Since its inception about 50 years ago, the gaming sector has come a very long way. Today, video games are among the leading sources of entertainment for all generations after gen X.
It has become a profession and a way of life for many, with thousands of streamers earning six figures and eSports teams competing for prize pools of millions of dollars every year. Other related sub-industries sprouted from the seed of the gaming sector, and many additional products that were created to suit the need of passionate gamers emerged.
Fairly recently, blockchain made its way to the worldwide scene and became an object of heated discussions. The technology offered many industries sustainable solutions to some of their most pressing issues, allowing for an unprecedented degree of democratization. Since then, technology giants like IBM, Google, and Facebook, to name a few, have started to explore the potential applications. From finance to energy, healthcare, and dozens of other industries, blockchain has found its way in gaming and is here to stay.
Another sector where blockchain has a lot of unexplored potential is gaming. The technology offers multiple use cases for the whole gaming industry and the stakeholders involved – both gamers and developers. Let’s explore some of the application scenarios and the advantages of the innovative technology for one of the leading entertainment sectors today.
The aspect of decentralization translates in a direct link between developers and players, allowing not only for a transparent go-to-market process for new games but also for an interconnected network for constant feedback loops between the two stakeholder groups.
Right now, there is not really a universal way for communication between gamers and game developers.
The feedback game creators get is fragmented across multiple channels. Blockchain technology can potentially enable the missing link and help developers react better to what gamers want by introducing a transparent and self-governed voting infrastructure.
Universal Gaming Currency
Perhaps one of the most ground-breaking changes blockchain could introduce to the gaming sector is the prospect of a common currency that can be used across multiple games.
Having such a currency in the form of tokens that can be used throughout the whole gaming ecosystem and not just within one single game is a revolutionary concept that would fundamentally change how games are created and consumed by the end-user.
The main implication of such a scenario is that game developers would collectively be trying to get as many players within the whole ecosystem rather than compete against each other through various means such as aggressive marketing, which are forcing them to sacrifice on quality. What is more, with the current structures within the gaming market, big development studios that create triple A rated games are the dominant players. The entry barriers for smaller studios and developers are becoming more and more difficult to overcome, and the gap grows larger every year.
In-game purchases have become the main monetization method for games today – many of the leading products on the market are free to play, relying on getting a massive player base which will then spend for certain in-game addons.
Considering this tendency is becoming an industry standard, we can assume it is eventually going to dominate the market. This is where a universal currency across multiple games would become very useful – if the game is not good or the developers make decisions over time that are not accepted well by the player base, the player can simply choose to spend their in-game currency elsewhere.
Thus, the most important factor becomes the experience the user gets from playing the game, which encourages developers to focus mostly on providing quality continuously to their customers.
Additional Ways of Monetization
Blockchain technology enables the secure tokenization of virtually anything. Much similar to the concept of NFTs (non-fungible tokens) that represent digital assets such as pictures and videos, in a blockchain-based gaming ecosystem, the same principle can be applied to in-game items.
These items can then be traded between and to players for a universal currency, giving them a real monetary value, something that is otherwise not possible with the existing in-game currencies that are exclusive for the specific game they are used in.
This concept opens a whole new door for both gamers to be rewarded for their invested hours playing their favorite game and developers for providing a high-quality experience to their customers.
Game Changer embracing the future
Game Changer is the first universal blockchain currency for mobile in-app purchases that is cross-compatible, with the mission to offer the highest degree of security, transferability, and flexibility for both app users and developers.
The Game Changer token enables a full-fledged mobile ecosystem similar to an app store where users can spend their tokens for in-app purchases and transfer them to other users. Games are an essential part of the mobile ecosystem and, as such, are one of the main pillars upon which the Game Changer project rests. App developers can submit their applications and get access to a wide user base without the need to spend most of their resources on marketing activities. Most importantly, both stakeholder groups get the benefits of what we discussed above – a more efficient and worthwhile way of creating and using mobile applications.
The Game Changer token has been audited by the Federal Financial Supervisory Authority in Germany.