ArcadeNetwork with Blockchain is ready to solve the Gaming Industry’s problem.
Blockchain Technology has changed our way of living in more than one way. Even the governments across the world are now looking at ways to use it for greater efficiency. Even the larger companies are beginning to adopt it. But there’s a dollar-multibillion industry ready for disruption and that is the Industry of gaming.
The first game on the PC
The gaming industry has never stopped growing since “Ping-Pong,” the very first PC game that reached our TV screens in 1975. Since then, the market has witnessed players worldwide spend approximately $173.70 billion in 2020.
Blockchain and NFTs in Gaming
Until recent times, gaming has been a majorly a centralized activity, with all data, assets, and in-game currency typically confined to the game from which it originated, and with all ownership of such items retained by the developers. With the advent and maturity of blockchain, one could see a decentralized gaming future where items won or purchased in one game could be transferable and used in another, putting a real-world value on digital in-game assets.
In fact, some of these in-game assets cost hundreds and thousands of dollars due to the rareness and scarcity of these assets. It’s pegging your sword or gun to the blockchain, allowing you to own it and take it out of the game and sell it on the open market for a profit. People can’t do that as of now.
However, Using ArcadeNetwork, we are making it possible for gamers or asset owners to transfer in-game assets from one game to another.
What other benefits Blockchain brings in the Gaming Industry-
The cryptocurrencies and blockchain are the perfect innovation that solves the problems in the gaming industry and gives players a more complete and free gaming experience.
1. Making cost-effective payment processing
The gaming industry is globally accessible. Although players have the opportunity to leverage fiat currencies, they are not reliable in terms of cost-effectiveness. To use online gaming, a player has to pay hefty fees.
Gamers can keep debit and credit cards away with Blockchain. Regardless of how small the payment is, this technology offers a decentralised way. A scammer cannot rob or manipulate information in the sector.
2. Reduce fraudulent activity
The gaming industry is hit hardest by online fraud. The industry is therefore constantly looking for techniques to save lost income. By eradicating any chance of fraud, Blockchain can save billions. Arcade Network has already begun using crypto-economics to reduce scams.
3. Security and safety storage
The security threat of hackers is constantly present in the in-game items. Therefore, the online storage of data appears to be a game company’s risk. However, encryption in Blockchain has proven a viable alternative.
Blockchain encryption-stored data prevents hackers from breaking down. In order to break the technology, correct nodes are needed at the right time. That is why game items receive double security to prevent violations.
4. Better gaming economic control
The government can ban or regulate an industry’s economies. Hard rules create black markets that are never good for any industry. This problem has also been affected by gaming companies. Game developers lose control of the trade. It is harmful to their ability to earn maximum income.
No policy needs to be developed with Blockchain NFTs in Gaming. A developer can continuously collect royalties from each gaming ecosystem. Moreover, blockchain allows a game developer without any restriction to start or stop selling assets.
5. Reduces the price of game items
The high price of gaming products limits developers’ customer base. This is also why gamers search the digital market for stolen game items. However, Blockchain has a micro transaction advantage that is affordable. It can allow developers without losing profit to sell their power-ups at low prices. In addition, when playing online games, a user can control his expenses.
6. In-game property ownership
One interesting development with blockchain-enabled support is the transfer from developers to players of ownership of game assets. Battle games, such as Fortnite or PUBG, led to a shift to free games with the introduction of in-game purchases to generate revenue, such as skin/weapon upgrades. And to encourage longer play, developers have paid off for players who have worked hours and hours to achieve a certain goal. Despite spending time, players have no digital assets, and hard-earned money is still available in the game. Developers are able, in their opinion, to change or delete objects; players are only product licensees.
The future of the safe and prosperous gaming industries is clearly Blockchain and cryptocurrencies. In the coming years, this industry’s growth will continue to grow. And we’re sure of it!