Blockchain technology is a force to be reckoned with, especially as it has seen a boom in usage and expansion in recent years. Today, the financial sector is already deep into investments in blockchain technology, and industries worldwide are adopting it. Experts from Statista are already estimating that its continued growth will eventually exceed 39 billion USD in global market size by 2025.
It has largely become popular through cryptocurrency, though blockchain has been used in other platforms and operations. As a major disruptor globally, it seems the next frontier for this technology lies in the gaming industry.
In the realm of cryptocurrency, it has already disrupted supply chains, which affect gamers worldwide. PCMag.com reports that crypto mining for Chia is expected to lead to a massive shortage of hard drives and SSDs, just as Bitcoin mining has already resulted in a major GPU shortage that the computer world—gaming or not—is still experiencing. That said, gaming insiders are already expecting other ways blockchain and cryptocurrencies will disrupt gaming if it becomes integrated into the very fabric.
Blockchain is responsible for the existence of cryptocurrency. In this light, a major field in gaming already starting to make use of this digital financial asset is esports. Entrepreneur.com has recently covered how esports personalities and gaming platforms are starting to capitalize on the tech, with pro gamers using it as custom fan currency and competitive games introducing their own tokens as prize money for their tournaments.
A specific segment in gaming already makes heavy use of existent cryptocurrencies, too – online gambling and casinos. Because of the speed, security, and privacy of its transactions, many digital platforms for games like roulette, slots, Blackjack, poker, and more have made these currencies their main financial asset and allow users to bet and win these very tokens. In an article on Poker.org, Jon Sofen writes that this widespread adoption can largely be attributed to the potential that cryptocurrency brings into the industry. Because of its easy account funding, wider acceptance, and independence from traditional banking, cryptocurrency could eventually be the gateway to further legalizing many online casino games in more jurisdictions.
Blockchain Changing How We Play
Aside from crypto, blockchain technology is also looking to revolutionize gaming by affecting digital assets and changing how in-game purchases work. Much of the regional restrictions set in place for global multiplayer games can be abolished with the mass implementation of blockchain. In Free-to-Play games, blockchain would redefine cross-play as it allows users to bring addresses from one game to another. This essentially enables players to truly own their in-game assets and, for example, transfer a weapon skin from shooter Valorant to an equally usable digital asset in MMORPG League of Legends.
Atari has been one of the biggest players already investing in blockchain as the future of gaming for this powerful new frontier. This comes hot on the heels of popular gamer and online personality Felix Kjellberg (PewDiePie) announcing his support for non-fungible tokens (NFTs) that allow players to be rewarded with these in-game assets outside the bounds of the games they receive them in.
For now, blockchain technology’s innovative measures make it an extremely attractive gamechanger in the gaming market. It seems further adoption is truly on the horizon, especially as scientists from the Russian Quantum Center find ways to combat the possible development of quantum-based malicious attacks on the security of blockchain systems.