With the number of transactions made each day in the world of online gaming, it is surprising that the market seems to be lacking a decent, easy-to-use crypto. Singapore-based Enjin is hoping to change that and revolutionize the way we interact with our gaming worlds.
If you game online, you’ll have witnessed first-hand the explosion in content being offered by developers for a fee. Some of this content, when added to a game after the initial sale (especially when it creates a “pay-to-win” situation) is divisive amongst gamers, but the advent of online transactions has also spurred a golden age for free online gaming.
This golden age is partially the result of developers making their money from advertising or in-game purchases rather than gamers buying the base product. How does that work? Quite simply, if a game isn’t fun to play then few will bother, and even fewer will part with their money to do so, which puts pressure on developers to create fun games that people want to play. There are, of course, other considerations (like the fact you can jump in an out of these games quickly and play them on the go with ease) but it is still a significant factor.
The problem with the marketplace
As a consumer, one of the most significant drawbacks of digital content is the fact you don’t own it, at least, not in the same way you own a copy of a game. People make this same argument to dismiss cryptocurrencies (you can’t hold your crypto in your hand), but there is one fundamental difference between the two — you can exchange your crypto for services or sell it to others, but with digital content, this is usually not the case. You may own additional content for a game, but once you’re done playing that game (for example upon the release of a sequel), you’re likely stuck with content that no longer has any worth to you because you can’t move or exchange it.
A gaming cryptocurrency could provide a solution to this problem by connecting different gaming worlds via an ecosystem in which tokens are exchangeable for unique content and vice versa.
What is Enjin and how can it help?
Enjin launched in 2009 and is the largest gaming creation platform online boasting over 18 million registered gamers who spend millions of USD every month on virtual goods across all Enjin’s community stores, so they already have the platform to demonstrate to the masses how blockchain technology can significantly improve the market.
Enjin has recently announced Efinity, a game-channel network for performing scalable gaming transactions that will have the ability to perform near-infinite volumes of transactions between millions of players and the game server — at high speeds with almost no costs.
In its whitepaper, Enjin promises to create a powerful framework of open-source SDKs, wallets, game plugins, virtual item management apps and a payment gateway platform. They’re aiming to offer solutions to these problems by providing a framework for developers to build upon that will democratize gaming by allowing them and their consumers more control over how their digital goods are exchanged.
The future of gaming on the blockchain?
You only need to look at the backlash EA received over loot crates in their title ‘Star Wars Battlefront 2’ in late 2018 to see how much noise the gaming community can make when it comes to online transactions. Gamers are vocal when they believe they’re being swindled so we can assume that democratized content should be received in the opposite manner. After the backlash, EA removed the offending transactions proving that the community has a huge influence on developers. If Enjin’s project is successful, then we might see radical changes across other gaming marketplaces very soon.
Michael is an English and Creative writing graduate of Liverpool John Moore’s University, a former editor of several magazines, and a crypto-currency enthusiast. He is mostly interested in crypto-legislation and the potential of decentralized technology to change the world.