Entertainment Industry Insights: The Potential of Blockchain and Bitcoin for International Online Gaming Companies

Entertainment Industry Insights: The Potential of Blockchain and Bitcoin for International Online Gaming Companies image

Way back in the '90s, online gaming was completely different. For years now, the industry of video games is known as one of the most lucrative money-making businesses in the entertainment industry.  The innovation of video games has perfectly blended into the space of entertainment, socialization, and recreation.

In fact, according to analysts at GeekWire, 1.2 billion people play video games worldwide with an estimated number of 700 million people playing online. However, paying the services online is very alarming due to the identity theft risks involved with it. You had to either pay by cheque, card, or any online payment method available on your estate.

Today, Bitcoin and Blockchain Technology are making a massive impact on the global online gaming market. The most popular and widely used cryptocurrency to pay for online gaming and other goods & services is Bitcoin. The world's leading entertainment companies are considering the potential of integrating Bitcoin and Blockchain to enhance the video game’s user experience. Many believe that it could have a promising impact on the future of online video games.

Here are the signs that Bitcoin and Blockchain are making their marks in the world of online games:

Video Game Projects Funded through Cryptocurrency

Video gaming is a very lucrative industry and most likely one of the first major industries to notice the significance of integration of Bitcoin and Blockchain Technologies. It’s not new for us that there are dozens of digital coins and teams working hard every day striving to contribute to this world’s crypto adaption. So, there are some developers that consider cryptocurrency as a way of funding their project’s development. Reality Gaming Group is one of the gaming companies using such a method. In fact, they managed to gain $3.5 million through ICO (Initial Coin Offering).

According to Reality Gaming Group, ICO helped boost their budget by selling virtual currency before the game’s launch. As per Tony Pearce from Reality Gaming Group: “The in-game currency is called Reality Clash Gold coins – or RCC Gold – and during the ICO, investors could buy these coins for a limited period at a big discount to the price of the coins when the game is launched next year.”

Also, there are several games which already integrate Bitcoin and Blockchain that are available in the market, particularly, Chimaera, GNation, WAX (Worldwide Asset Exchange), Spells of Genesis, CryptoKitties, and a lot more.

Integrates Blockchain to Improve User Experience

Blockchain was initially intended for Bitcoin and other digital currencies as the accounting backbone. As time goes by, blockchain has grown into a significant technology that brings commotion and offers solutions and improvement to almost every business sector. Most of the leading video game companies are now adopting this modernization and powerful technology. For example, Game Protocol (a decentralized gaming economy that uses “Game Protocol Token”) have integrated blockchain to implement advanced security and develop a gamer community.

According to NewsBTC (a network covering BTC news), the blockchain technology seems to be influencing video games in three remarkable ways:

  1. Multi-player integration: The games built with this technology will be able to operate on a distributed ledger system. This means that a server outage or poor performance will no longer be a problem.
  2. Tokenized Incentives: This feature will allow users to easily move between blockchain platforms.
  3. Better Competition: A smart contract is one of the best-acclaimed features that will aid competition and perfect for the unbiased digital mediator.

The World’s Leading Gaming Industry is Accepting Bitcoin

As mentioned above, Bitcoin and Blockchain Technology are already making a huge commotion in the gaming industry. Big names in the gaming industry like Valve Corporation (American video game developer, publisher and digital distribution of the software platform Steam) recognized and accepted Bitcoin. BitPay was the payment option approached by Valve to be affiliated with their services, particularly for the players in less accessible areas around the globe.

Based on the reports from Steam, millions of dollars were added to their monthly revenue from their digital media marketplace and a various number of online games. This opens up the big potential for cryptocurrency as the vital technology that improves and gives a promising future for the video game industry.

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