It's with a great deal of credit going to Bitcoin that Cryptocurrencies as a collective, and blockchain as an innovation is a rapidly evolving and growing market. While there are many companies proving receptive to the implementation of blockchain, there are those industries that still present a more conservative approach when the topic of cryptocurrencies are brought up.
What is important to consider is the fact that the gaming industry is one that has proven a highly influencial force in terms of espousing a hands-on approach to blockchain technology and cryptocurrencies. And for some businesses in this field, they have been using some kind of digital currency for more than 10 years now. The twin worlds of esports and gaming are some of the biggest industries today, and, as of 2017, there are approximately 2.2 Billion gamers playing across the world.
While that makes for a highly impressive figure, this is expected to also generate revenues of over $108 billion. Impressive indeed, and it's a global market that is expected to grow, both in terms of numbers and in revenues, hitting over $128.5 Billion by 2020 according to experts.
Of all the industries that we've seen utilizing blockchain technology, the video game market represents on that is primed and eager to integrate blockchain in more ways than any other, and there are video game-related currencies across the world that have since exploded in terms of price and volume. The creation and wide-scale use of gaming cryptocurrencies could change the face of economies within gaming, and they are growing at an exponential rate, while hitting all-time highs on a nearly daily basis.
There are a good number of game tokens and economic ecosystems that represent the ‘poster-cryptos' of the gaming world for how blockchain can revolutionize and streamline the market, while opening up a whole new world of financial possibilities for developers and gamers alike.
Gaming On The Blockchain
Here are just a few of the cryptos we can easily recommend either getting involved in or, at the very least, keeping an eye on.
The primary driver behind GameCredits consists of creating a digital currency-driven gaming platform. The GameCredits platform is primarily focused on providing a secure, robust and, yet, elegant system which is aimed at replacing the existing systems and options used for in-game buying systems.
This platform is a project which was created for the gaming industry by the gaming industry. Overall, GameCredits operates as an open-source, peer to peer digital cryptocurrency, allowing gamers to buy and sell in-game content using cryptocurrencies. It also enables players and developers to be paid in crypto.
At the moment, Google Play and Apple only allow for credit card payments, GameCredits, in stark contrast took the time to consider the PC Gamers, and expanded the payment and deposit options by adding cryptocurrencies to its market ecosystem.
It was initially established under the name GamersCoin (GMC) back in 2015, before being re-branded as GameCredits (GAME).
Enjin (Enjin Coin)
With over 18 million registered users and a monthly active user base of over 3 million, the Enjin Network is one of the bigger ecosystems in operation that makes use of blockchain technology, it has since grown to become one of the world's largest social gaming platform. It has one of the most ambitious roadmaps around out of all of the gaming tokens that have been reviewed, seeking to provide the users with the required crypto-backed value for all the virtual goods that they trade.
From a long-term perspective, Enjin aims to develop a smart wallet used for in-game purchases, a plugin for Minecraft, an escrow smart-contract system which is used for item trading, and also backing support for their coins into their social network.
Enjin launched its cryptocurreny relatively recently, referred to as the Enjin Coin. This functions as a new ERC20 token which operated on the Ethereum network, allowing communities, content creators, game server and publishers an easy solution for implementing virtual goods, applying real-value into their gameplay and communities.
It has also since partnered up with a number of blockchain games, and aims to create what it has since described as a ‘gaming multiverse', allowing developers and gamers to transfer in-game assets between each of its affiliated games.
ENJ initially raised over 75,000 ETH from approximately 18,559 backers during their successful launch back in October. After this, Enjin partnered up with Banco, announcing shortly thereafter with Bancor protocol as a key component of Enjin Coin. The goal? provide users with an on-chain exchange and market-matching of any game items that . have less liquidity.
Ethbet (EBET) is another gaming-based cryptocurrency which allows players to wager with no house advantage in a peer to peer manner. Ethbet is a recently developed dicing platform based on the Ethereum blockchain and Ethereum-based smart contract systems.
Ethbet is helping to revolutionize the way in which gambling on the blockchain works, becoming one of the first projects to support peer to peer betting, enabling players to remove the middlemen initially interposed between the various players. The way it works id through matching up game players against one another. This model allows players receive a return far higher than those that are offered by any other platform, and also gives them a much fairer gambling experience.
