Online gaming has been thriving for the last decade. The COVID-19 pandemic pushed it to the forefront of people's entertainment choices even further. From casino visits to video game sales, the industry is skyrocketing.
More and more casinos Canada are using cryptocurrency and tokens. The goal is to provide a more comfortable and secure playing experience. The gaming industry is taking the same leap towards tokenization.
Our expert, Daniel Bennet, is looking at tokenization in gaming. We'll discuss how it can benefit online gambling and gaming industries through the lens of the player. By empowering gamers, the industry will flourish to new heights.
Tokenization in Gaming: An Overview
Tokenization is growing in popularity. Cryptocurrencies are becoming preferred to real-life currencies in online purchases. When it comes to games, they allow players to exchange value while cutting out the middleman.
The gaming industry can profit from the use of blockchain technology and cryptocurrency. Virtual money and in-game purchases have been in the application for over ten years now.
They're still the most notable in casinos, but usage possibilities correspond in the two industries. Let's take a look at how they're most often used today to get a glimpse of what the future holds.
Betting establishments have been applying these new technologies in various casino games. It's the most evident in poker and fantasy sports.
For example, poker sites can make tournaments accessible to players worldwide through blockchain. All they need to do is record deals on the blockchain and allow people to pay with tokens.
Many people can't pay in real-life currency due to the government or bank restrictions. Thus, casinos benefit from tokenization because it opens the doors for a new playing population.
In fantasy sports betting, an operator called Stryking first introduced the concept. They presented token-based challenges, loyalty points, and coins in 2018 to open the platform to a global audience.
Blockchain for Trading
While discussing how blockchain is changing, professionals have predicted several opportunities.
In-game trading is a vital area of development that regards players. If they can turn their items into assets worth money in the real world, they can also trade them. That way, they're shifting what they earned or bought in-game into specific tokens.
This process empowers players by cutting out intermediaries and allowing them to profit from their properties directly. Blockchain technology is making it transparent and secure, facilitating profit opportunities.
Blockchain Benefits for Gamers
These innovations can benefit players and developers alike. The most prominent advantages include:
- Through allowing players to sell and buy with cryptocurrencies, blockchain facilitates the process.
- Crypto transactions are much safer than other methods, ensuring anonymity. Players can also store collectibles securely in their crypto wallets.
- Using smart contracts, gamers can transfer all assets to their public addresses, which gives them full control over them.
Tokenized Sponsorships and eSports
Regarding this topic, we can't forget one of the most significant trends in professional gaming today - eSports teams. It seems that tokenization can make the existence and profitability of these organizations much more comfortable to establish.
In July 2019, a blockchain platform tokenized a great Dota 2 team. They created Fan Tokens, which let users earn rewards and participate in polls.
This procedure opened the door to team and sponsorship tokenization becoming more frequent. If that happens, it could make a massive difference for eSports teams.
In the future, this might mean that more investors will enter the field of eSports, and fans will get ways to become closer to their favourite teams. For the group in question, this allows new funding initiatives and community-based goals to get achieved much more quickly.
Is blockchain the future of gaming? It's still hard to say, but its use is a no-brainer.
To reiterate, it makes the games more transparent, fair, and accessible. Moreover, it lets people profit from their skills or purchases and allows eSports teams to coordinate and grow. As a serious player, it's time for you to get well-versed in the new technology.
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