Blockchain technology has revolutionized the way how online transactions took place over the internet, and now it is paving the path for revenue in gaming companies. While many users recognize blockchains as mainly the guiding force behind crypto-currency, it has now also become an indispensable tool in various e-platforms, one of them being online gaming. And hereby gaming, we mean professional online players who are dedicated and willing to invest for in-game purchases such as characters, skins, vintage game set-ups, and other things. This is where blockchain comes into play as it acts as an effective, transparent ledger to keep track of the gaming transactions.
These are a few ways certain blockchain gaming companies are using to gather considerable revenue during the pandemic.
Betting and Gambling
A popular method of gathering revenue by gaming companies has been through online betting and gambling plays. Players are provided with crypto-currency wallets where they can use the non-fungible tokens to bet on e-tournaments, gamble, buy tokens, win daily jackpots and even gain entrance through participation fees in global e-tournaments. The added security and the ease of non-fungible tokens that converts a player’s rare weapons or character skins as tradeable items become a vital benefit of blockchain in gaming
Collectible video games
Aside from betting and gambling, the reason behind record revenue by blockchain gaming companies during the pandemic has also been the online gaming market where veteran players can sell and buy vintage collectible games. In this regard, crypto-currency becomes a valuable asset with its blockchain technology due to which gamers can rely on their e-wallets and the safety of a transparent peer-to-peer network to carry out such purchases to increase their collections.
Physical Gaming merchandise
Aside from in-game purchases and gambling opportunities, revenue also flows through the sale of gaming merchandise and other physical products that entice gamers. Here, blockchain helps in such exchanges where players can use their e-currencies to buy apparels, shoes, fan-gear, gift-cards, gaming keyboards, consoles, high-powered routers and other important paraphernalia for the best gaming experience. Thus the surging revenue by blockchain gaming companies during the pandemic can be said to be caused because of such physical player purchases as well.
E-gaming team management
As online gaming has become a global phenomenon with considerable resources fed in to support teams and entertain an audience, the players and watchers alike have to look for secure transactions regarding team formation, sponsorships, training, improving play as well as managing contracts. This is where blockchain technology comes into play. Gaming companies that depend on blockchain development for such transactions and record-keeping are highly favored by gamers for keeping track of their important exchanges. Block-chain gaming has now become the norm when it comes to global tournaments that require massive data-keeping to keep track of thousands of players and their investments.
High Security and transparency
Probably one of the main reasons why blockchain is so highly sought-after is its high level of security and transparent record-keeping. Gamers live in a virtual world susceptible to online threats such as hacking and viruses. Thus the tangible and unbreachable security provided by the blockchain technology is the best way to play in peace while the ingenuity of technology takes care of your safety needs. Crypto-currency is the best option for such needs, which leads to most gamers nowadays prefer altcoins like ether and bitcoins to conduct most of their in-game purchases.
Online gaming is slowly becoming as popular as physical sports in the entertainment industry, especially during the current pandemic. One of the reasons for its popularity can be correctly attributed to blockchain technology.