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Blockchain game economy might outpace Japan

The blockchain-based gaming economy could balloon in the coming years.

Image by mmi9 / Pixabay

Mon, 22 Jun 2020, 18:20 pm UTC

Most people know blockchain as the technology behind cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). But aside from digital currencies, the technology also has a host of other lesser-known applications such as in gaming.

Blockchain makes sense in gaming because of its ability to identify unique in-game items or avatar as well as identifying who owns them, according to VentureBeat. The technology can be used to support ultra-secure in-game commerce where players can trade unique items and collectibles.

In fact, there are already startups, such as the Tokyo-based social gaming firm Gumi, that are already eyeing a slice of the blockchain-based trading of non-fungible tokens (NFTs). According to the company’s founder, Hironao Kunimitsu, the blockchain game niche has to potential to become even more valuable than Japan’s economy.

At the Cointelegraph Japan’s Traders live last week, Kunimitsu spoke on NFTs and the future of gaming. As proof of ownership of characters or rare game items, NFTs can be traded for cryptocurrencies at exchanges such as OpenSea and bringing in economic activity to the games.

The technology can be used in Minecraft. “If blockchain guarantees that ‘this house is the only one existing in the world’, there will be someone who wants to pay to get it,” Kunimitsu added. “If the number of particular furniture available is ten, if the number of clothes for aviators made by Gucci is limited to one hundred, if the supply of lands, buildings, etc. are also limited, they become valuable.”

The potential market for blockchain-based games is huge. For instance, there are 150 million players in Fortnight and around the same number of gamers playing Minecraft. Kunimitsu noted that the number of players for these two games alone is bigger than Japan’s population.

“Now Facebook’s Zuckerberg is developing Libra,” Kunimitsu said. “They are also doing the VR business through Oculus. In the near future if a game world with more than 100 million, 200 million, even 300 million population is born, [by using blockchain] you can trade game items as assets and Libra may become a base currency. Then you will see the economy bigger than Japan is emerging.”

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