Blockchain tech is one of modern society’s most useful applications.
And technology, at its digital core, exists for the sole purpose of enhancing our lives. We build robots to clean our floors and clothes and dishes. Our autos are intelligent enough to know when they’re too close to the car ahead, responding by smoothly applying the brakes.
If we can dream it, we can create it — eventually. And one of the most profound uses cases of blockchain tech is bitcoin, the world’s first cryptocurrency.
Bitcoin’s underlying technology — blockchain — is a creation borne of self-sovereignty. However, the notorious Nakamoto (assumptively) didn’t foresee the positive additions blockchain tech could offer the entertainment industry — Satoshi had his sights locked on centralized finance.
We no longer have to deal with the swindling bottom dwellers inhabiting any sector. Available today are permanent, distributed, publicly-verifiable records of various datasets. Blockchain shakes fraudsters right out of business because there’s nowhere for them to hide.
Now, you can name almost any industry and chances are high that blockchain can make it better. Voting, health care, ID verification (KYC), loans, land ownership, the list goes on. And one of the industries that’s more than ready for a blockchain upgrade is video games. Especially in the high-stakes realm of competitive esports.
You see, we’re not talking about Sudoku here. Casual games certainly have their time and place, but nobody’s coming out to watch people play them! Conversely, specific gaming tournaments draw enormous crowds.
For example, in South Korea, it’s not uncommon for pro StarCraft and League of Legends players to receive an ecstatic welcome from thousands of rabid, screaming fans. Celebrity gamers are whisked to tournaments in speedboats and helicopters, emerging to greet sold-out coliseums.
As you can imagine, with that caliber of hysteria and sensation comes huge salaries and oversized prize pools. And we all know that where you find large sums of money, you typically find crooks.
Nefarious gamers — as explained in this fan-made article on the rise of esports in Southeast Asia — go to great lengths to hack the system. From aimbots to falsified records, cheaters will try nearly anything to gain an ill-gotten competitive edge.
Lucky for us, blockchain tech prevents the problems that siphon the fun right out of our favorite video games. And as you’ll soon see, the advantages of blockchain gaming go far beyond defense from cheating.
Upside Down Tokenomics
The original relationship between games and tokens was a one-way street. You traded fiat for tokens then slid those circular pieces of metal into arcade cabinets. Without the token, there was no game.
But blockchain tech flips that concept on its head. Now, without the game, there is no token. Blockchain gaming means capturing a copy of gameplay within a digital container.
Every in-game event, item, and transaction is verified and recorded by blockchain tech. And by tokenizing gameplay, we unlock new potential for capturing value.
Blockchain levels up video games by automatically capturing gameplay in the form of non-fungible tokens (NFTs).
When game elements undergo tokenization, they’re easy to trade. And the ability to swap with fellow gamers can open the door to yet-unimagined marketplaces. In other words, we don’t yet know where the value of tokenized gameplay will take us in the long run.
But today, we’re well aware of several blockchain-powered benefits.
In Great Company
Before we dive deeper, let’s take this opportunity to recognize some of the blockchain gaming industry’s power players.
Yes, we’ve got Arclegger heading up the creative development of the RedFOX Labs blockchain gaming division. But we’re certainly not the first company to inject blockchain into digital entertainment.
For example, publishing giant Ubisoft is dipping its toes into the digital waters. And they’re certainly not the only traditional games publisher open to exploring new opportunities. All-new dimensions of gaming are coming. And the big-name publishers can’t ignore them forever.
But some projects are beyond the dabbling phase and currently build blockchain games. One such endeavor is a digital economy and blockchain game engine — Cocos-BCX.
Validated ownership and scarcity of items are incredibly beneficial in games. But perhaps what gets us the most excited is the potential for cross-game asset transfers. Non-fungible tokens create the ability to use weapons and costumes throughout entire ecosystems of compatible games.
Designing and upgrading in-game characters are often a matter of personal preference. It’s often painstaking — yet still fun — to find the right combinations of speed and accuracy, stealth and power. And NFTs may preserve time well spent.
Capturing the essence of gamers’ digital personas and progress means some of their hard work needn’t go to waste when it’s time to play a fresh title.
Now, we’ll concede that Caterina and her team over at Cocos-BCX have a bit of a head start on us. The project’s running a TestNet and has a trio of games in operation.
And, you may be wondering why we’d bother mentioning a competitor right here on our blog. The answer to that question is quite simple. You see, we’re both very early to the party. The global video games market is vast and shows no sign of pumping its brakes.
In other words, there’s plenty of room for both organizations to operate within the blockchain gaming space. And let’s not forget that RedFOX has the technological backing of a MainNet-running, veteran crypto project — Komodo Platform.
Blockchain gaming is still considered an up-and-coming niche. And considering how we operate from Vietnam — one of Southeast Asia’s esports hotspots — RedFOX Labs is in the right place at the right time.
Truth be told, we may be a bit too early to the party. But we see that as a huge advantage — we have time to create infrastructure before other projects inevitably come rushing into the space.
Video games transform the mundane into the extraordinary. Because in games, anyone can be a superhero. And being a superhero taps into a universal desire to become more than an average human.
Do you know anyone who doesn’t wish they could fly by merely thrusting a fist into the air?
But when unscrupulous individuals invade our digital realms, they may spoil our attempts to become larger than life. There’s no room for cheating in games — competitive or not — and blockchain tech stifles foul play.
Plus, you may know what it’s like to spend hours on end immersed in your favorite title — building and scraping and experimenting — until your character’s abilities are ultra-powerful. If so, you know exactly how discouraging it can be to leave all that progress trapped within a singular video game.
Non-fungible tokens have the power to change all of that. NFTs are the gaming industry’s next killer app, and RedFOX Labs has big plans for bringing them to you!
Summing up, by applying blockchain tech to video games, we increase the value to gamers while firewalling those trying to game the system. And that potent combo makes gaming more enjoyable for all of the honest players across the globe.