The gaming industry has constantly faced problems of piracy, duplication of in-game virtual assets, and unfair revenue sharing. Blockchain holds the potential to overcome these challenges by redefining the gaming industry, making creators, distributors, as well as the game players happy.
In fact, Gaming has similar traits to blockchain technology in that it is a new space that is just starting to explode, and also offers more potential in the future.
Although the gaming industry is constantly evolving and achieving continued growth, the issues faced by the industry have remained the same. The global gaming industry, estimated to exceed $143 billion in market size in 2020, continues to face problems with digital asset ownership, digital rights management (DRM), and revenue sharing, among several other issues. The blockchain technology, with its ability to reliably manage digital ledgers and execute smart contracts, can eliminate most of these issues, which arise due to unauthorized manipulation of information and lack of transparency. Indicated by its ever-increasing penetration of the sector, blockchain is eventually redefining the gaming industry by not only changing the way games are played but also the way they are made.
The dynamics of the current online gaming industry does not have many barriers to growth. But adoption of blockchain is primarily centered towards introducing better concepts and creating a better experience for gaming enthusiasts.
Emo Games will develop tools that enable game publishers, game servers, and communities to manage virtual assets and in-game items across multiple platforms. Monetization using Emocoin will be a main focus with robust features and toolsets provided.
Restricted and Centralized
Digital assets and currencies are usually restricted to a single game and not exchangeable. Trading digital assets outside of the game environment is cumbersome and difficult. In case a player gets banned, they can lose all of their items and currency.
There are 7.5 virtual items lost to fraud for every legitimate virtual purchase made. Also the assets stored and managed virtually are open for manipulation. Eventually owners have to deal with extra burdens.
High Fees and Slow Transactions
Game publishers and communities depend on third-party platforms to process virtual assets transactions. Players encounter slowness and high transaction fees.
Lack of True Ownership &Value
Digital assets are, in-essence, licensed to the gamer and are often only available for use on their proprietary platforms. At times they can be easily manipulated, lost, or taken back with very little recourse for the user. Genuine transparency is missing.
Lack of gamification value
Users do not get rewarded in real world value for their participation or contribution. Value based gamification features are missing in content management systems and forums.
Decentralized platform where players can play, earn tokens and incentivise themselves by using tokens across blockchain platforms. Further tokens can be traded outside the gaming world and make real life currency. Basically an open marketplace for all hardware providers, gamers and other participants.
Through the use of decentralized system and non-fungible tokens, players should be able to create digital virtual assets like characters, vehicles, weapons, and other manifestations. They should be able to own such assets for lifetime, not just until the life of a game.
Key is that players will be able to incentivise themselves by using the tokens, they have earned during a game, outside the gaming world. It will allow gamers to play, buy or sell any product or services with EMO on a global scale on any EMO supported platform. Great benefits will be achieved by utilizing a decentralized platform and the supporting frameworks of Emocoin.
Emo Games will be dedicated in giving platform to millions of Developers to Join and bring Ideas and giving life to their projects on our blockchain technology.
We believe gaming will be the biggest catalyst for blockchain adoption and EMO is one of the pioneers of blockchain gaming technology. The promising intersection of blockchain technology, cryptocurrencies and gaming provides an opportunity for developers, gamers, and supporters to properly monetize and participate in the gaming community. The open source development, economic framework and experience to help developers break new grounds.
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