Mike Termezy of Forte Labs thinks blockchain can play an important role in the game economy
Last week, at the 2020 Unitized Decentralized Digital Conference, Mike Termezy, expert on token savings at Forte Labs, suggested that by implementing blockchain technology, developers could regulate video game economies by supporting blockchain game assets.
Giving legitimate value to in-game items can prove to be very popular and can make game tokens more attractive to a wider audience.
"When you authorize ownership and have a market, the dynamics of the market will begin to govern what people consider rare and what people consider extremely valuable, compared to what people consider relatively common."
At the moment, most in-game items cannot be removed from the platform and are controlled by the game's developers. Blockchain-based game items would be a departure from the current model.
Blockchain games are growing
In the past, concept-proof blockchain games like Cryptokitties, or complete products like The Sandbox (TSB), have received massive support from the gaming community. Cryptokitties was so popular in its early days that it slowed down the entire Ethereum blockchain.
These projects used non-fungible touches (NFTs) – unlike typical tokens, NFTs have unique sets of information that cannot be replicated, effectively creating value through their uniqueness and reinforcing ownership through smart contracts on the blockchain.
Despite the autonomy of NFTs, game savings are partially regulated by developers as a way of sustaining interest and involvement with a gaming platform.
"A developer can clearly influence this by the number of assets of each type of coin, but ultimately it allows players to express themselves – what they find valuable," said Termezy.
Placing a new course
Also of note is that the sports and electronic sports industries can also benefit from blockchain. Using Socios, game companies could essentially symbolize professional sports teams. The teams could create their own token so that their fans could show their support even more.
In 2019, a Dota 2 eSports team published a token that could be traded on the Socio market. The token allows owners to vote on surveys and receive rewards.
With blockchain receiving a warm welcome in the gaming community, even giants like Atari are launching a token and Square Enix is investing in technology – we are likely to see more developers looking for blockchain in the coming months and years.