Where were you in 1975, when ‘Pong’ hit the TV screens? Regardless of where you were at the time, one thing is for sure. You are familiar with the relentless effort by the gaming industry to compete for the consumers’ attention. Ever since 1975, what people call the ‘Pong Moment’, the market has left behind the paddles and pixel balls, for high-quality graphics and sophisticated gaming consoles.
So, what’s next for this lucrative market?
The ‘Pong Moment’
The gaming industry had an inauspicious start, but it has grown into a multi-billion dollar industry, raking in an estimated $138 billion in 2018. It is a vast market. And a lucrative one. At the moment, high-end software and hardware dictate the discourse in the industry.
However, there is a revolutionary new technology that is set to break this massive industry. Blockchain!
Right now, blockchain is having its ‘Pong Moment. Games such as Cryptokitties burst onto the gaming scene on the ethereum blockchain. The enthusiasm from gamers was almost enough to bring the second largest blockchain to a grinding stop.
Now, the gaming sector in the blockchain space is growing at an exponential rate. Blockchain by itself a potentially valuable tool in today’s gaming scene, but the most significant selling point is that fact that it can facilitate decentralized exchange.
Blockchain offers enhanced security, verifiable scarcity of virtual items and collectibles. When it comes to payments, it enables almost real-time transactions settlement and the ability for independent developers to monetize their creations effectively.
Since gaming assets are almost as important and valuable as tangible assets, the blockchain offers discernible proof of ownership of specific virtual items. Digital tokens from blockchains add huge payment benefits/ They are especially useful for esports, creating native in-game tokens and driving seamless transactions on decentralized exchanges.
The Blockchain Gaming Sector
Is blockchain’s purpose as a tool for the gaming industry coming to an end?
Is Blockchain tech moving away from utilization and incorporation to become a market unto itself?
Yes, that’s right.
Several companies are currently pursuing the creation of high-end gaming based on the fabric of blockchain technology.
Can this be true? You bet!
The first tastes of blockchain gaming might involve card games and digital casinos. Developers are taking on the ambitious step into multiverses and MMOs. This allows games developers to take advantage of decentralization and asset provenance to expand the gaming sector into creating new worlds, with no single administrator to shape the rules.
So, is this a gimmicky use of the blockchain technology or an essential step towards the right direction? Consider the fact that the gaming industry is becoming a sport, and an essential source of entertainment, the thought that people should bow to game creators is fleeting.