We all know, at present, the concept of tokenization is becoming more popular than real-life currencies. In this article, we will talk about the most interesting topic, i.e., tokenization in the gaming industry, and learn how blockchain is changing it, and how casinos can be benefited from it.
What will we cover?
- Overview of Tokenization in Gaming
- How Blockchain is Changing the Gaming Policy
- Tokenizing-The Future of Gaming
- Online Gambling- Casinos Benefit the Most
- Conclusion-Can Blockchain Redefine the Gaming Industry?
Overview of Tokenization in Gaming
The advent of cryptocurrency has taken the world by storm. Amid COVID-19 pandemic, video games are thriving. Due to lockdown and economic shutdown, almost all across the world have created opportunities for video game lovers. The concept of tokenization is becoming more popular than real-life currencies. Coin Poker is one such which is a decentralized game powered by the concept of cryptocurrency that offers quick and secure transactions with BTC, ETH, and CHP tokens.
Blockchain-powered gaming can open opportunities for players where they can freely exchange and earn real value without relying on any intermediaries.
Today, blockchain has its use cases almost all across the world. If you want to want to become a certified blockchain expert, you can sign up in Blockchain Council.
How Blockchain is Changing the Gaming Policy
Besides all the money you can make with the concept of tokenization, innovating in the gaming domain represents a chance to make a positive impact on gamers’ life. Let’s see how blockchain can profit developers and players.
- Undoubtedly, blockchain can profit game developers and gamers as well. It can provide a reliable and secure environment for developers with encryption techniques to secure crypto transactions. Moreover, with tokenization, it can enable gamers to buy and sell game assets securely.
- Blockchain offers interoperability profiles for gamers as they can transact with their cryptocurrencies from the same public address, across various games.
- With blockchain’s help, gamers can buy digital collectibles and store them securely in their crypt wallets.
- Smart contract functionalities allow gamers to transfer all their in-game assets to their public addresses, thus providing complete control over digital assets. Moreover, smart contracts offer complete transparency, and no one can change the ownership of their assets.
- Unlike traditional games where players are entirely dependent on the owner’s wish, where they can abruptly shut down their favorite games, blockchain-based games give much access and control to players over their games.
Tokenizing-The Future of Gaming
According to NewZoo’s Games Market Analytics, it is estimated that the global games market to reach revenues of $159.3 billion in the year 2020.
In July 2019, Socios, a blockchain-powered voting platform tokenized Dota2 esports team named ‘OG.’ It was a fan token that can be bought or sold on the Socios marketplace where token holders can participate in polls and earn OG rewards in return. Although it’s just not an ideal way to utilize blockchain, it was remarkable in bringing more tokenized investors and sponsorships.
Blockchain technology can bring the gaming industry to an exceptional level for esports teams where they can begin new funding initiatives, including tokenized-merchandise sales, facilitating community-backed sponsorships, and even tokenized contracts. Moreover, the technology can help in bringing fans closer to their favorite teams.
Blockchain could provide solutions in eradicating fraudulent items, creating scarcity, and incentivizing more purchases by making things easily transferable from one game to the other.
The reason for the tremendous growth behind the gaming space is due to the gradual transition from media-based games(physical) to digitally-delivered games. Unlike traditional ways, digital games can be bought directly through video game distribution platforms or vendors. Moreover, the mobile gaming industry, which is now worth $68.5 billion, is the other contributing reason for such rapid growth in the gaming domain.
Online Gambling- Casinos Benefit the Most
Undoubtedly, tokenization can disrupt the gaming industry; Casinos are no more exceptional. There are numerous casinos that are using cryptocurrency as a part of their operations.
They allow players to earn tokens as an extra reward for playing. Moreover, players can use it for the buy-in process, or even players can convert cryptocurrencies into tokenized chips to play the games. Some cryptocurrency-based Casinos have taken a step forward and tokenized their profits, allowing participants to invest in their platform and have a fraction of revenue generated by the platform.
Conclusion-Can Blockchain Redefine the Gaming Industry?
Blockchain’s use case in the gaming industry is a no-brainer as players are already accustomed to tokenization. It allows players to change their items into the game’s cryptocurrency token, which can be traded with other players. It also makes digital games fairer, transparent, and accessible to people across the globe. On top of this, independent developers and even players can earn a share of the profits from the gaming industry. Moreover, the introduction of tokenized casinos can be a new revolutionary change in the gaming space that is yet to explore.
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