Some video game enthusiasts are concerned about the financial gain that is invading the industry through cryptocurrencies, as a result of huge production companies’ rising interest in Blockchain technology, which attracts gamers by encouraging them to profit.
Everything is being done right now in this business, said Marc Venturelli, a video game designer who previously questioned the blockchain technology underpinning the concept of cryptocurrency, to AFP at the BIG conference in Sao Paulo, Brazil’s largest video game festival. The current situation is bleak and terrifying.
Among the advantages promised by crypto enthusiasts is that the block chain, which is a type of enormous digital register shared by a large number of users, allows players to recoup a percentage of the money they spend on games or secures them ownership of digital items.
On the contrary, detractors such as Ventorelli argue that game makers will make more money by circumventing gambling laws, and that greed will destroy the fun.
According to Accenture, this is a difficult issue in a $300 billion global sector.
In the short term, video game fans may believe they have won since bitcoin values have plunged, hurting the tokens of the blockchain-based games that first lured them in.
No one is currently playing with blockchain-based games, according to Mihai Vikul of the specialist Newzo company, who emphasises that the collapse of cryptocurrencies has harmed 90 to 95% of games.
This year, a massive theft of 600 million dollars was reported in the video game Axi Infinity, which is immensely popular in the Philippines and is based on Blockchain technology.
Last year, Ubisoft, one of the world’s major video game companies, sought to carve out a market for one of its blockbuster titles by selling NFT (non-fungible tokens) digital objects with a certificate of authenticity.
However, it has encountered tremendous opposition from gambling sites, where many users are opposed to the notion of cryptocurrency.
Minecraft, a popular building game among children and teens, said in July that it will restrict the trading of NFT tokens since they are incompatible with the spirit of the platform and encourage a sense of exclusivity and exclusion in the game.
Despite repeated failures for bitcoin supporters, entrepreneurs pushing blockchain technology have not given up, as is the case with Sikkip Kan Gocalp, whose companies Infinite Arcade and CUDA are aiding game developers in presenting the concept of cryptocurrency. Web3 is a decentralised paradigm based on Blockchain technology.
Despite reports of a cultural war between gamers and cryptocurrency enthusiasts, Gokalp feels that technology has the potential to revolutionise the world of video games. According to Gokalbs study, the two parties have significant overlap.
According to Mihai Vikul, video games that rely on blockchain technology must find alternate means to prosper. This technology may represent the future, but it will not be what people imagine today, he claims.
According to Marc Ventorelli, recruiting players based on the notion of profit may do serious harm by attracting young people, notably in Latin America. However, with the continued rise of blockchain-based games, Mark believes the conflict will not be won anytime soon.
Cryptocurrency is increasingly dominating video games.
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