Top 5 Blockchain Projects in Gaming
When you think about blockchain, the first thing that comes to mind will probably be cryptocurrencies like Bitcoin. Then you might think of this continuously growing list of blocks of records (that’s secured by cryptography) disrupting the healthcare and financial industry.
Another area where blockchain-based technologies (and tokens) are starting to make a huge impact is the gaming industry. While tech and gaming go hand in hand, blockchain is creating a whole new world of possibilities for game developers and gamers alike.
Blockchain in gaming enables gamers to connect, collaborate, compete, and negotiate directly and even unlock new revenue sources. This can translate into a huge opportunity in a $109 billion gaming market.
So it’s safe to conclude that blockchain is disrupting and changing gaming forever. While it’s still early days, we already have some key players. Let’s take a look at the top five gaming projects on blockchain that you should know about.
PlayKey is a decentralized P2P blockchain gaming platform that enables cloud gaming with payment tiers that determine how gamers play. On this platform, gamers can select the stream quality and play games by either buying them directly from PlayKey or by utilizing their own Steam game library.
PlayKey’s business model is unique because they’re not taking any revenue away from game publishers, rather, they’re collaborating with them and promoting them through their virtualization service.
The key advantage here is that those who can’t afford the hardware can now have access to over 150 games on the Steam for a highly affordable subscription fee that’s just under $10 for 720p resolution and 30 FPS.
2. Game Machine
Game Machine is a blockchain-based ecosystem that brings gamers, developers, and advertisers together to communicate and engage in industry development, product quality, and upgrades.
Unlike other blockchain-based gaming companies, Game Machine also has a mining platform that generates cryptocurrency by means of the principle of Proof-of-Work. This can be used to purchase in-game items.
As the eSports economy grows rapidly, research suggests that it will be worth $696 million and reach over 380 million gamers by the end of the year. The issue of lack of transparency that plagued the industry has now been resolved through Blockchain technology, so you can expect the industry to keep growing in the years to come.
3. Game Protocol
Indie game developers find it hard to compete with corporate giants, but the Game Protocol platform, founded by the GamyTech team, can substantially increase their chances. The self-described decentralized gaming ecosystem is based on four components: a decentralized game store, a crypto-based crowdfunding platform, a coworking community, and a set of tools for developers. The most exciting idea is to enable gamers to contribute to game development via Game Protocol Tokens in exchange for rewards, like a certain amount of in-game cryptocurrency coins.
Destiny.Games video game company describes its new project as a next generation digital distribution platform for gamers and developers. The founders aim to distinguish it from existing platforms, like Steam or Origin, by adding new features, empowered and secured by blockchain. Abyss offers developers and publishers a possibility to reduce marketing costs with the help of five-level referral program that stimulates gamers to promote games through their own efforts. Therefore, the gamers will be able to get the Abyss cryptocurrency rewards for attracting friends, as well as for different achievements on the platform.
Abyss drew additional attention as the first project to use a new fundraising model proposed by co-founder of Ethereum Vitalik Buterin. DAICO is an advanced version of an ICO that is expected to increase token sale security. It enables contributors to control the use of funds and even to shut the project down if it doesn’t meet their expectations.
DMarket leverages blockchain technology to transform any virtual item into a commodity. So as far as developers, entrepreneurs, and gamers are concerned, it’s a huge opportunity to securely evaluate and trade virtual items.
This means that all the time people spend playing games has some real-world value now. This approach actually creates a new economic cluster that can be integrated into existing markets.
DMarket connects diverse gaming worlds that were traditionally completely disconnected from each other and creates an easy way to trade securely and effectively between them.
This is because the company leverages blockchain and smart contracts to enable exchanges, evaluations, and sales of virtual commodities between all gaming platforms in just one-click (and without the intervention of third parties).
As the log changes on the block, ownership, and payments will be transferred immediately. However, you will have to use the company’s native DMarket Token as that’s the only currency used in the marketplace.
Companies like PlayKey, Game Machine, Game Protocol, Abyss, and DMarket are essentially creating their industry niche from scratch and revolutionizing the gaming industry as a whole. Some of the project teams establish collaboration to help each other reach their goals. For instance, DMarket and PlayKey entered into a partnership to share depersonalized stats and big data analytics. As a result, you can expect plenty of movement within this space during 2018 and beyond.
What other blockchain projects in gaming would you add to this list?