NEO Blockchain Smart Contract Platform Eyes Gaming is Crypto’s “Lowest Hanging Fruit”
Smart contract platform NEO, known as the “Ethereum of China” aims to solidify itself as a platform in the video gaming industry, which is worth billions of dollars. Zhao Chen, the platform’s Global Development manager, recently interviewed with CryptoPotato and discussed the project’s focus concerning the adoption of cryptocurrency and the industries that it will work with to make the process happen.
Chen stated in the interview, “We believe that in the future digital assets will cover so many areas we can’t even imagine. But from today’s point of view, the lowest hanging fruit within the space are native digital assets, and games are already in digital form on your laptop and your phone. These are areas that are quite easy for game developers and game players to adopt.”
Chen also discussed that he believes that two significant issues experienced by game developers can be addressed by the new token economy. The first issue is the lack of funding in the gaming industry and how at the end of the day, many games are either a hit-or-miss and require investors to participate. The solution to this issue, according to Chen, is crowdfunding and it can be accomplished by blockchain.
The second common problem he points out is the issue of centralized databases that are attached to games. Essentially, companies have the power to shut down game servers whenever. To bypass this issue, Chen suggests distributed ledger technology. Such technology will allow gamers to upload their virtual assets to the blockchain.
Another factor that may be able to promote the evolution of blockchain in the gaming industry is esports, which has taken off quite a bit in recent months. The trouble is, even with esports, developers can stop the service and those who purchased the game will be directed impacted. Chen stated, “For blockchain-based games, we already have a ready to use Integrity Development Environment (IDE). It’s time for game developers to use so that they can just release their games in both the traditional form and o the NEO blockchain. It makes their job easier and hopefully helps them, and the gamers.”
Right now, NEO is trading for $15.92, which means that the market cap is at $1.03 billion.