Blockchain has the potential to radically change a wide range of industries from personal finance to real estate to supply chain logistics. But one area in which it is already starting to make a difference is in the rapidly evolving world of online gaming.
Concepts such as microtransactions, NFTs and play to earn are transforming the way we engage with online games before our very eyes. Meanwhile, iGaming, one of the early Bitcoin adopters, is seeing increased use of crypto across global markets. Let’s find out more.
Play to earn
Traditionally, players used to either purchase a game in order to play it, or they would pay some form of monthly subscription, or they would make in-game purchases. The play to earn concept is something quite new. Players make micropayments, equivalent to fractions of a cent, to make game moves such as shooting an opponent, and earn rewards for completing tasks such as finishing a level in a winning spot on a leaderboard. These rewards come in the form of game tokens, skins or NFTs that can be exchanged for real money.
The nature of microtransactions is that the payments, and the rewards, are small – hence the name. However, the overriding point is that by playing the game and playing it well, you don’t just accumulate game points and bragging rights, you can actually make tangible earnings from gaming.
Casino gaming
The concept of playing games and getting a financial reward if you do well is nothing new to casino gamers. In fact, The iGaming niche is something of a special case. The first Bitcoin casino launched way back in 2014, and today, it's commonplace for casinos to offer crypto among the payment methods. Even big-name providers like Play Amo are crypto-focused as a way of promoting safe online gambling.
Blockchain technology provides casino gamers with enhanced security, anonymity and faster transactions. There is an elegance to playing digital games with digital currency, and some believe that online casinos of the future will have blockchain at their heart – the casinos themselves will be built on a blockchain ecosystem with games as well as payments governed by smart contracts. It’s an intriguing idea.
Enhanced transparency
Transparency is never a bad thing, and it is essential where financial transactions are involved. This is now the case in a range of games that goes beyond the casino. For example, in the top esport tournaments, players and teams compete for prize pots that can run into the millions. Accusations of cheating have been made over the years, but game publishers have found it difficult to address using the client-side and server-side detection methods that are available to them.
Integrity in sport is vital if it is to be taken seriously, and Adam Kling, the CEO of FYX Gaming, believes blockchain holds the answer. By building games on a scalable blockchain such as BSV, every action is fully traceable and auditable. In short, there is nowhere to hide and like those line calls in tennis, player accusations can be proved or disproved quickly and calmly.
