in ,

Will Video Games Accelerate Cryptocurrency Adoption?

It is expected that video games would help to accelerate the adoption of cryptocurrencies. Many video game firms are attempting to transform the video game industry from the ground up by depending on Non-Fungible Tokens (NFT) and blockchain technology. This article takes a look at the tendencies that will encourage gamers to use cryptocurrency in the coming years.

Non-Fungible Tokens are extremely important

According to many industry analysts, Non-Fungible Tokens (NFTs) will be the foundation of blockchain gaming in the near future. These tokens are specifically identifiable and unique, and they have the capability of representing a virtual asset. Each token does, in fact, include its own set of metadata. If you play the CryptoKitties game, every token represents a virtual kitten, which is very cool. Tokens are used to identify a specific kitten in the game.

As a result, there are no two tokens that are exactly alike (and therefore assets). Loot boxes are meant to make it easier for players to obtain items from non-fungible tokens in free-to-play games. For example, free games such as Fortnite and PUBG encourage their players to spend their earned money on weapons and skins. Because of NFTs, users are the sole true owners of the virtual assets they acquire while participating in a game.

The tokens are, in fact are in the possession of the player, rather than the developer, as previously stated. By removing the virtual assets from the game, the user will be able to simply resell or exchange them on a peer-to-peer basis with other players. As a result of the emergence of non-fungible tokens, the intellectual property of the assets is protected. Objects created as part of a game can be quickly withdrawn from the game by using the blockchain technology.

Enjin is Quite Confident on NFTs!

Enjin, a blockchain-focused firm, is confident in the future of NFTs and has developed a platform that allows its users to simply create games or virtual products that can be collected on the Ethereum blockchain. The Enjin platform makes it easy to create tokens that may be used to represent virtual products or even physical goods on the blockchain.

Enjin plans to use its platform not just for the realm of video games, but also for the creation of artistic works. The company does, in fact, offer to tokenize paintings, sculptures, and other works of art using blockchain technology. Many artists, such as Josie Bellini, are already utilizing NFTs to register their works on the blockchain, and this trend is expected to continue.

Play to earn games has shown to be a major adoption driver for digital currencies!

The development of NFT-based video games will also pave the way for the establishment of a new online economy. It is true that some games permit the exchange of tokenized assets for digital assets such as cryptocurrencies. Sorare, in particular, falls within this category. This football game, which was created by a Paris-based business, gives players the opportunity to collect cards that feature the images of professional football players.

A player’s team is made up of the cards he or she currently has in his or her possession. Because of data pooled through blockchain technology, the performance of the cards evolves at the same rate as the performance of the players on the field, which is extremely convenient. Players are encouraged to participate in matches in order to earn new cards and therefore grow their collection. Of course, it is also possible to purchase cards straight from the game’s auction system or to trade them with other players.

A person can sell his or her cards for ethereum once they have obtained custody of the cards. As a result, fans of Sorare can get money by participating in games. Sorare is also able to capitalise on the scarcity of collecting cards thanks to the use of NFT technology. Some cards are pulled in more copies than others, depending on the situation. For instance, there are only 111 Cristiano Ronaldo cards in existence. Some products are simply one-of-a-kind (their metadata is unique).

Obviously, the more unique a card is, the more likely it is that the auctions will go out of hand. As a result, a Cristiano Ronaldo card was sold for the sum of 12,000 dollars in ETH in June of this year.

Major video game studios are placing their bets on the blockchain to revolutionize the industry!

While this is going on, some of the biggest names in the video game industry are paying special attention to the possibilities that are presented by the blockchain. Ubisoft, the French video game developer known for titles such as Watch Dogs and Far Cry, has been working on the blockchain for a number of years. In June 2020, Ubisoft announced a set of non-fungible tokens on the Ethereum blockchain called Rabbids, which are a type of virtual currency. Each token, once again, represents a distinct rabbit by virtue of its own set of metadata.

Ubisoft did not rest on their laurels. Convinced of the potential of blockchain video games, the French company has formed a cooperation with Planetarium, a publisher that specialises in blockchain gaming. In July, the two businesses revealed Nine Chronicles, a multiplayer video game that will be played on Libplanet, a blockchain developed by Planetarium and hosted on the Ethereum blockchain.

Players will be able to produce content directly through the game’s interface and then sell it on a dedicated online marketplace once they have completed the game. Starting in the first few months of 2021, Nine Chronicles will be available for purchase. There are currently 60,000 participants on the waiting list for the initial beta test.

Ubisoft is Going all out for Blockchain!

In addition, Ubisoft confirmed its support for the football game Sorare, which was released earlier this year. In recent years, Ubisoft has increased the number of alliances it has with companies who are involved in blockchain games. Ubisoft announced a significant partnership with the Ultra blockchain around the end of 2019. Ultra is a blockchain-based video game platform developed by a French startup that is equivalent to Steam or Epic Games in terms of functionality.

Players can earn UOS tokens by participating in games on this platform. It is important to engage in one of the numerous beta programmes given by the developers in order to accomplish this. This ecosystem, which is still in the early stages of development, is complemented by a marketplace where users may resell their virtual items and games. AMD, the American chipmaker, is also one of Ultra’s business partners.

The majority of development studios are not as sophisticated as Ubisoft. We at Activision still have time to file patent applications linked to the blockchain technology. In 2018, Activision submitted a patent for a platform that aggregates all performance, statistical data, and player rankings from different games into a public blockchain, which is currently in the process of being implemented.

Conclusion

Blockchain and NFT based games will certainly increase the adoption rate of cryptocurrencies. The adoption rate of cryptocurrencies is currently following the internet adoption rate and it is expected to blow up in the coming years.