From September 17th until the 21st, Ethbet hosted and began a crowdsale, reported a remarkable 100% sale of its 7.5 million available tokens (there is a total held supply of 10 million EBET tokens). The division of money from these tokens will work like so: 10% will go to Ethbet's partners, 5% will go to its existing bounty and the existing community, and Ethbet will receive 10%.
All of the remaining funds raised during . the crowdsale went on to fund further improvements of the platform, including further web and application development, including third-party contract security audits which will happen in the future.
One of the unique selling points of Ethbet lies in its ability to provide a gambling platform without any kind of house edge against the player, this is because, by default Ethbet operates as a completely objective platform, with no intrinsic house edge.
Based off the Ethereum platform, FirstBlood is another platform that operates on the Ethereum Virtual Machine, and is powered and made up of its own in-game token, referred to as the 1ST Tokens. FirstBlood itself is an esports tournament platform that uses a jury to decide on the outcome of a particular match, allowing users to bet on games without any risk of a money transfer, corruption by surreptitious middlemen, and / or strenuous financial regulations.
The platform was launched on the . 28th of September 2016 by a team of developers, including the founder of EtherOpt, Zack Coburn, the Co-founder and CEO of Alt-Options, Joe Zhou, the . CTO and Co-founder of LocalBitcoins, Mikko Ohtamaa, and one of the Core developers at Augur, Joey Krug.
FirstBlood operates as a decentralized application (dApp) which intends to make the esports industry more transparent and efficient, while also bringing in a new demographic into the crypto community. It's in this iteration that the platform brings cryptocurrencies one step closer to the long-term plan of mainstream adoption.
FirstBlood is another Ethereum-based platform and it operates on the Ethereum Virtual Machine and is powered by 1ST tokens. FirstBlood is an eSports tournament platform that uses a jury to decide on match outcome and allows users to bet on games without the risk of money transfer, middlemen corruption, and financial regulations.
Back in September 26th, FirstBlood hosted a crowdfunding campaign which lasted for a month, while also successfully raising $5.5 million.
The platform is expected to launch in December 2018, and will be followed a series of community tournaments, including the formation of regional FirstBlood communities in the first months of 2018.
Operating as another decentralized blockchain-powered crypto platform that works on the Ethereum smart contract technology. MobileGo operates as an alternative of GameCredits and aims to revolutionize the existing gaming industry. Some of the benefits of this system includes the absolute control by players and non-requirement of dedicated mobile apps.
This project wants to bypass the restrictions and high fees charged by the dominant mobile app stores, allowing Android users to install a custom app store with a selection of partnered games. The way MobileGo operates is as a smart token that can facilitate P2P matchplay and tournaments for millions gamers across the world, all of which are completely decentralized.
During their earlier Initial Coin Offering (ICO), MobileGo managed to successfully raise $53 million, becoming regarded as one of the biggest ICOs at the time. 50% of the total revenue earned went towards the direct marketing, while 30% is reserved for legal fees, licenses, partnership branding and development, including payment processing float, and a further 20% to MobileGo development including its virtual marketplace, gamer to gamer match play, and a completely decentralized tournament play.
Refereum itself uses blockchain technology to provide a direct connection between developers and influencers, resulting in lower marketing costs and increased profits for everyone. Along with an increased rate of growth, Refereum strengthens engagement by offering cash prizes – allowing for rewards for anything from an in-game high-score to an esports grand prize.
Refereum will also be working closely with Twitch and Unity, allowing any user to play our open source demo today.
Gamers will also be able to make money and profit from playing video games. Influencers themselves can then effectively monetize their followers. Developers can also offer cash rewards with a new level and scope of specificity in order to expand upon and reward their fanbase.
Refereum uses the blockchain to directly connect developers and influencers, resulting in lower marketing costs and increased profits for everyone. In addition to more effective growth, Refereum strengthens engagement by offering cash prizes — enabling rewards for anything from an in-game high score to an eSports grand prize. We are working closely with Twitch and Unity, and anyone can play our open source demo today.
Gaming On The Blockchain Conclusion
So with this, these represent five of the most influential and most promising gaming-based cryptocurrencies and blockchain organizations aiming to revolutionize the gaming industry.
There are a vast number of gaming cryptocurrencies on the market at the moment, but with this factor, it still represents a serious challenge in order to find truly remarkable projects. But these represent some of the most promising projects on the market so far.