Since earlier days, the link between online gaming and cryptocurrency, especially Bitcoin had existed when it was worth no more than $10. In 2012, the bitcoin was purchased via the Linden Dollars (L$, the Virtual currency of the online MMORPG or a virtual world mentioned by its creators as “Second Life” ). It is very hard and safe to buy bitcoin via Paypal, and there was a Backdoor through the second life’s Linden Dollars, as people could buy them via PayPal and then exchange them Bitcoin on VirWox (the virtual currency exchange which was established to help the participants to exchange L$ to Fiat currencies). Although the prices were enormous to buy bitcoin on this way in 2012, it represented a quick solution to buy Bitcoin with Paypal. With the launch of Huntercoin in 2014, the connection between the blockchain technology and online gaming became much stronger than ever.
Related: How to Get Bitcoins
Huntercoin, the human mineable cryptocurrency and game which is formed of Namecoin’s blockchain, and the coin utilises the Namecoin’s protocol to create an MMORPG (decentralised online game) on the top of the blockchain. Up to now, Huntercoin is the first online game ever to record all of the competition’s events onto a blockchain. In later 2014, Motocoin was launched. Motocoin was the first blockchain-based online game to introduce the concept of proof-of-play instead of proof-of-work. Bitcrystals was another cryptocurrency that acts as a currency and game fuel for the online mobile games called Spells of Genesis. Spells of Genesis is a fusion of a trading card game and an arcade game. It relies on blockchain technology which also represents the source of inspiration for the match’s storyline.
Will GameCredits & MobileGo distort the Online Gaming Industry?
GameCredits was started in 2015 as a blockchain technology-based cryptocurrency, designed to create an innovative payment gateway for the gaming industry. Now, the online gaming sector if faced with many limitations and it offers a decentralised solution in Deep Web which makes payments for the purchases in the game, in-game credits and much more with ease. GAME declared the release of the first ever blockchain based online gaming store in January 2017, and they are expected to go live in the second quarter of 2017. It will help the gamers to purchase games and in-game credits. There is nearly 150 developer along with 300 games are scheduled for the launch and GAME board announced that there would be at least 1000 games available on the store by the end of second quarter of 2017.
On February, GAME announced the launch of MobileGo (smart token), which is expected to go live during the second half of 2017. It will issue on Ethereum and Waves blockchains to offer a set of creative technologies for mobile gaming. It will help the gamers to engage in match play and decentralised game tournaments administered on players themselves, and it will represent a decentralised marketplace for gamers to trade in-game items and content. From its launch, the price has been rising steadily. It was 100 satoshis at the time of its inception, and now it values more than 83,000 satoshis.
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The GAME threatens the throne of gaming giants like EA Games, Nintendo, Activision, Konami, Microsoft, and others, and it will eliminate the need for a mediator between creators of the game and the players who play the game. In upcoming years, the face of gaming will be changed by the platforms like Game credits. It will be helped by the Blockchain decentralised solutions to pay less while utilising the innovative technologies offered by the blockchain technology to players.