In addition to Blockchain’s already long list of possible uses, the revolutionary technology is now entering one of the most promising sectors within the tech industry: the gaming market.
Gaming has long passed the point of being a simple part of the entertainment market. It has now become an industry in its own right, a very successful one at that, which has shown steady growth for years.
According to New Zoo, the global games market is set to reach $137.9 Billion in 2018, resulting in an increase of 13% from 2017’s figures. Mobile gaming represents more than half of the entire market, following a decade of double-digit growth since the emergence of smartphones. Consumer spending on games is also expected to grow to $180.1 billion by 2021.
Much like the disruption it is causing in many other industries, blockchain will enable a new generation of games to be more flexible, stimulating and, of course, profitable. There has been increasing interest in blockchain appliances from gaming companies. Over the last few years, there have been more than 50 ICOs for gaming-focused projects, the top 10 fundraisers reaching over $323 million alone.
The introduction of blockchain technology enhances the user experience, adding to the existing gaming dynamics and genres. For example, by applying blockchain, users are able to take companions and different items to each world within their gaming universe.
Online Blockchain plc (LSE:OBBC), a UKleading blockchain company, has joined this trend by acquiring a 35% stake in the fast-growing USA-based crypto development team Encryptid Gaming Inc. Encryptid is exploring the multiple elements of Ethereum blockchain and applying them to games to spice up the gaming experience.
Online Blockchain plc evolved from On-Line plc, one the first tech companies to gain ground during the dotcom boom. OBC CEO Clem Chambers is a veteran in the gaming world: “I have worked in and been at the forefront of the gaming world since the early 90s and seen many developments. The advent of blockchain technology opens up a new adventure and a multitude of possibilities. I am looking forward to this blockchain-enabled gaming future,” said Chambers on a company statement (link)
Kyle Stratis of Encryptid Gaming Inc said that blockchain opens up opportunities and new experiences for gamers: “Not only are we building a universe, but we will be transforming gaming by leveraging the exciting possibilities of blockchain technology.”