A new study in the United Kingdom on blockchain technology in video games has established that most gaming developers are exploring blockchain adoption for their gaming titles.
The study commissioned by Stratis, a blockchain platform and undertaken by insight agency Opinion involved 197 video game developers drawn from the United States and the UK. The results showed that more than half of gaming developers (58%) have already started using blockchain technology for their projects, while 47% of them are already incorporating Non-fungible tokens (NFTs).
The study established that video game developers have massive confidence in blockchain technology and NFTs. More than two-thirds of gaming studios expect blockchain to become integral in the gaming industry within two years. However, more than half (56%) of them are planning to include the technology in their productions within the next 12 months.
The move to blockchain technology works best for both game developers and gamers due to decentralisation. For the longest time, while developers have most authority over their online games, they still have to contend with other players like the App Stores. These online stores could dim what fits to be on the store, determine ranking to expectant gamers and also control finances. However, with the decentralised nature of the blockchain technology, the developer does not have to worry about third parties.
The blockchain and NFTs are also popular among gamers, thus developers must follow the same route. For the longest time, gaming was more like a pastime and purely for entertainment. However , NFTs are revolutionising online gaming through the advent of play-to-earn games where one gets to earn money when they game online.
Some of the ways one can earn when gaming include through developing then selling in-game items like characters and gaming skins in the form of NFTs, and also gaining platform’s native token which can be converted to real money.
Video gaming to drive mass crypto adoption
Blockchain so far has proven to be a multifunctional platform. It provides secure and cheap global fund transfer platforms, irreversible transactions, inflation protection and many other use cases. However, of all the use cases, it seems video games are what will drive mass adoption to digital currencies.
NFT tracking site DappRadar, established that more than 1 million digital wallets were connected to decentralised gaming apps every day in October. This is more than 55% of all blockchain overall activities within the month. That means online gaming is currently the major driver to blockchain technology.
Existing gaming companies embracing blockchain technology is one of the reasons for mass adoption compared to other industries. The Australian gaming industry is not to be left behind. One of the leading Australian crypto companies, Immutable X has partnered with ESL gaming to launch a digital NFT gaming platform.
Given the Australian population is receptive to the digital currencies, NFTs gaming is likely to be massive in the country as well. Therefore, instead of waiting to get into blockchain through other means, consider joining a video gaming platform.