Loom Network Says Blockchain Gaming Is Next New Wave For Ethereum And Crypto Adoption
Loom Network (LOOM), a blockchain-gaming network that also facilitates social applications recently emphasized that games will spear head adoption of blockchain. This was in particular the Ethereum network that facilitates building of Decentralized Apps.
According to the report by Loom, two main challenges facing blockchain adoption were inadequate practical DApps & UX inefficiencies. Therefore, most of the LOOM target market is still using the current centralized applications.
The Ethereum Decentralized Apps have not received the traffic they quite expected as a result of the above issues. EOS which is also in the smart contract space has subsequently been affected. Today, countable DApps have managed to register over 500 active users on a daily basis. However, Decentralized Exchanges (DEX) have significant traffic but are disconnected to practical scenarios in existing systems.
Loom points out games are a possible solution to DApps current challenges as they are a catch in most markets,
“Games, unlike apps, don’t have to do something 10x better than any previous app and convince users to jump ship. Gamers are always looking for new fun games each month, and will try them on a whim,”
The pioneer game developed by Loom ‘Zombie Battleground’ is relatively similar to mobile games but leverages the blockchain network.
Loom’s Peer Competitors In Blockchain-Gaming Networks
Enjin (ENJ) is one of the players in this arena; the blockchain-gaming project was launched in July 2018 on the Ethereum network. This milestone allowed gaming enthusiasts to be able to power their gaming activities through minting ERC-1155 tokens hence no coding required. These tokens facilitate storage of collectibles on one contract & ensure they can be easily distinguished.
Binance Labs Head, Ella Zhang is among the influential figures in crypto that have said the gaming industry is the best entry point for blockchain tech. This leading exchange expanded its portfolio recently by teaming up with NEO Global cap and others & raised $40,000 for supporting Cocos-BCX, a new firm. The start-ups intention is to provide a platform that facilitates creation of games using blockchain.
Another player in this sphere is Kin Foundation, its native token known as ‘KIN’ has acknowledged the potential in games & blockchain. According to stats, 20% of the $5 million Kin Incubation money has been allocated to games leveraging the blockchain network. Kin is a popular DApps advocate and so far projects launched on its blockchain are showing good prospects. Kinit & Kik messenger beta are the two main active networks on Kin at the moment. Their operations involve giving rewards to survey participants or other types of audience for feedback.
From the current market figures, Loom’s idea that DApps will soon break-even is not a far-fetched though given the traffic in the gaming industry,
Once you have that ONE core app that onboards a million users, everything compounds on itself and snowballs from there.
Furthermore, Loom’s blockchain initiative targets a wider market with game developers in mind. The network facilitates creation & running of your own DApps by leveraging sidechains to increase platform efficiency. Alternatively, users of this network can use its SDK to develop their DApps with their preferred coding language.
Loom’s team is highly optimistic that a long-term solution for challenges in blockchain oriented games will be created,
“By the end of 2018, we will have totally solved the UX issues faced by blockchain games — making them feel just as seamless as normal mobile games.”
The LOOM native digital currency stands at position 89 in market cap with a value of $51 million according to AltDex 100 Index (ALT100). This is a proxy for large-cap digital assets.