When we talk about the blockchain, many of you are probably thinking about the financial side of the topic because we have all heard about Bitcoin and some have even heard about Ethereum. However, if you did not already know, the Blockchain has become far more than just the value of digital currencies despite the huge number of cryptocurrency exchanges. The Blockchain is bringing out solutions for the healthcare sector, transport sectors, supply chain management, and now it is also hitting the online gaming market.
According to Coin Central: The combination of the blockchain and online gaming is an emerging goldmine!
Blockchain Gaming is Worth $50 Billion!
Now, I have only just discovered in this very report that blockchain technology within the gaming industry is now worth more than $50 billion. That is a staggering amount and I would never have guessed that investors, business, developers, and others had staked so much on the gaming market.
Wax and Enjin Coin ICOs Leading the Way
Currently, according to Coin Base, the way these two ICOs are penetrating the online gaming market is to take advantage of what is currently a marketplace full of fraudulent transactions.
WAX eradicates this style of fraud by introducing what is a virtual marketplace, so people can use WAX tokens to trade. Although this is good for any other transactions, it is also an ideal platform for online gaming commerce.
Enjin coins are similar but use Ethereum rather than its own digital currency. Gaming communities can then create their own groups and trade with each other using their own currency. Members can do this via their own smart wallet.
Blockchain Driven Games
We have already seen online casinos hit the blockchain, which is not secret with real money gaming websites such as Edgeless marketing its concept of 0% house edge to kickstart the blockchain’s online gambling prowess.
Now we are seeing games such as Pokemon Go coming through as games that are played via blockchain tech. In some cases, other games help players receive other monetary rewards for their gaming in the form of digital currency. This currency in the future will be swapped out for fiat currency, other digital currencies, or used to purchase goods.
One concept in action right now is the use of XP (Experience points). You can take on certain tasks to earn XP points. Those XP points are effectively a digital currency token. As you well know, a digital currency is tradable for other digital currencies and goods.
Esports Betting on The Blockchain
Esports has become the internet’s most popular games because of the huge prize money involved in competitions. Games such as Dota 2 have long been pulling in yearly prize pools of over $15 million in its main event. There is also over $50 million of prize money in other events. Another game that also boasts figures as high as Dota is League of Legends. In fact, there are over 50 Esports games out there with huge prize pool making millionaires out of professional players.
With so much popularity, especially in the USA where gambling is not really legal, you can imagine there are a lot of people that want to place bets on the outcome. Blockchain tech is now operating a lot of the sites that take bets for these events. For US citizens, the only way to legally make bets is via cryptocurrency because at the moment the country does not recognize digital currencies as legal tender.
As a result, the financial laws that restrict online gambling in the US do not prevent US citizens from betting online using digital currencies. This has led to a huge increase in blockchain operated Esports betting websites!