Why Game Developers should start Blockchain Gaming
Gaming is one of the fastest growing industries in the world right now and blockchain plays an essential role in perfecting its image. Blockchain gaming attracts investors as well as gamers into the crypto world. If you are a game developer, here is why you should ditch mainstream/traditional gaming and venture into Blockchain gaming.
1) Blockchain can help remove grey market trading of in-game assets
In mainstream and traditional games, developers have close ecosystems. This causes any value to be able to enter into the game and thus, it cannot be extracted. As a result, players come together to facilitate trading activities. However, blockchain allows you to embed rules into tokenized assets, in which transaction fee is enforced for each transfer of asset. This way, users are free to trade assets as required and developers continue to generate revenue.
2) Blockchain provides value projection to intangible assets
With tokenization of assets, each asset is proven to be unique and rare. Users have ownership over their digital assets which can be operated with other apps outside of the ecosystem. This creates a greater perceived value by users, leading to a higher likelihood of spending real money within the game.
3) Blockchain can help to buy, sell and trade in-game assets
In blockchain based games, players can buy in-game assets with cryptocurrencies. These are known to be easier, more rapid and secure payment methods. Moreover, developers can create specialized frameworks for digital assets used in games. As such, access to wider gaming communities will be available. Developers will then begin to lean on digital asset frameworks and together, improve operation of in-game assets.
4) Reach higher engagement and improve average revenue
Blockchain enables games to produce much higher average revenue per paying user (ARPPU) due to the higher perceived value by users. Features such as non-intrusive and offering end-customer value leads to an increase in engagement rate. For example, tokens that can be redeemed for in-game goods and items would incentivize players to spend more time playing the game.
5) Utility of cryptocurrencies
Apart from digital currencies being fast and secure payment networks, they bring other benefits as well. Virtual currencies create native in-game tokens that drive seamless transactions on decentralized exchanges. Decentralization brings transparency and puts developers and players on the same side. Since no one has control over the outcome of the game, different versions of it can be built.
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