It has been 10 years since the invention of cryptocurrency and it has migrated from its initial application of payment and financial services into other industries, including the gaming industry. The gaming industry has continuously evolved over time. From story making, graphic designing to better gameplay, the online gaming industry has changed considerably with the incorporation of new technology.
The concept of cryptocurrency has resonated within the gaming community for years. Virtual money has been a part of games for a long period of time, so gamers are quite acquainted with the concept of cryptocurrency. But how is technology going to impact the online gaming industries? Let’s check it out!
During the initial days of cryptocurrencies and Blockchain, there was no proper way to reward gamers who helped in co-creating games. Now with the proper development of these technologies, a proper model can be established for rewarding gamers for their efforts. Giving proper economic benefit to these gamers who co-create games will put an end to this unpaid work. With cryptocurrency rewards, this will drastically improve the quality and quantity of the work.
This platform can be used by game publishers and developers to develop an awareness of the third party co-creators for which they will be awarded financial rewards. The online casino gaming industry will benefit a lot from the adoption of cryptocurrency in its business processes, considering the fact that it relies on privacy and secure transactions.
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In the future, gamers will be able to gain rewards for sharing social content, providing developers with feedback and reviewing games which will help in its promotion. Throughout the creation process, developers will have the entire catalogue of millions of gamers and will be able to develop a license for user-generated game contents which they can sell and earn revenue.
This model is a prime argument against those who believe that the development of AI and Blockchain will make jobs obsolete. This is true up to a certain extent. But as we saw above, it will also result in the development of new jobs.
Talent from all over the world
With the help of cryptocurrency transactions, gaming companies will be able to hire developers from all over the world. They will be able to pay anyone from anywhere with the help of a single cryptocurrency. This will help the companies to get access to the global talent pool.
For example, in the UK with the advent of Brexit, the CEO of Tiga, Dr Richard Wilson said, “In order to grow and thrive, the UK video games industry will need to continue to recruit talent on a global level.” With Blockchain technology, the stalling gaming market of the UK will regain its growth by collaborating with other global industries and talents.
Better work culture
The workplace in the gaming industry, as well as the other industries, will change rapidly with the incorporation of cryptocurrencies. With Blockchain, the workplace procedures will become more efficient and productive such as proper contractual agreements between a worker and an employer, unbiased hiring process of employees and fair collaboration of workplace practices.
In 2017, Deloitte mentioned in its Human Capital trends survey stated that in the future, a global workforce will require a working environment which can support the usage of innovative technologies by “engaging communication tools to promote engagement, enhance collaboration, wellness, and a sense of purpose.”
Blockchain will be able to limit the manual intensive recruitment processes by giving a proper database of applicants with skills and experiences codified to predict their abilities accurately. It can also be used to create a fair system that allows temporary employment between employers and workers.
Cryptocurrencies are vulnerable to regular price collapses and hikes. This can severely affect the developers if their coin is not faring well in the market. With the advent of an external currency like cryptocurrency, the future earnings of games (which mainly maintains its revenue sustainability from the in-game purchases) will lurk in uncertainty. One way this problem can be mitigated is by adopting a stable coin that is specific to the game and pegging it with renowned fiat currency to decrease the volatility of prices.
We all know that developers want us to keep spending money on their games. They don’t want us to cash out our earnings from the games. If a cryptocurrency emerges as the prime payment method for games, players will cash out their earnings on a regular basis instead of reinvesting that amount in the game. This is not something that is in favour of the game developers.
Probably, this is one of the major downsides that will affect the gaming industry with the advent of cryptocurrencies. Developers can address this problem as well by making their own cryptocurrency that can be used within games so that they can have certain control over it. However, this is against the principle of Blockchain technology and will make the entire concept useless.