After Bitcoin (BTC), the Ethereum (ETH) blockchain network has set a new precedence showing how decentralized applications and smart contracts can be developed atop the blockchain network. Over the last few years, a number of Ethereum alternatives were born in the blockchain market, the latest one being the Magic Cube.
One such blockchain platform is the NEO Smart Economy, one among many competitors of the Ethereum blockchain network.
Magic Cube Developing a Gaming Ecosystem on NEO
A NEO-based blockchain protocol, Magic Cube aims to develop a decentralized gaming and entertainment ecosystem on the NEO blockchain. So far, Magic Cube has made over 20 games, each driving traffic of 150,000 players every month.
The parent company, Magic Cube LLC, has a strong dominance in the gaming industry. The company has also got several popular titles to its name. Furthermore, the company plans to shift to a tokenized economy. As a result, it plans to tokenize all its virtual consumer products like multimedia content and games.
Eliminating the Publisher’s Monopoly Through Initial Game Offering (IGO)
In general, game developers release their products through the game publishers. However, these publishers pocket more of the profits without sharing much with developers. They don’t provide developers with the financial backing required to support future development. Hence developers are forced to give up the majority of the ownership rights in order to secure funds required for further development.
Magic Cube protocol aims to solve this issue by eliminating the need for publishers during the games development cycle. In actuality, the Magic Cube protocol will itself serve as a replacement to the game publishers. Using the Magic Cube protocol, game developers will release their games through a process called Initial Game Offering (IGO).
This will help developers retain complete ownership rights over their intellectual property. Furthermore, it will also promote the token economy as gamers will use non-fungible tokens to purchase in-game items.
Upon completion of the IGO and on-boarding of in-game utility tokens, the games will feature on the marketplace along with others. There is also a reward system for early adopters for supporting, marketing, and improving the games.
Magic Cube CEO, Rudy Rong, said that his company believes in the potential of blockchain technology and will continue to work on that front. Furthermore, Rudy also said that the company will leverage its experience in the gaming industry to expand to other global markets.
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