Which blockchain technology has the greatest chance to change the game?
Gaming is a form of entertainment that never stops evolving. From the early days of the format in the 1970s to today, games have been completely transformed. This is most evident in the online casino space where sites have innovated with various technologies including blockchain and cryptocurrencies. Competition is fierce among casinos, so many run promotions and bonuses as part of their marketing to encourage new players to sign up to their site.
Many have also upped their game with tools like virtual reality, video streaming and licensed branding from movies and TV shows as they look for more ways to stand out from the crowd.
Technology and creativity have also led to changes and improvements in video games. Modern AAA titles have graphics that are infinitely better than in decades. They also offer open worlds, online multiplayer functionality and realistic physics.
With technology having such an influence on gaming, perhaps it shouldn’t come as much of a surprise that developers have been experimenting with ways to incorporate blockchain technologies into their content.
In recent years, there have been several different ideas that have gained traction among the gaming and blockchain communities. But which of them has the greatest chance of making a mark on this popular form of entertainment?
Cryptocurrencies
Cryptocurrencies are the most obvious example of a blockchain technology used in games. Just as they can be used in lieu of any other form of payment, digital tokens can be used to purchase games and in-game content.
However, there is nothing overly radical or surprising about this, and it will not change the way games are played.
NFTs
Non-fungible tokens were one of the biggest blockchain stories last year. Although they had been around for quite some time, they really exploded in popularity through 2021 as crypto enthusiasts piled in.
While much of the main focus on NFTs was on the various digital drawings and other types of artwork sold as these non-fungible tokens, there have been many projects aimed at using the technology for more practical purposes.
Gaming has been touted as one of the most plausible prospects for NFTs, and there have been some high-profile attempts to make this a reality.
Perhaps the most famous of these is Ubisoft’s Quartz system, which allows players to purchase in-game items and then resell them later, potentially at a profit. It received a mixed response from players, but the company still stands behind the concept.
However, there have also been many attempts to create pay-to-earn titles where a lot of emphasis is placed on success in the game giving players items that can be exchanged for cryptocurrency.
Smart contracts
Smart contracts are another blockchain concept that has a number of potential uses, perhaps more than just any other cryptographic technology.
They could in theory replace any traditional mechanism used to create and enforce agreements between two parties, but they are likely to be most useful in larger, more valuable and more complex exchanges such as international trade, real estate transactions and investment. .
Smart contracts work by creating a publicly visible overview of the agreement between two parties. When the pre-defined criteria are then met, an action can be automatically triggered on the blockchain, such as transferring funds when a shipment has been tracked to a specific location.
In gaming, smart contracts can be used to provide an extra layer of trust for casino games because a public agreement can be created on the blockchain for each bet and potential players can view these records to see if others have received their payouts.
In regulated markets, where bodies such as the Gambling Commission in the UK and the Malta Gaming Authority have tight control over iGaming companies, these smart contracts are not overly necessary.
However, they can still provide an extra layer of security to help players feel safer.
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