In a new wave of innovative transformation, gaming and blockchain technology are two main fields that are evolving today. Innovation is all about pioneering new technologies or applying existing and old technologies in ingenious ways.
Gaming is a rich industry that has an expected investment of about $128 billion in the year 2020.
Companies are constantly striving to stand out among their rivals and the best way to do so is to bring in the technology which delivers the best user satisfaction and experience.
Union of Blockchain Technology and Gaming Industry
The impact of blockchain technology in the gaming industry is inevitable. Even startup companies are simplifying blockchain for their benefit.
In fact, the impact of this technology is going to be stronger than the impact of online gaming. There are certain organizations working with blockchain technology and offering a solution to help the video gamers and video developers to break new grounds.
By providing an economic framework, blockchain integration, and open-source development, these companies help the video game developers to disrupt themselves.
Why Is Virtual Reality Popular?
- It provides platforms for complex circumstances.
- It eases the learning of complex things.
- It helps in building a virtual social gaming network.
In the year 2016, the total revenue generated y selling the VR hardware and software was almost close to $3.7 billion. The concept of virtual reality and virtual reality videos are so famous that nearly 51% of the US population knows about it.
Here are some ways how blockchain technology will change the future of the gaming industry:
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Continuous and Parallel Gaming Universe
Distributed ledgers can help gamers to use their items and video characters in different games, virtual reality videos, and 3D virtual reality environments. This data can be used for the algorithm to provide the best 3D virtual reality experience to the gamers tailored according to their needs and requirements.
Gaming developers can connect this world in virtual reality videos with digital assets such as the items and skins by using blockchain technology.
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Increasing Value of Gaming Items
There are three main ways how blockchain technology can improve the value of virtual items in the 3D virtual reality video games. The first one is the use of virtual items in a unique way in virtual reality videos which can increase the functional value of those digital assets.
Setting up platforms in 3D virtual reality videos that can allow gamers to cash out those digital items for dollars.
Increasing the social value of the digital assets in the virtual reality videos by setting up networks that could facilitate sharing, trading, buying and gifting.
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Safe Storage
Using blockchain technology ledgers to store your digital assets and cash in the 3D virtual reality video games will guarantee the safe and sound storage of the digital items permanently.
Blockchain technology has impenetrable encryption and gaming cryptography is quite hard to hack. This way, virtual items in the virtual reality videos will stay safe in the gamer’s pocket.
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Proof of Asset Scarcity
The blockchain technology in the gaming industry will provide proof for asset scarcity. Hence, developing the interest of gaming for the users.
The blockchain ledgers will allow the game developers to build rare digital assets and items in the 3D virtual reality games.
Moreover, game developers can also create web pages through which they can track the availability of the most coveted digital asset in a gaming platform.
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Regulated Gaming Economies
The banning trade in the gaming industry does no good but creates black unregulated gaming markets. This disables the games to control all the trading parameters. Hence, increasing the risk of being scammed online.
By blockchain technology, game developers will be able to trade the digital items without the risk of being scammed and with little to no restrictions.
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Players Can Alter the Digital Items in The Game
Blockchain ledgers can also be used by the game developers to alter the digital items to make them even rarer by customizing them. This will give the ability to the game developers to add unique properties and characteristics to the digital items to make them rare.
This brings opportunities to potential players who want to use their skills to give other gamers an opportunity for in-game business. This would be known as the merchandising of rare digital items.
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Saving Millions on Payment Processing
Decentralized payment processes will allow the gamers to pay the gaming fee within a fraction and that too, to the credit card companies. This way, game developers will save a lot on merchant subscription charges and payment gateways.
The Future of Virtual Reality
The future of virtual reality is now near. Experts continue to predict the future of virtual reality. It will be used in consumer technology, education, the internet, retail, and eye-tracking technology and collecting behavioral metrics among many other things. Beyond this, virtual reality is claimed to be integrated with blockchain technology to enable a new paradigm in collecting big data and behavioral designs.
