Developers set eyes on the $180 billion gaming industry for future blockchain tokenization

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While blockchain has always been the talk for 'serious' industry players in finance, government services and property, it takes a lighter note on the booming gaming industry.

The online lottery market alone is estimated to be worth $10 billion today. Blockchain helps to redistribute winnings in a systematic and secured manner. Recently Adam Vaziri, Chief Regulatory Officer of Quanta, spoke at the Blockshow Asia 2018 event on 29th November held in Singapore. The Quanta business is to provide blockchain technology applying to Lottery business/ gaming industry. Part of the license is given by the Isle of Man authorities for the blockchain-based lottery as requested for a series of process and workflow testing. QNTU is the utility token for Quanta.

Speaking to Shogo Ishida, Marketing Director of Quanta, during the Blockshow Asia event, Ishida explained that their blockchain lottery is a transparent system where players are required to pass KYC checks before using the Ethereum based system. The greatest challenge will be getting licenses from governmental bodies which regulates the lottery business via an assigned operator. Quanta is currently expanding into Africa to offer blockchain-based lottery.

Credit: @steemmonsters

The gaming industry is already using all forms of tokens provided by companies. Almost every game today has a form of token which allows you to make in-game purchases with your credit card. The problem is, when you stop playing that particular game, your unused tokens are left stranded and stuck - in the game.

The current lack of tracking for company-issued tokens is already an ongoing issue. Fraud apps that are suspended or removed from app stores do not refund customers. Gaming dApps are however not gaining enough popularity.

Virtual pet video game, CryptoKitties, is a blockchain-based game released last year 2017 which faced congestion on the Ethereum network due to a high volume of transactions.

Hence running games on a scalable blockchain such as Steem is making much more sense. Steem Monsters is a Steem powered trading card game. Cards owned a broadcasted directly on Steem's blockchain tied to the private key of the user.

The game received more than $88,000 of funding from a crowdfunding effort on Kickstarter. Cards with high rarity are currently drawing a price of US$3,000. When it comes to pay-to-play, the sky's the limit.

Credit: Blockchain Cuties

Vladimir Tomko, co-founder and CEO of Blockchain Cuties, also commented at the Blockshow Asia 2018 event that blockchain is enhancing the gaming sector with new game points and tokens on trading platforms. Browser (or console) games already have sustainable business models backed by investors. Blockchain platforms can bring in adoption and thus help businesses to grow.

-tysler