How Blockchain Will Take Gaming (and Gambling) to the Next Level

by Mint Dice Bitcoin Casino

There are few industries as tightly linked as blockchain and gaming, and through extension, gambling.

As a new technology, blockchain is quickly being applied to solve problems such as proving digital ownership, provably fair games, and liquidity. These problems were otherwise too complicated to solve and the inefficiencies were left to run rampant.

However, many entrepreneurs are exploring blockchain to take gaming (and gambling) to the next level – and for good reason; both are positioned to be incredibly lucrative markets. The video game industry hit about $135 billion in 2018 and has been growing rapidly, and the global online gambling market is currently estimated to be around $46 billion and anticipated to more than double to $94 billion in 2024.

News of venture capitalists jumping into these sectors is popping out left and right. Just in July 2019, Reddit Co-Founder Alexis Ohanian’s venture fund led a $3.75 million seed round for Horizon Blockchain Games, a blockchain-powered video game studio.

The following article explores a handful of ways that blockchain will usher a new future for the gaming and gambling industries.

"True" Virtual Goods Ownership

Fraud and scamming is currently rife in the virtual goods marketplace. The lack of marketplace trust and regulation has led to a domination of several centralized trading platforms that charge high fees when exchanging assets. Users looking to go around that run the risk of getting scammed by other users.

Additionally, an abrupt shutdown or update of a gaming platform could make your hard-earned goods worthless.

Projects such as WAX and Enjin Coin are looking to transform the ownership of virtual goods. WAX, or Worldwide Asset eXchange, is a decentralized platform created by the OPSkins team that enables users to trade any virtual asset for cryptocurrency. This essentially allows users to “tokenize” any kind of virtual good. Enjin Coin, on the other hand, allows gaming communities to create items and currencies on the Ethereum blockchain-backed by Enjin Coin.

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