Blockchain continues to disrupt traditional institutions every day. Indeed, the impact of blockchain technology is tremendous, shattering the way everyday people live their lives around the world. However, the good news is that its impact is a positive one, which explains why many companies, financial institutions, and governments around the world are investing millions of dollars in blockchain-related research. So, too, is the gaming industry.
Blockchain Technology is Reshaping the Gaming Landscape
Without a doubt, one of the industries feeling the impact of the “blockchain tsunami” is the gaming industry. No doubt, the innovative technology is also disrupting the industry as games are increasingly developed on the blockchain. As a result, the leading companies in the global gaming industry came together to form coalition called the Blockchain Gaming Alliance (BGA). In fact, the coalition recently had their first summit in Lyon, France.
Details of the Summit
The September 28th summit had the movers and shakers of the gaming industry in attendance. Firms in attendance include B2expand, ConsenSys, Ubisoft, Gimli, Enjin Coin, EverdreamSoft, Fig, Alto and many others. Looking at the list of participants, Fig and Ubisoft are traditional game publishers. On the other hand, the rest of the companies on the list are firms in the blockchain gaming ecosystem. Importantly, they have made a mark in the industry within their short stay. For instance, EverdreamSoft developed the first ever blockchain game called the Spells of Genesis. Similarly, ConsenSys is a studio that focuses on developing decentralized applications (DApps) within the Ethereum blockchain. Indeed, the summit is a special one, given that it is the first time the key players in the global gaming industry have come together to make headway.
The Importance of the Summit
Similar to what R3 is doing for the FinTech industry, the BGA looks to bring its members under one umbrella for the purpose of sharing creative and innovative ideas. Indeed, these ideas, the coalition believes, should be part of new projects that they are capable of moving forward. Additionally, the alliance hopes to make the concept of blockchain ubiquitous through best practices and common standards. In a September 25th tweet, Enjin, one of the participants, noted that they were proud to participate in the summit. On the relevance of the summit, the company pointed out that it was to “advocate for the democratization of blockchain within the gaming industry.”
The Gaming Industry
According to Entertainment Software Association (ESA), there are over 2.6 billion gamers scattered across the nooks and crannies of the world. Of that humongous figure, BGA covers about one-third of them. In 2017, the industry was worth about $36B USD. In fact, this figure is likely to increase, given that a new segment, virtual reality, has made its way into the gaming industry.
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