Blockchain - Powering business models and redefining the gaming industry!

After successfully establishing the crypto industry, the next target of Blockchain is to redefine the gaming industry with the evolution of different business models. As per the Best blockchain development company, with the introduction of Blockchain-based games in the industry new doorways also open up and provide the possibility of creating totally new decentralized business models.

How could the gaming industry benefit from Blockchain?

Over the years Blockchain development has successfully established footprints in all most all the sectors of the market. Among all the sectors is the online gaming industry benefitting from Blockchain delivering considerable changes and can provide realistic gaming experience to the gaming enthusiasts.

Key benefits –

·         For being unregulated blockchain reduces dependency on third parties which might increase the chances of fraud.

·         A transparent gaming environment can be developed which will separate the online gaming and gambling services.

·         A trustworthy gaming platform can be developed where data safety, privacy, and transparency are everything that matters.

There is a lot offered by this technology and among all is a secure & immutable ecosystem that can be developed for the gaming sector. Being a decentralized system there are no loopholes for illicit activities or online frauds to affect the gaming industry. So, blockchain can be the right technology to be utilized in the gaming industry and provide gamers a secure environment to play games with an enhanced platform.

What are the evolutionary business models in the gaming industry?

Blockchain-based online games can successfully tap the potential of distributed ledger technology as the fundamental infrastructure. There are some evolutionary business models in the gaming industry that can bring in a huge transformation.

·         P2P or Pay-to-play model: In the gaming industry a P2P business model is the most prevalent and is here to stay. As per this business model, game publishers and development studios can generate revenue from initial game sales and subscriptions as well. This model allows for collaboration with advertisers for in-game ads and more. However, through this model, the players might not get any opportunity to extract value from the games but will get unlimited enjoyment.

·         F2P or Free-to-play model: This business model came into action in the early 2010s and was a low revenue-generating model as well. The good thing about this business model is that it offers in-game purchases and revenues are generated from commercials published by the studios. Games based on the Free-to-play model were so popular that they became a success overnight.

·       P2E or Play-to-earn model: This business model is best defined by its name and allows the users to play and earn tokens from different levels of the game while playing it. The main aim of this business model is to reward the gamers and encourage them to become part of the in-game economy or tokenomics.

With so much going into Blockchain development in Kolkata across the world, this new form of technology has the potential to redefine the gaming industry. The technology is still passing through the developmental phase, so we may have to wait for a few more years to witness widespread Blockchain-based games and can expect a secure and transparent gaming environment as well.