Study: 58% of video game developers are already using blockchain

A new study from the United Kingdom revealed that most game studios have already started exploring blockchain for their upcoming titles.

Commissioned by blockchain platform Stratis and undertaken by insight agency Opinion, the new research surveyed 197 video game developers in the United States and the United Kingdom. The results showed that 58% of developers are beginning to use blockchain technology, and almost half of the respondents (47%) started incorporating nonfungible tokens (NFTs).

The study indicates developers’ confidence in blockchain and NFTs, as two-thirds of studios expect blockchain to become prevalent in the gaming industry within the next two years. While 72% of respondents are considering using blockchain and NFTs in upcoming games, more than half (56%) plan to apply the new tech within 12 months.

Speaking to Cointelegraph, Stratis CEO Chris Trew explained that blockchain, tokens and NFTs are vital technologies for new digital worlds and gaming experiences. “They enable players to own a stake in the games they play by, for example, buying land within a metaverse game as an NFT or a car in a racing game,” he said.

“Historically, games have been pay-to-play, and the value accrued only to companies and platforms. Blockchain and NFTs turn this situation on its head,” Trew added.

The top three benefits of blockchain for the video game industry are ranked as innovative gameplay (61%), securing value for players by keeping money in the game (55%) and rewarding players with real-world value (54%), according to the study.

While indie game developers moved to the blockchain and NFT space first, with around 20 of them working with Stratis blockchain, Trew believes that major developers, also known as AAA companies, won’t be far behind. Big names like Ubisoft and EA have already announced their interest in the technology, and Epic Games has welcomed blockchain games to its platform.

Game developers’ interest in blockchain focuses on decentralized finance or GameFi (57%), the play-to-earn model (46%), NFTs offering in-game item ownership (44%) and in-game digital currency (42%).

Game developers will consider play-to-earn games’ network effect, or players will simply migrate to games that reward them for their time, Trew commented. “Gamers are passionate. Giving them a chance to have a stake in the game, to be able to earn money in the metaverse just like you can in the real world is revolutionary.”

TECH NEWS RELATED

Renowned Poker Star Doug Polk Becomes Coinflex’s First Global Brand Ambassador

press release PRESS RELEASE. On the back of a big year for CoinFLEX, the crypto derivatives exchange that now powers the Bitcoin.com exchange, has just launched its brand ambassador initiative to expand its global community. CoinFLEX’s first brand ambassador is world-renowned poker star, Doug Polk. Doug Polk is one ...

View more: Renowned Poker Star Doug Polk Becomes Coinflex’s First Global Brand Ambassador

Adidas Steps Into the Metaverse by Partnering With NFT Projects Bored Ape Yacht Club, Punks Comic

The German multinational corporation that crafts athletic shoes, sportswear, and accessories, Adidas AG is teaming up with the non-fungible token (NFT) brands the Bored Ape Yacht Club, and the comic series Punks Comic. Adidas revealed last week that the company partnered with Coinbase and believes the metaverse is one ...

View more: Adidas Steps Into the Metaverse by Partnering With NFT Projects Bored Ape Yacht Club, Punks Comic

Even if India clears private cryptocurrencies, it may not allow trading on foreign platforms

India may be edging closer to legitimising “private cryptocurrencies” but investors being allowed to trade them on foreign platforms is still a matter of speculation. A cabinet note circulated by the government on the much-awaited Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, has suggested that crypto assets—as ...

View more: Even if India clears private cryptocurrencies, it may not allow trading on foreign platforms

Meta Relaxes Facebook's Cryptocurrency Ad Policy — Says Crypto Continues to 'Mature and Stabilize'

Meta, formerly Facebook, has relaxed its policy for cryptocurrency advertisements, making it easier for companies to run crypto ads on its platform. “We’re doing this because the cryptocurrency landscape has continued to mature and stabilize in recent years and has seen more government regulations that are setting clearer rules ...

View more: Meta Relaxes Facebook's Cryptocurrency Ad Policy — Says Crypto Continues to 'Mature and Stabilize'

South Korea Delays Plans to Tax Crypto to 2023

Lawmakers, likely seeking support from young voters, decided to postpone the virtual assets tax.

View more: South Korea Delays Plans to Tax Crypto to 2023

'Wolf of Wall Street' Jordan Belfort Warns About Investing in Dogecoin and Shiba Inu Cryptocurrencies

Jordan Belfort, the former stockbroker whose memoir was made into a film starring Leonardo DiCaprio, has warned about investing in meme cryptocurrencies, like dogecoin (DOGE) and shiba inu (SHIB). Belfort explained that “People are taking advantage of an unregulated market,” emphasizing that “The sooner governments step in the better ...

View more: 'Wolf of Wall Street' Jordan Belfort Warns About Investing in Dogecoin and Shiba Inu Cryptocurrencies

Michael Saylor Calls Bitcoin the World’s Reserve Asset but Not so Good for Buying a Cup of Coffee

The billionaire founder of the business intelligence company MicroStrategy said in a CoinDesk TV interview that bitcoin is the best inflation hedge.

View more: Michael Saylor Calls Bitcoin the World’s Reserve Asset but Not so Good for Buying a Cup of Coffee

Riot Blockchain Raises 2022 Hashrate Guidance for Second Time in a Month

The bitcoin miner also said it minted 466 bitcoin in November, an increase of about 300% versus the same period last year, but only a slight jump from October.

View more: Riot Blockchain Raises 2022 Hashrate Guidance for Second Time in a Month

The future of blockchain and crypto in the online gambling industry

Footprint: Do you own copyright when buying an NFT?

Jurors in Billion-Dollar Bitcoin Trial Deadlocked for Days — Hung Jury Could Lead to Mistrial

DeFi project Badger DAO hacked in $120m loss

Gaimin․io Developed a PC-Based Platform to Create a Global, Decentralized Data Processing Network

Crypto Investment Firm Maven 11 Capital Closes $120M Fund

Market Wrap: Bitcoin Vulnerable to Rising Leverage Despite Short-Term Optimism

The Radical Pluralism of Money

Payments Company Square Rebrands to 'Block Inc.,' Crypto Service Will Be Called 'Spiral'

How a Collection of 1M Music NFTs Could Mint the Next Platinum Record

SEC Rejects WisdomTree’s Spot Bitcoin ETF Application

Monster-Sized Bitcoin Whale Transfers: Blockchain Parser Catches Significant Amounts of ‘Cold BTC’ Moved to Active Exchanges

OTHER TECH NEWS

;