Blockchain solutions are widely implemented in various industries, such as finance, logistics, healthcare, digital identity, and even the movie industry. These industries are finding a way to use blockchain technology to disrupt their industries. Yet, how is the current state of Blockchain gaming?
April 7, 2019, | AtoZ Markets – According to research by market analysts from Newzoo by 2018 the global market of games has already reached a value of about $ 135 billion. Fortnite a co-op sandbox, survival game developed by Epic Games and People Can Fly is considered one of the most popular with 200 million players. Game Reviews occupy a leading position among the most visited channels on YouTube.
The success of Blockchain technology is not inferior to video games. The story of the blockchain emergence has already been captured in a wide range of documentaries. However, this technology still raises certain issues.
The users are still questioning themselves. One of the questions; is blockchain technology safe for our life today? Technology still needs access to an extensive user base. Despite all controversy surrounding this innovation, the blockchain gaming evolves.
Gamers are at the top of the hackers’ victims
Along with cryptocurrency exchanges, online gamers accounts are on par with the victims of cybercriminals. Games are becoming more popular, users invest heavily in their online profiles, and hacking and stealing accounts is becoming more common.
According to various reports, hackers steal accounts from games like League of Legends in order to sell accounts on the Internet to others who value accumulated gaming assets.
Blockchain Gaming Obstacle: Scalability
The new technology, which, despite the controversy surrounding it, might offer to the gamers more advanced security options and provide with unique digital assets which are harder to steal or replicate. Yet, scalability is an obstacle for this technology to become global. Moreover, for online games, high transaction throughput is important.
Ethereum struggled to cope with this task back in 2017. The blockchain project could not handle the volume generated by the Cryptokitties a video game similar to Pokemon card but based on the blockchain. Also, the depopulation of the game created delays on the Ethereum blockchain as a result transactions could not be executed properly.
Newer blockchains, such as EOS and Tron, have attempted to solve the scalability problem by opening up opportunities for dApp game developers. Therefore, it is not surprising that the rapprochement between the blockchain and games now attracts significant investments. Also, we consider examples of large investors who make big bets on blockchain games.
Blockchain investors that are betting big on gaming
The investment department of Ripple called Xpring is a Forte partner. As part of a partnership with Xpring, Forte will oversee the XRP foundation and provide game developers or game designers to incorporate Ripple blockchain services into existing games. Forte will use Ripple technology, including the Interledger protocol, which allows transactions through different block chains.
Blockchain Game Project of Mangrove Capital
At the end of last year, Mangrove Capital, a venture capital fund in Luxembourg, announced that it is investing $ 5 million in DreamTeam, a blocking-based, universal e-sports platform.
The company will serve as a gateway for connecting various players, leagues, agents, sponsors and tournament operators. Also, the company will use the DREAM token as prize money, for gamers when they win in tournaments.
The eSports market is growing rapidly. Experts predict that in 2021 the revenues in this industry will reach $1.65 billion. Therefore, it is easy to understand why Mangrove decided to invest in a company like DreamTeam.
Blockchain Game Project: Tron Arcade
Last year, Tron announced that it was creating a foundation of game blocks called Tron Arcade. The purpose of the fund, according to representatives of the company, is to create the basis for the blockchain gaming ecosystem on the Tron platform.
Tron Arcade aims to provide developers with distribution, financing, consulting, and potential access to partnerships through the Tron network.
Future is still unclear but might be bright
The gaming industry continues its global expansion with no intentions of slowing down. The blockchain and gaming combination might contribute to the growth of both industries in the future. The influx of large by influential blockchain platforms and venture capital funds indicates prospects of merging these industries does not cause any doubts.
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