Gaming is a massive use case for crypto, and there are a handful of initiatives that are looking to capitalise on that. Now the Waves platform is positioning to attract gaming developers and businesses as well as actual gamers, even building specific functionality to solve real problems in the industry.
The gaming industry stands at $100 billion and growing fast, with an increasingly broad cross-section of society playing games of one form or another. Blockchain has a lot to offer this industry, not least in the transfer of value into and between game economies. The legacy banking system does not deal with this well, and is full of frictions. But it’s tokenisation where blockchain really has a chance to shine.
The world at large struggles to understand crypto, but gamers have a head start. Gamers are already well acquainted with in-game coins and the value of digital items. Digital goods – including unique items – are already traded actively within and outside of game economies. But that process is also fraught with problems, with many users being hacked or deceived. The black market for digital items is estimated at $60 million.
Creating forgery-proof tokens and secure, transparent markets on which to trade them is one of the enormous advantages offered by blockchain. Additionally, flexible token operations hold out the possibility of entirely new economic models. This is the opportunity on which Waves is seeking to capitalise, even going so far as to create new functionality such as non-fungible tokens to use as provably unique digital items. The history of these can be traced from their origins, so it would be possible, for example, to purchase a trophy that had been won by a famous gamer, or pass a special item from player to player.
Waves is offering a massive incentive of 1 million WAVES – currently worth around $2 million – to help game developers build new applications and integrate existing games with Waves. As Sasha Ivanov, founder and CEO of Waves, comments: ‘I do believe that the gaming industry can cause blockchain mass adoption. We are ready to reward developers for the effort they make in implementing their projects within Waves ecosystem.’
The Waves gaming programme aims to offer a complete ecosystem for game development, including an easy-integration Software Development Kit (SDK), White Label marketplace, and seamless user experience with browser plugin and mobile wallet. Additionally, all of the functionality of the Waves blockchain will be at developers’ fingertips, including powerful token facilities, smart contracts and fast, low-cost transactions. Extensive support will be offered to developers who want to integrate Waves with their games, plus a share of the 1 million WAVES war chest.
Further information about the Waves gaming programme and roadmap can be found here.
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