The gaming market is prime for a blockchain disruption
The global games market reached $138 billion in 2018 and is expected to grow more than $180 billion in 2021. According to the market researcher Newzoo, last year’s numbers represented a growth of 13% compared to 2017.
Only three years ago, the revenue was at $93 billion. This exponential growth of the industry is a reflection of the constant growth of platforms, with mobile games representing 51% of 2018’s market. It is followed by the second-largest segment, console gaming, generating $34.6 billion, with PC games right behind bringing in $32.9 billion.
The progressive attitude of the gaming industry towards new technologies has led to the integration of blockchain into the world of games. Driven by high levels of consumption and the community’s engagement, blockchain technology can be seen as the next logical step. In 2017, the blockchain market generated $340 million and is expected to generate $2.3 billion by 2021.
The technology is bringing benefits to the industry, effectively targeting issues and bridging the gap between online and offline assets. It’s already possible to see some of the impacts that blockchain is bound to bring to gaming, such as the management of transfers and payments and the tokenization of virtual items.
Gamers are benefiting from the security provided by blockchain’s smart contracts, thus eliminating the threat of security breaches on fiat platforms. With the introduction of digital currencies, game assets can be not only be bought with cryptos but also tokenized and traded across different platforms. Also, reward systems through the use of crypto tokens are stimulating game designers and players to change the way gaming is done.
To accompany the rise of blockchain gaming, there has been an increase in the number of projects, of which The Blockchain Game Alliance notably stands out.
What is the Blockchain Game Alliance?
Created back in September 2018, the Blockchain Game Alliance is an ambitious coalition of game and blockchain companies focused on advocating for blockchain technology within the industry. Their end goal is to develop together common standards and practices for the use of this disrupting technology that will be accepted throughout the gaming sector.
In this gaming alliance, we can find familiar names within the gaming & blockchain industry such as Consensys, Ubisoft, Enjin, Ultra, Alto and Gimbl, who are leading this collaborative effort shaping the future of the gaming sector.
The integration of blockchain into gaming is part of the alliance’s mission to remove existing barriers to innovation. The coalition acts as trusted experts on the field, advising on development and testing of blockchain technologies in all fronts: the industry, the media and the society in general. By encouraging sharing and collaboration on an open forum, the alliance works to connect players and stakeholders to openly discuss the impacts of blockchain on businesses and people.
Gimbl’s co-founder Dan Biton expressed his belief that blockchain will revolutionize games, and, subsequently, get the mainstream to adopt cryptocurrencies.
Welcome a fresh new BGA member
The French-based company, The Blockchain Group (TBG) announced last week that they are now a proud member of one of the biggest blockchain gaming networks out there, the Blockchain Game Alliance (BGA).
As a new member of this gaming consortium, TBG announced that it will leverage its own ecosystem community by expanding interactions between the two verticals. More educational events, blockchain development projects and thought leadership are to be expected thanks to this new partnership pushing the gaming community to the next level.