The video game industry has been growing over the last few decades thanks to the spread of mainstream video gaming. Competitive professional gaming aka esports has grown so big that the number of fans rivals the size of traditional professional sports fan bases such as the NBA, the NFL, and the MLB. Within esports, there are different types of gaming platforms such as PC games, XBOX games, and PS4 games. However, there is one type of gaming that isn’t mainstream within the esports industry and that is blockchain gaming. Why isn’t blockchain gaming more mainstream? Here are a few possible reasons why more people aren’t playing blockchain games:
Lack of education about blockchain technology
There are more than 42 million blockchain wallet users as of September 2019. The number of blockchain users is not even 1 percent of the world’s population of 7.6 billion. There’s still a long way to go for people all around the understand the different applications of blockchain technology and how it can benefit them. Here are a few benefits of blockchain technology that not everyone may be aware of:
- More transparency: Every transaction is recorded and available for the public to view and analyze.
- More security: Blockchain records are encrypted and linked to previous transactions making them unalterable and safer from hacks.
- More efficiency: Blockchain makes it possible for faster transactions to happen by removing the middlemen through a unified system.
As more people understand the benefits of blockchain technology, they’ll be more likely to adopt it and use it every day.
Misunderstanding of cryptocurrency
Another reason why blockchain gaming may not be mainstream quite yet is the misunderstanding of cryptocurrency. People may be confused as to why anyone would choose to use cryptocurrency in their day-to-day activities. Secured by cryptography, cryptocurrency makes it difficult for people to counterfeit or double-spend. Cryptocurrency like Bitcoin can be used in transactions such as entry fees in gaming tournaments or buying new in-game items. As more people understand that cryptocurrency is simply digital currency, the adoption of blockchain games should be less intimidating and feel more natural.
Current market share size of traditional video games
As of right now, traditional video games dominate the video game industry. These traditional video games come in different forms such as PC games and games on platforms such as XBOX and Nintendo. All of the top esports leagues are focused on games that use traditional platforms such as League of Legends, Fortnite, and StarCraft II. Just the League of Legends fan base alone numbers 58 million which is bigger than the total number of MLB viewers (38 million). While no one can definitively state how much time it’ll take before blockchain games dominate video games in general, there is no doubt that blockchain gaming is uniquely positioned to disrupt the entire gaming industry.
One thing to keep in mind is that it has taken the esports industry several decades to reach the size it is now. It’ll take some time for blockchain gaming to become more mainstream. As more people are educated about blockchain technology, blockchain gaming will be more popular.
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