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Gamification: Exploring the use cases for Blockchain in the Gaming Industry

Gamification is the process of applying game-like elements to non-gaming contexts in order to engage users and encourage certain behaviours. For example, gamification can be used to incentivize employees to perform better at work or it can help companies grow their customer base by rewarding loyal consumers with loyalty points.

Few industries have as much potential to benefit from blockchain technology as the gaming industry. Games are big business, and they’ve been so for some time. The global games market was worth $100 billion in 2018, with an estimated $135 billion in revenue expected by 2022. While exact figures vary widely depending on who you ask and what you’re measuring (revenue generated or consumer spending), it’s clear that gamers are spending a lot on entertainment software each year.

The United States is one of the largest markets for video game sales, generating $88 billion in consumer spending last year alone—but even that number pales in comparison to Japan, which accounted for over 25% of global revenues despite having less than half our population at 127 million people (compared with several hundred million Americans).

Gamification: Exploring the use cases for Blockchain in the Gaming Industry

Blockchain technology is a trending field and is being adopted by the gaming industry at a staggering rate, changing the gaming landscape.

Blockchain technology can be used in games for a variety of purposes: as a game currency, as an immutable ledger for game data, or as an in-game asset trading platform. These uses cases are explained further below;

  • What is Gaming Currency?

It’s the future of gaming. It’s a new form of payment that allows you to buy games and in-game items without having to use real money. You can earn it by playing games or trading it with other players. It’s a way for game developers to monetize their games without charging high prices for the base game itself, which can lead to low sales numbers.

The idea behind gaming currency is simple: if you want to play a game, but don’t have time or money to buy it outright, then why not just earn your way into the game? That’s what crypto currency for games does—it lets you earn your way into gaming by completing tasks within the game itself (like grinding for experience points). You can also trade your crypto currency with other players if they need it more than you do!

  • Use of Blockchain as an immutable ledger for games.

Blockchain provides game developers with an immutable ledger for storing game data, which is important for any game that uses microtransactions because it keeps track of who owns what items and prevents people from buying items that have already been purchased by someone else (also known as double spends).

Blockchain can be used to create a decentralized database for games, which means that the information about who owns what items in a game isn’t stored on one central server—it’s stored across thousands or even millions of computers all over the world.

  • In-game asset trading platform.

In the gaming industry, blockchain is being used to allow players to trade in-game assets with each other. Blockchain has many benefits for gamers: it allows them to buy and sell their items on the blockchain’s marketplace without having to trust anyone else; it makes it easier for game developers to get feedback from their players about what they want in future iterations of the game; and it keeps track of who owns what so that everyone knows if someone tries to sell something that doesn’t belong to them.

Blockchain technology can be beneficial to developers and gamers alike.

Developers can use blockchain technology to create a new economy around their game, which in turn helps the game grow more popular. This is because it allows players to monetize their time and gaming skills by selling them on the exchange for virtual goods and services. In addition, blockchain technology also allows developers to make more money from their games because they get a cut when users buy things on the exchange with cryptocurrency.

Gamers are able to build their own personal brand, earn money and trade virtual items, which might be otherwise difficult in reality.

Gamers can earn money from their gaming skills, activities and achievements. You can earn a lot of money in the form of cryptocurrency by winning tournaments or playing in leagues. This way, gamers get paid for their efforts, which might otherwise be difficult in reality. Gamers are able to build their own personal brand, earn money and trade virtual items, which might be otherwise difficult in reality.

As blockchain technology evolves, gamification will change our future for the better.

Gamification is a new monetization model that allows developers to create engaging experiences by rewarding players with virtual items they can use or trade. These items could be anything from an in-game asset like a sword or a pet to a new level of access to some feature in your app.

Gamification is also creating opportunities for people who want to build their personal brands. As more and more companies turn towards blockchain-based rewards programs, there’s increased demand for people who know how to make sure these systems work properly—and how they don’t work at all! You may even find yourself playing games as part of your job someday soon!

Gamification opens up new doors for learning about other cultures too: cryptocurrency traders often take advantage of their knowledge base when setting up their own blockchain-based game apps. 

Gaming is transforming into a new monetization model for users with financial incentives

The gaming industry is a massive one. In fact, it is the largest global entertainment industry and has been for some time now. With the popularity of mobile gaming apps, the market will continue to grow at a rapid pace. Blockchain technology, another trending field and one that’s being adopted by the gaming industry at a staggering rate, is also changing the landscape of what we know about video games.

Conclusion

Gaming is the future of entertainment and blockchain technology is revolutionizing how we interact with our favourite games. Dubai is a great destination for start-ups to launch new ideas and if you want to get ahead of the curve and launch your idea using blockchain technology, then contact us today!

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