Blockchain has quickly become a buzzword in daily conversation, and it’s inspiring to see how far the technology has come since bitcoin’s debut about a decade ago.
Especially for the gaming industry, blockchain has the ability to change both the way we interact and experience games, but also offers the possibility to create new game concepts which were not possible before. Besides that, blockchain gives the ability to create tangible assets players uniquely own, stored in their wallet, secured with a private key — players are in control of the game and its assets.
Players are in control of the game and its assets.
The gaming space is full of younger players with a natural affinity for new technologies. This audience is eager to try out new ideas and wants to share their positive experiences with their community. We believe the game industry can find new life and explosive growth in the use of blockchain — as it promises new markets and game designs. Speaking about mass adoption of blockchain, the gaming industry feels like the right place to start (blockchain) innovation.
CryptoKitties has already introduced the first stage of blockchainified games. Its essence boils down to growing virtual kittens and their subsequent resale for Ethereum. Alexander Pavlov explains how the blockchain cats are created, “The CryptoKitties project uses the non-fungible token type ERC-721, which is critical for unique collectibles. If you are wondering who pays for the image of a cat, here is the answer: one who is ready to give $100,000 for a crypto-kitten. The first cat in CryptoKitties was purchased for 115 thousand dollars, and in total, for one week, users spent almost $3 Million on new Tamagotchi.”
The first cat in CryptoKitties was purchased for $115,000.
This leaves no doubt that people like the new mixture of blockchain and tokenised gaming.