Gaming and Blockchain: The Good, the Bad and ArcadeNetwork.
There’s no separate individual platform that can have such a notable impact on the gaming industry and retention all at once. Not just for one aspect but for all, i.e- game developers and the gamers.
The Struggle?
During the last year, the games market generated $177 billion in revenue, and it is predicted that these earnings will increase to $218.7 billion over the next three years.
While some of this increase is likely due to mobile gaming and virtual item sales inside freemium monetization models, most of it is caused by increasing online sales of premium and freemium virtual goods.
The gaming market is one of the biggest entertainment markets in the world, but while 2.2 billion people actively play games, the average annual spend per customer is estimated to be just 20% of the books market and 10% of the gambling market.
All of this leads to the conclusion that game developers are in need of better ways to generate revenue without raising their overheads.
At Arcade network, our solutions are majorly designed to help developers increase profits by utilizing unique gameplay mechanics that give gamers new and exciting experiences.
Arcade Network not only focuses on developers but also the gamers. The gaming industry sometimes has to suffer due to government regulations and competition. This sometimes leads to gamers losing their investment in gaming assets. For eg: A gamer purchasing a Gun in one game loses it entirely, if that game shuts down. Hence there is no true ownership of assets provided to Gamers even after they invest their money in purchasing it. Arcade Net is trying to solve that.
The Fix?
Blockchain in Gaming
Thankfully, the use of blockchain offers several options for the problems listed above.
In our suite of products, we utilise blockchain technology to develop virtual things that are legally, authentically, and conclusively verified. When it comes to virtual items, a decentralised network of storage rather than game servers holds the items.
The blockchain can enable players to have actual ownership of their assets because it works as an incorruptible certificate of ownership and authenticity for all of the items it safeguards.
The blockchain can propagate and secure game add-ons, gameplay inputs, and player accounts, allowing for a better game experience and allowing developers to create new genres of games by leveraging blockchain-specific elements.
What are the advantages for game developers?
We believe that by redefining the psychological value of virtual items and redefining them as valuable assets, our powerful suite of tools will revolutionize gaming as we know it.
Characters, currency, weapons, items, power-ups, skins, employees, real estate, pets, universes, and even games — anything a developer can imagine — are examples of digital assets.
You, as a developer, can enable such digital assets to be used, traded, bought, sold, loaned, leased, upgraded, lost, augmented, or cashed-in for cryptocurrency as the player’s property.
This transformation from virtual item to digital asset opens up new avenues for fundraising, promotion, monetization, revenue protection, and retention.
What are the advantages for gamers?
The ownership- Even though buying assets are expensive in virtual gaming platforms, 20% of gamers are indulging in purchasing skins, weapons, characters etc. But is it real ownership if it comes with boundations? Gamers can not take control over their assets and in real terms are still owned by the developers.
Purchase Once, Use Forever- Once bought the asset belongs to you, and can be taken to any other Metaverse and used there. In simple terms, an asset purchased in one metaverse can be taken out of that metaverse using ArcadeNetwork bridge and can simply be used in any other metaverse, obviously the metaverses should be supporting similar use cases or can have some cross collaborative offers and use cases for these assets. Opening some use cases of these assets in their metaverse eventually is going to attract audiences.
Decentralised marketplaces- Once bought the asset belongs to you, if you,as a gamer, are tired of moving it across metaverses and want to make some other uses of it, you can simply exchange it or sell it on any NFT marketplace like Rarible or Opensea.
What is the functionality of our platform?
If you wish, you can own virtual items stored on the blockchain for the rest of your life. This is in contrast to the current reality, in which players’ items are lost if they are kicked, leave the game, or the game crashes.
True ownership of one’s digital assets empowers gamers to take control of their digital identities, making virtual worlds far more meaningful.
The Ethereum Layer 2 blockchain is integrated with our one-of-a-kind suite of smart contracts, apps, and APIs, and the full range of its tools and functions can be activated, customised, and developed using our development platform. The Arcade Network Platform enables gamers to: Own their virtual items completely and store them safely in decentralised item management apps.
Hold items that are useful in-game and also have a cryptocurrency reserve attached to them, allowing users to sell their items and retrieve the cryptocurrency contained within.
Manage virtual items on decentralised networks so that they can safely use, trade, buy, sell, lend, rent, lease, upgrade, lose, and augment them.
It’s worth noting that these tools are modular, which means that you, as a developer, can pick and choose which ones best suit your needs. You can also use our platform to create your own smart contracts in addition to the ones we offer.
About Arcade network-
ArcadeNetwork is the world’s first decentralised platform providing cross metaverse asset interoperability. Using smart contracts and cryptocurrency, it also aims to build a money market for in-game assets.
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