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Why Gaming Companies are betting on Blockchain for the future of Gaming
The gaming industry has seen a surge in the number of blockchained-based games that has created a new experience for both businesses and players.
Blockchain games have many benefits such as enabling:
- enhanced security and lower-cost transactions
- improved user experience where players gain more control by selling or trading without the need for an intermediary.
Square Enix released their annual letter about upcoming projects and goals for 2023. The company aims to maintain its famous game titles such as Final Fantasy and Kingdom Hearts, while investing in decentralized and web3 strategies to develop new games.
Back in 2021, Square Enix released an NFT collection for its Japan-only mobile game Shin-San-Sei Million Arthur on the LINE blockchain, and later released it as a blockchain game on mobile as a proof of concept for future blockchain gaming titles down the line.
Last year, Square Enix partnered up with Enjin to deliver a collectible set of digital cards and figurines based on Final Fantasy VII in celebration of their 25th anniversary.
Despite the crypto market challenges, the company also aims to issue, manage, and invest its own set of crypto coins. And this is another sub-genre in blockchain called “Crypto-games” that allows players to earn cryptocurrency by playing the game and then convert it into real money or buy in-game items.
Square Enix is just one of many big game companies that aim to grow in the blockchain space. Companies like Ubisoft, with games like Assassin’s Creed and Just Dance, have released the first in-game NFT items for the game “Ghost Recon” and invested in a number of crypto game studios.
Blockchain technology can also be helpful when it comes to virtual events and tournaments that have assumed greater importance in the gaming industry. It will help by tracking and verifying registrations, tickets, rewards and prizes. It will allow easier ways for gamers to participate in virtual events and tournaments while offering secure transactions among users.
Despite many game enthusiasts pushing back against the rise of Web3 gaming and NFT collectibles, Web3 advocates believe that NFTs of unique items can benefit players via the ability to resell items and even use them across multiple games.
In Matsuda’s letter, he highlights the past speculative frenzy around NFTs but wrote that he believes that the focus on monetization will give way to a growing view of the prospective functional benefits of NFTs for gamers. “In the wake of the aforementioned turbulence in the cryptocurrency industry, there is now a trend to view blockchain technology as a mere means to an end and to discuss what needs to happen to achieve the end of delivering new experiences and excitement to customers. I see this as a very beneficial development for the future growth of the industry.” Matsuda wrote.
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