IOTA+: Game HUB – Homepage
Distributed ledger technology could revolutionize the global gaming industry by creating a new class of games that completely redefines the relationship between players and manufacturers.
The problem with today’s games is that the game manufacturers own everything in a game. The players themselves own nothing. The manufacturers retain control of all the data and the game continues only as long as it is supported by the manufacturer. Players invest a lot of time and money while completing quests, defeating enemies and collecting virtual items to upgrade their own character. But what happens to the player’s achievements if the game manufacturer decides to shut down the servers, change the properties of some items, or remove them from the game? Moreover, the player himself may find the game increasingly unattractive and lose the desire to play. All the invested time and efforts are worthless in both cases, and there is no way to recover all this effort or transfer it to another game of the same gaming platform, if necessary.
The solution could be crypto-gaming. Imagine that the ownership of all in-game items (swords, armor, gold, houses, stores, etc.) can be secured and verified using distributed ledger technology. This would radically change the status of “ownership” in the gaming world and allow players to participate in a completely free market for virtual goods. The problem of ownership of items would be solved. Acquired currencies or items clearly belong to the player and only he has complete control.
The technology also fulfills one of the biggest gamer desires since prehistoric times: The desire for exclusivity. With exclusivity implemented in the game, we will get unique gaming experiences in the future with constantly evolving characters, items and a unique game story for each player. This will take the drive to collect unique items to a new level.
With the DLT Revolution, cryptocurrencies can also be traded in-game. This would create a virtual economic system with very far-reaching possibilities for players and producers. For example, trading unique items, payments between two companies, used digital games could be resold, entire businesses could be created in which cryptocurrencies can be used to pay.
Crypto gaming is a new generation of games that have their own decentralized economic system. These games offer players a new way to make their gaming experience better and unique, and the achievements they earn can be monetized. Completely new business areas also open up for manufacturers, e.g. items can be offered or lent in exchange for cryptocurrencies. Currently, crypto-games are casual games based on collecting and trading. There are still some issues to iron out technologically but time will tell. Distributed ledger technology definitely has the potential to change the gaming industry for good.
The IOTA Foundation already has a foot in the door here as well. Sergey Ivancheglo, a.k.a. come-from-beyond, is one of the founders of the gaming platform Paracosm. The gaming industry is a huge market with nearly $80 billion in revenue, and in conjunction with virtual reality and the ongoing connection of all things, the growth rates will continue to increase in the coming years.
Last Updated on 16. February 2021