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Gaming In The Blockchain Space


As the recently concluded Crypto Games Conference in Minsk demonstrated, gaming has a place in the expansive blockchain space. Over 1,000 people attended said conference, where some 150 gaming brands and over 50 media companies also participated. And as reported previously at Foundico, the various talks focused largely on the creation of liquidity in games; legal, regulatory and IP issues; open in-game economies; and many more innovations.

Beyond conference discussions and demonstrations though, the proof is in the proverbial pudding – which is to say that already, there are actual blockchain games, as well as games that use bitcoin in one way or the other. In the case of the former, the game CryptoKitties deserve credit for showing that a blockchain game can achieve success. That particular game, in fact, has been hailed by Medium as the game that started all other blockchain games, of which there are now quite a few. Ethereum’s World of Ether, Tron’s Epic Dragons, and EOS’s EOS Knights all come to mind as additional prominent examples.

Despite the rising possibility of such games, there are still challenges yet to be overcome. Chief among these challenges, according to BitGuild CEO Jared Psigoda, is the relatively poor quality of blockchain games, at least when compared to more popular games in the mainstream. nWay CEO Taehoon Kim, meanwhile, has stated that blockchain games at the moment are more for crypto holders who want to make money off of playing games, and not necessarily for conventional gamers just yet. This, Kim says, is the reason why blockchain games tend to be more gambling focused. Still, both Kim and Psigoda remain bullish that games will ultimately have a place in the blockchain space. “The term ‘blockchain games’ is going to disappear,” Kim has noted. “Once we reach mass-market adoption, it’s just going to be games, and they’re going to have blockchain elements to them.”

This is a positive outlook, but still describes a reality that will take time to materialize. That gaming giant Ubisoft is beginning to get actively involved in making blockchain games will surely speed up that process. In the meantime though, the blockchain seems to be finding consistent partners in, as Kim alluded to, gambling-related activities. Various online casino gaming sites are accepting cryptos and dealing with the blockchain, and for that matter the massive online betting industry, too, is getting involved. Reputable UK bookmaking sites have set a sort of standard for these types of businesses, which now cover virtually any sort of bet one could imagine making, and which in some cases are exploring blockchain integration. Granted this is a different branch of casino and gambling businesses, but it’s one that handles billions and billions of dollars each year, and which can further advance blockchain’s place in entertainment.

The appeal of blockchain technology in sectors like these where so much money is changing hands is actually fairly straightforward. Primarily, blockchain is believed to be the answer to trust issues. While the reputable sites mentioned above go to great lengths to ensure fair play, some bettors and gamers believe gambling activities are unfair, and want further assurances before entrusting their own money to these activities. Blockchain’s ability to store records immutably, conduct transactions in real time, and foster transparency can address these concerns. Bettors and gamers alike can feel more certain that their activity is being handled fairly, and that their gains or losses are being determined and processed fairly.

All of this adds up to a very exciting time for blockchain as it relates to gaming. Slowly but surely, blockchain-based games are improving and expanding, even as various activities in the gambling arena prove the technology’s usefulness and appeal. It may be a lengthy process, but we appear to be on a track toward fairly widespread adoption in the gaming industry.

Source: Blog