The gaming industry is enormous and continues to thrive, it has become so huge that many are of the opinion that in the future just as many athletes will emerge out of the e-sports arenas as they will out of traditional sports. In addition to this gaming has gone on to change the way marketing and even education is conducted within modern society. Thanks to this it comes as no surprise that through the advent of superior technology, i.e. Blockchain, the gaming industry would naturally stand to make a vast profit and create yet another spearhead for innovation. Well, let’s delve in to the world of competitive gaming and find out what’s next.
Introducing Equiti Games
Equiti Games is a corporation whose purpose is to deliver the profits from the sale and use of games to the actual developers and creators of the games rather than elusive agencies. One of the most unique features of the platform that Equiti Games plans to place on their platform is smart contracts that will allow players to sell on their games once they have finished using them. What is most promising for Equiti Games within the market is that thus far they are hugely undercutting the industry standards when it comes to the fee that they are taking from each sale. Equiti Games will only be extracting 10% for each game license that is sold this is apparently 30% lower than the current industry standards.
Equiti Games will be making use of Blockchain technology that will give the development team of games the ability to strategize their own sales directive based on analytics that share the games worth on the general retail market. Equiti’s platform will be able to facilitate direct sale transactions between partners directly, eliminating any irrelevant third parties and saving end users a lot of money.
The Current State
The current stats show that GameStop the main reseller of second hand copies of physical games made a total of $12.5 billion and even then, that amount is thought to be dwarfed by the potential for the online game reselling market. Why, well of all of the games that were purchased in 2017, 79% of these games were bought via online stores and not within physical outlets. Evidently the future is online.
The Future is Blockchain
The current model is that players buy the license to a game, as they are technically renting the right to play the game but do not own a copy of it. Yet in the future players will be able to own an actual copy of the game and then resell that online copy and all of this is thanks to the advent of blockchain technology. Blockchain technology will be instrumental in unlocking the possibility of previously played online games, something that many thought would be impossible.
Just in 2016 alone the online gaming industry speculated that they lost a minimum of $450 000 in sales revenue due to events such as individuals reselling license keys to games and other acts of misconception. Thanks to Blockchain all of this could now be a thing of the past.