Nov - 25 - 2022
One of the industries with the quickest growth globally is Gaming. By 2025, it is predicted that more than $80.9 billion will be made in income, nearly equal to what theme parks and cinema tickets combined will bring in. Numerous businesses have entered this sector due to its enormous market potential, including blockchain technology firms like Axie Infinity and ETN Gaming (ETNG).
This is the rationale for the majority of gaming firms' investments in the creation of crypto tokens. In this blog, we'll talk about how these Crypto Tokens help the game industry do better business and how developers may leverage this technology to keep users engaged across demographics.
Let's start!
A form of a tradeable digital asset against fiat currency can either be a cryptocurrency or an NFT (Non-Fungible token). Thus these assets can not only be used as a bartering tool but also swapped in return for cash-in-hand. Since these assets are logged on a blockchain technology which is decentralised, that means no one person or organisation has control over it.
A form of a tradeable digital asset against fiat currency can either be a cryptocurrency or an NFT (Non-Fungible token). Thus these assets can not only be used as a bartering tool but also swapped in return for cash-in-hand. Since these assets are logged on a blockchain technology which is decentralised, that means no one person or organisation has control over it.
- Analysing the purpose of it and its utility across the platform and outside the platform if at all.
- Choosing the type of asset you wish to develop (for eg: Crypto or NFT).
- Naming your asset and creating a ticker (Abbreviation) so that identification is taken care of. (e.g., Ethereum (ETH, Bitcoin (BTC), etc).
- Covering the documentation for the project including the whitepaper that details how users will interact with your assets once they are integrated into the system (this gives them value).
- Deploying the Smart Contract once the purpose is clear and justified.
- Identifying and fixing these vulnerabilities.
- Identifying and fixing these vulnerabilities.
- Establish a wallet address
- You can also choose to register and set up an entity in a regulated market such as Estonia, Malta, BVI, Seychelles, etc.
A brand-new category of gaming tokens and NFTs that can be used to buy in-game goods, experiences, or other advantages has emerged as a result of the growth of blockchain technology and cryptocurrencies. These tokens are frequently created by game publishers or platforms to commercialise their games and provide players with an alternative to conventional strategies like in-app purchases
- They can give game publishers and platforms a new source of income.
- Companies can fight against piracy as the platform’s data and user control would be protected by Blockchain
- Companies can give gamers a method to exchange virtual goods and experiences with one another, fostering a more lively and involved gaming community.
- The use of crypto tokens helps ensure that games are transparent and fair.
- Blockchain technology enables game producers to produce provably fair games, which gives players confidence that the game is not being rigged against them.
- Blockchain technology enables game producers to produce provably fair games, which gives players confidence that the game is not being rigged against them.
- Game producers can foster a sense of loyalty and attachment to their games by enabling players to use crypto tokens to buy in-game goods or experiences. This may encourage players to return to a game after they've finished it.
While the applications of Blockchain have spread like wildfire across industries, the possibility of tokenisation is limited to businesses that involve a trade of any type. These digital assets can help streamline cross-border transactions and transfer of ownership of digital assets with ease and thus tokenisation of assets is picking up across sectors such as Sports, Real Estate, Mining, Commodities, etc.
Tokenisation can not only help market and monetise products across regions around the world but also allow various demographics to partake in your platform in various capacities. The potential for mass adoption and scalability increases drastically which is also the reason why tokenisation is gaining popularity across the world.
If you are keen to know more, reach out and let us help you map your way into Web3.