By design, blockchain is designed to display the irrefutable truth without relying on controlling authorities. While that sounds ideal, the problem is, the inertia of normality can be blinding and most people see no issues with the current financial system. Because of this, It is believed that blockchain will thrive in the white spaces in which new technologies will grow into. One thing is for sure; if blockchain is to infiltrate mass markets through upcoming or existing technologies, there are a few things which need to be considered.
Expand Beyond Currency
“Tokenizing” an asset means to put it on the blockchain so it can be managed through “on-chain” transactions. To date, currency has been the most tokenized form of asset, but this is probably not the most suitable application for blockchain technology. Visa processes 2,000 transactions per second to meet the needs of its customers. In comparison, Ethereum, the most secure and decentralized blockchain, can only handle 15 transactions per second. So blockchain is obviously not yet ready to process the world’s currency—but will it ever be?
Given its nature as a public ledger, many are uncomfortable with the idea of placing their life-savings in the public eye—which is where the blockchain is. Blockchain could grant the possibility that the public can see a person's daily transactions which could be deemed dangerous for some.
There are other forms of blockchain-ready assets that are public in nature, don’t require VISA-level scalability, and are already used in digital platforms. Entertainment assets such as gaming items, video content, and digital collectibles are some examples of virtual items that can be implemented with minimal friction—enabling current users to benefit from the blockchain’s impenetrable security, immutable transparency, and decentralized impartiality.
YOU MAY ALSO LIKE
Make Blockchain Crucial
Earlier this year, six game developers came together to create blockchain gaming items that can be used across multiple games—they called their network of games a “multiverse.” A multiverse consists of items, assets, and characters that can be used in all games that support them, which means the inventory appears to travel from game to game. This gaming syndicate has since grown to include 29 gaming worlds—creating a futuristic gaming experience that closely resembles a decentralized version of The Oasis from Ready Player One. Five of these games are due to launch this quarter.
In an industry where millions of developers compete for player attention, this gaming coalition could very well rise to the top. And if (and when) it does, blockchain technology will rise with it and become crucial to the games market. Even now, some of these developers are monetizing their yet-to-be-launched games at incredible rates because they are selling items that can be used in multiple games.
Two of these independent games, War of Crypto and 9Lives Arena, recently raised hundreds of thousands in crowdfunding, monetizing at 3.5x the average rate of the entire games market—while still in development. To be specific, the average gamer spends $70 per year on gaming while the average War of Crypto and 9Lives Arena player has spent $250 per year by backing their crowdfunding campaigns.
Blockchain an effective crowdfunding tool because players can buy and receive items before a game is even released. When you own a blockchain asset, it’s not just content that a server grants you access to, your ownership is irrefutable and permanent—you can hold assets forever, trade them freely, use them in multiple platforms, and even sell them for a profit. Thanks to blockchain’s immutable transparency, if a seller claims that certain items are rare or that their previous owner holds celebrity status, these claims can be easily verified.
Create Revolutionary Experiences
Another benefit of blockchain is that it is cross-platform compatible—blockchain assets can be used in multiple devices simultaneously. Owning gaming items and being able to use them in multiple games is epic—but what if we incorporated other forms of entertainment.
One typical example is the movies industry. Suppose that by owning a set of movies on the blockchain, Netflix-like platforms could allow you to watch, buy, borrow, trade, lend, or even sell movies. What would happen if games implemented additional content as well? Imagine if owning Toy Story (the movie) enabled you to use Buzz Lightyear as a character in Fortnite (the game). Imagine if watching The Pursuit of Happyness with Buzz Lightyear in Fortnite gave him extra abilities that affected gameplay.
This may seem like a far-off prediction of what may happen one day but this future is fast approaching. Developers, entrepreneurs, and businesses no longer need to create their own smart contracts and APIs to integrate blockchain into their platforms. By adopting easy-to-use tools such as the Enjin Platform, products like this could go to market within months. Right now, the killer app for blockchain is locked within the mind of a person who can’t build smart contracts—soon they won’t have to.