Blockchain is Used by 58% of Video Game Developers November 11, 2021 November 11, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsNovember 11, 2021 by Kelly Cromley

Blockchain is Used by 58% of Video Game Developers

According to a recent research conducted in the United Kingdom, the majority of gaming studios have already begun investigating blockchain technology for use in their next projects. According to the new research, which was commissioned by blockchain platform Stratis and conducted by insight agency Opinion, 197 video game creators from the United States and the United Kingdom were polled.

The findings revealed that 58 percent of developers are beginning to use blockchain technology, and nearly half of those who responded (47 percent) have begun adding nonfungible tokens into their projects (NFT). Because two-thirds of studios expect blockchain to become widely used in the gaming industry within the next two years, the study demonstrates developers’ confidence in blockchain and non-fiat currencies (NFTs).

Even though 72 percent of respondents are exploring the use of blockchain and NFTs in upcoming games, more over half (56 percent) plan to implement the new technology within the next 12 months. In an interview with Cointelegraph, Stratis CEO Chris Trew said that blockchain technology, tokens, and non-fungible tokens (NFTs) are essential tools for creating new digital worlds and gaming experiences.

According to him, “They allow players to have a stake in the games they play by, for example, purchasing land in a metaverse game as an NFT or purchasing a car in an online racing game.”
Gameplay has traditionally been based on payment, with the value accruing only to the corporations and platforms that provided it. Trew went on to say that blockchain and NFTs “flip this issue on its head.”

According to the study, the top three benefits of blockchain for the video game industry are innovative gameplay (61 percent), securing value for players by keeping money in the game (55 percent), and rewarding players with real-world value (54 percent). Blockchain is also expected to have significant implications for other industries, including finance and healthcare.

In spite of the fact that indie game creators were the first to embrace blockchain and NFT technology, with approximately 20 of them currently working with Stratis blockchain, Trew predicts that major developers, often known as AAA businesses, will follow suit soon.

Ubisoft and Electronic Arts have previously expressed an interest in the technology, and Epic Games has included blockchain-based games to their gaming platform, Epic Games Universe. Gaming industry interest in blockchain is focused on decentralised finance (also known as GameFi) (57%), the play-to-earn model (46%), non-financial institutions (NFTs) that provide in-game item ownership (44%), and in-game digital money (12%). (42 percent ).

Trew predicted that game producers would take into account the network effect of play-to-earn games, or that players would simply shift to games that compensate them for their time. “Gamers are extremely enthusiastic. Giving people the opportunity to have a stake in the game and to be able to earn money in the metaverse in the same way that you can in the real world is groundbreaking.”

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.