Blockchain and Gaming: How Bitcoin Latinum Can Optimize the gaming Industry
With all the high anticipation revolving around the launch of Bitcoin Latinum, community members are eager to see displays of the token’s numerous use cases throughout the media and entertainment, gaming, cloud computing and telecommunications industries. In this blog series, we have seen the great measures blockchain technology has taken to bring improvements in optimizing distribution, remuneration and transparent practices to the Media and Entertainment industry. This article will showcase how Bitcoin Latinum aims to revolutionize the gaming industry and highlight what the future holds for the some 2.8 billion gamers worldwide.
It is no surprise that the gaming industry has been booming year to year with upgrades to overall graphics, advanced gameplay, and the advent of streaming. These advancements have led to a surge of almost half a billion participants worldwide in the esports market. In 2020, the gaming industry generated around $162 billion in revenue, alongside a booming immersive virtual reality gaming space, which saw a 2000% rise in communal interest year-to-date. Gaming is here to stay.
Game developers are actively looking at ways to maximize viewership, increase overall number of active users, and maximize gaming satisfaction. Blockchain presents economic incentives to the gaming community.
Blockchain in gaming employs a wide array of opportunities for gamers, developers and fans. One of the most sought-after utilities of blockchain in gaming is cross game compatibility. For example, significant fiat has been used to purchase character “skins” in Fortnite, however, those skins have no use besides their cosmetic role within Fortnite. On the other hand, picture a scenario where one could buy a tokenized skin in Fortnite that can be sent to Grand Theft Auto or another game, allowing that skin to be worn across the gaming ecosystem. Or, imagine completing a mission in Call of Duty and receiving a limited item as a non-fungible token (NFT), which could then be listed on an out-of-game marketplace accessible for purchase by users who may not have the gaming skill sets required to win the item in the course of regular play. Interoperability is what blockchain in gaming is all about.
Blockchain games will incentivize gamers to engage in the platforms they love on a more frequent basis because in-game progress directly correlates to a real-world value that can be earned by selling accounts, characters, in game NFTs, etc. Currently the main source of revenue for gamers is by streaming gameplay, however, blockchain games will expand revenue opportunities for individual gamers. As of now, only an extremely small fraction of streamers actually make significant money based on advertising revenue via high viewership.
If one uses a product for free, they are the product in a pay-to-play model. The future of gaming will see a transition to a play-to earn-platform. Most mobile games operate under the model of ‘free-to-play’ but with a purchasing mechanism for those looking for advanced game playing. Getting enjoyment out of playing games is certainly the goal of most users, but the future of blockchain will allow users to reap the benefits of not only the game’s entertainment value but as a revenue stream through earning and purchasing NFTs that can, in time, appreciate in value.
The gaming industry needs a blockchain with the scalability and operational efficiency that can successfully intermediate the high incoming demand for in-game and inter-game digital asset exchange. Bitcoin Latinum’s increased block size and transactional speed is built for high network traffic and maximizing user capabilities. This network runs on exponentially less operational power compared to market leading blockchains. Bitcoin’s mining compounding energy consumption demand has increased with the coin’s network growth, making it much less sustainable and unscalable for broader utility. Bitcoin Latinum’s advanced version of Proof-of-Stake (PoS) consensus aims to fill the demand that Bitcoin fails to sustain, evident by slow transaction verification, high network fees, and massive energy consumption.
The ability to build a decentralized financial model that allows smart contracts and ease of funding from various institutions will be revolutionary for the gaming industry. Bitcoin Latinum seeks to enable the gaming universe with never-before-seen capabilities that will empower the next generation of gamers, developers, and the industry at large.