Since its humble beginnings, the video game industry has come a long way. MMOs such as PlayerUnknown’s Battlegrounds (PUBG) require users to live in a fair world because their characters are customized to their personalities. The player’s reputation is tarnished by any maltreatment of nature.
A princess in a castle isn’t a faraway objective for characters, and they don’t die the same way Mario does. Emotional and real-life circumstances are at the heart of many games.
Main Assets of Games
In most of these games, players use virtual assets to achieve specified objectives and show their superiority. Streaming online It’s becoming more and more accepted as a sport worldwide. In 2019, the industry generated $138 billion in revenue.Due to the necessity for a new system to replace the current paper money system with something revolutionary, blockchain technology has grown tremendously in recent years…
Aside from money, blockchain has a wide range of uses, including in the gaming industry. Why? Because blockchain technology has the potential to revolutionize the way games are made, managed, and played in the years to come.
They are one-time investments that bind them to their imaginary worlds for online gamers who purchase in-game weapons and other add-ons to play their adventure, warfare and other games. To remedy this, companies like Polyient Games are leveraging blockchain technology to record their customers’ purchases and turn the formerly one-way transactions into liquid assets that can be resold for cash.
Point Games, which was spun off from Polyient Labs in February, isn’t a gaming firm in the traditional sense; they don’t create or market games. It’s an investment firm that aims to improve the fairness of online gaming for players by investing in firms in the embryonic blockchain gaming industry that use blockchain technology.
By offering gamers the ability to maintain their purchases or transfer them to other games without having to pay them again, Craig Russo, the company’s director of innovation, believes that online gaming will become more appealing and popular.
According to Russo, the rarity of certain in-game assets makes them expensive. A player’s possessions, including swords, guns, and more, are stored in a blockchain using blockchain technology. “You can retain your weapon as long as you can establish its ownership and then sell it on the open market. That’s no longer an option.
Because of this lock-in, game publishers can seize ownership of their players’ assets. According to gaming analytic firm NewZoo, the global gaming industry is expected to reach $159.3 billion in 2020 because of the COVID-19 pandemic keeping people at home.
Blockchain in games
Point Games is a pioneer in the blockchain gaming investing business. Dapper Labs, which launched the 2017 CryptoKitties collectables craze online, and Forte, which raised a $100 million fund for blockchain games in 2019, are two other examples.
As far back as the previous ten years, blockchain has been chiefly associated with Bitcoin and its applications in food supply security, pharmaceutical firms, financial institutions and logistics.
In a sense, the blockchain is a database of information. A blockchain, often known as a public ledger, is a secure and unalterable metadata database about each transaction. Because of the cryptographic security of blockchains, people can feel confident using them.
Non-fungible tokens represent in-game assets on a blockchain (NFTs). It is possible to trace a non-fungible token (NFT) in the blockchain. This could be anything from a video game weapon to an online digital artwork. Fungible tokens are similar to US dollar bills, in which each one is equal to another US $1 note. According to Russo, fungible assets are just another type of asset in this category.
Improve the infrastructure and application layer of NFTs to increase their value, Polyient Games is focusing on. In addition to enhancing the economics of digital in-game objects, these assets also facilitate the shift of high-valued items such as collectables and artwork into the digital realm. According to him, a large portion of the NFT sector is being driven by digital marketplaces for collectables and paintings.
When these assets are given value and allowed to be sold, professional gamers who collect sought in-game premium items could eventually utilize them to even do a job, said Russo.
‘It’s this idea of play to earn, which is the antithesis of pay to play,’ he explained. “Earning and selling products like swords and other items to get money in the real world is known as “sweat equity.” They don’t want to put in a lot of effort; they just need the rewards right away!”
According to the narrator, that’s how the reseller industry is being formed. “It’s clear that individuals are prepared to pay for in-game things based on the $50 billion in-game buying market. If you’re thinking to put in the time and effort, you’ll always find a buyer.”
On the surface, it may appear absurd, but Russo said that it is only an extension of standard market notions for the digital age.
By focusing on the bigger NFT market and providing options, Russo stated. “It is critical for players to understand that owning their assets is a fundamental part of the game. That’s going to be the driving force behind what we expect to be the next major development in blockchain gaming.”
Cargo. Build, an infrastructure business with a scalable solution that allows users to mint or generate assets on a blockchain is one firm Polyient Games has so far funded through its Polyient Labs incubator program. Additionally, Blockade Games, an MMO RPG developer on the blockchain, is among the other companies that have invested in the company.
Russo described the assets as “physical assets in a digital form.”. “Owning a piece of property isn’t for everyone. This is a new sort of social contact as their lives become increasingly entwined with social media and video games.”
Axie Infinity, which uses blockchain technology, is an example of a card-based online game that can benefit from the blockchain’s capabilities, he said.
Russo adds that in order for this technology to be easy to use, it must be incorporated without the user’s awareness.
He went on to say that this was all just the beginning. The Ethereum blockchain, the second-largest blockchain network behind Bitcoin, processes millions of dollars in transactions every month.
To now, Russo said, gamers can resell their in-game purchases to others, but the system is disjointed.
In the future, Russo and his team believe that this technology will be used in all kinds of online games, including single-player and console games from Microsoft and Sony.
He suggested that blockchain technology should be used in products like loot boxes in popular games. “In part, it’s a combination of technological challenges and the willingness of gaming console manufacturers to implement it. However, people are beginning to think about it as a possibility.”
According to Russo, a lot of the infrastructure is still lacking, but progress has been made in scaling up these efforts.
