurrency
Not only the users’ convenience, but the option of using cryptocurrency to make various purchases in the gaming industry is also saving a huge amount of cost for the industry players. Unlike the credit cards and other net banking systems which have a cost associated with their operational procedures, use of cryptocurrencies can save millions of dollars under the categories of the transaction cost. This cost-saving is also emerging as one of the most attractive reasons why the players in the gaming industry prefer the use of crypto rather than other conventional methods. This cost-saving can be further utilized in the accelerating the research and development of new games which, in turn, will help companies to attract new users on their platform.
Unlike some other industries where the rate of adoption of cryptocurrency and blockchain technology have been impeded by many factors, the case of the gaming industry is unique in a sense that we have witnessed tremendous enthusiasm and adoption potential for crypto technologies here. The real reason behind this adoption is the urge of the top industry players to disrupt the segment with facets like innovation and connected gaming experience while they chart undiscovered territories to provide a more holistic experience to gamers. This kind of hunger is something which is missing in other sectors where adoption of the crypto is still facing some very tough challenges. We are quite hopeful that with the passage of time, organizations in the gaming industry keep on continuing the innovation aspect as crypto-sphere has the capability and potential to transform the gaming industry to an altogether a different level.