CEO of BitGuild explains the concept of cryptocurrency in the gaming industry

Cryptocurrency has extended its influence over all spheres of life, it has not even left the usual untouched Gaming industry. In the recent Game Developers Conference which was held in San Fransisco, the industry professionals were only discussing cryptocurrency and blockchain as compared to gamers jargon. The conference drew a massive record of 28000 professionals from the industry.

A blockchain and gaming panel was conducted by DMarket. The panel was constituted to provide an answer to why the industry has to focus on cryptocurrency and blockchain technology having an impact on the gaming industry.

DMarket is a blockchain based global marketplace which allows users to transform in-game items into real-world commodities. It allows gamers to trade virtual items for any game title as it is quite difficult for users to trade in-game items and earn money on the basis of their skills in the video games.

Jared Psigoda, CEO of BitGuild spoke at the Dmarket Conference and explained the concept by saying cryptocurrency was easily understood by gamers as virtual money and has been used in games for a quite a long duration. He gave the example of ‘World of Warcraft’ where the main market is a hundred million dollar market which could be used for buying digital gold. Since collecting gold in the game took a massive amount of time, real money was used instead of in-game assets.

This caused the gamers to use fiat currency which is usually bought in USD to purchase in-game items. Because of the purchases in USD, games have become very expensive.

Super Data in a data report concluded that gaming industry generated massive money in the year 2017, amounting to more than $108.4 billion. With additional expenses being associated with games, games which are based on blockchain are gaining popularity as it allows gamers to trade virtual gaming items with each other using cryptocurrency, eliminating the need for fiat currency. It solves various problems like in-game asset ownership as blockchain tends to tokenize all gaming items.

Cryptocurrency usage has extended to the fantasy sports industry with blockchain and tokens being used by the fantasy sports platform called MyDFS.

In a statement, they announced:

“In an industry that lacks transparency, MyDFS users can see exactly how scoring works and because of tokenization and smart contracts, users will be able to experience quicker payouts than other traditional daily fantasy sports platforms.”

The post CEO of BitGuild explains the concept of cryptocurrency in the gaming industry appeared first on AMBCrypto.

Powered by WPeMatico