Growing our Footprint & Influence Conference Debrief – Blockshow Europe 2018 Part A
A lot of what we do today and how technology will be developed relies heavily on consumer, their rate of consumption and adoption. In the recent conferences that DATAVLT has been at, the team has presented a glimpse into what the future will become. In this digest, we will be showcasing what co-Founder Willy Wong has discussed at length at the conference:
- Middleman Dominance – Currently, the gaming industry is dominated by a handful of established 3rd party platforms and marketplaces. These platforms and marketplaces draw hefty sales commissions (between 18%-23%) for every transaction, leaving developers little to no room for manoeuvring.
- Payment Fraud is one of the most common occurrences faced by developers/publishers today. It is easy for customers to commit fraudulent activities, like purchase an in-game item, use and lose the item and then calling their credit card company to cite an unauthorized transaction. Besides the loss of revenue, the developer would also have to absorb the charge-back incurred for the transaction.
“With the implementation of a blockchain ecosystem, this payment transaction can be facilitated in a streamlined process between trusted parties. Besides minimizing fraudulent transactions, we could potentially reduce the reliance of the “middlemen” to facilitate transactions between the players and developers/publishers.” – Willy Wong
- Cryptocurrency the New In-Game Currency – The digital tokens/currencies is not a new concept to gamers. This concept is widely practiced in Free-to-Play games where players can purchase in-game currency to buy items or services. The only issue stems from payments being withheld from developers for up to 3 months.When looking at microtransaction business models at play, it makes absolute sense to adopt the blockchain technology simply because of its advantages to developers and publishers where in-game transactions can cost very little, happen in seconds and bypass additional costs incurred by 3rd parties.
- Real Ownership of In-Game Assets because of Trackability – The beauty of the token is that it can also represent digital in-game assets; like items, weapons, character skins etc which can often also be embedded. These in-game assets can safely be traced, tracked and traded between players within the blockchain ecosystem – passing from one ownership to another digitally.
The utility of the blockchain technology will continue to grow exponentially. We are likely to see gamers jump into the blockchain community pool, lending their idling computer and graphics processing powers to validate related transactions. In return, gamers can be incentivised with digital tokens for use.
The next evolution of blockchain would also enable game companies to protect their customer data while sharing with developers limited data which helps them better understand their audience while building a more inclusive player-developer relationship.