Gaming, while once seen as the pursuit of the unsociable and a niche hobby in the eyes of those with their fingers on the mainstream pulse, is now big business. That’s largely down to constant technological development, which has made it a multi-billion-pound market. As fast as new tech can be developed, it’s being used within the gaming industry.
Nowhere is that clearer than with the advent of the blockchain. In fact, Asian gaming blockchain Oasys is looking to shake the very foundations of the market by creating a gaming-creation platform. There, players can now create their own tokens to use as in-game assets accepted throughout the Oasys ecosystem.
With this latest development, it’s looking increasingly likely that the wider gaming industry is set to enter a period of rapid change. What we have now is already unrecognisable to the gaming landscape just 10 years ago. So, how is blockchain and other tech shaking up gaming in a big way?
iGaming: The Industry Gambling on Major Tech Switch-Ups
The online casino and sportsbook market, known as iGaming, is one area of gaming that has been an early adopter of new tech from its inception. When online casinos first emerged in the 90s, they were fairly rudimentary. The games they hosted were simple games that used random number generators to determine the outcome.
While players can still find classic RNG-based online slots at LeoVegas casino and many modern sites, a lot have shifted to hosting live-dealer games. These titles don’t use RNGs. Instead, they’re real, physical games that a dealer hosts. Players can then take part and watch the game via high-definition video streaming.
The next step – and one that is appearing, albeit in the early stages – is the introduction of decentralised casinos. These sites use blockchain technology to process payments and allow players to withdraw winnings. Additionally, these can determine the outcomes of casino games using a fully transparent blockchain RNG.
Blockchain Gaming-Creation Platforms to be the New Normal?
Obviously, blockchain technology is not exactly new at this stage. However, the rapid adoption of the last decade has made it a completely alien topic to many. Because of this, it could seem as if the rise to prominence of companies like Oasys means that gaming is about to become all blockchain. And while that isn’t the case, it must be said that this new gaming-creation platform doesn’t exist in isolation.
There are other examples similar to the Singapore-based Oasys. The Sandbox, for example, functions in much the same way. It’s a sequel to a 2D world-building mobile game, and is an entirely blockchain-based 3D virtual world metaverse game that allows players to make in-app purchases with their Ethereum-based token. It’s perhaps a little more aimed at players than developers, unlike Oasys, but it still shares many similarities.
Then there’s the fact that big-name developers with huge budgets are already working with Oasys to develop Web3-based games. As per a Eurogamer report from 2023, the developer known for Triple A series like Assassin’s Creed and Far Cry partnered with the Singapore outfit to launch their game Champions Tactics: Grimoria Chronicles. It wasn’t their first attempt, either – though those previous bites at the cherry had gone down poorly.
Is Traditional Gaming Heading to Extinction or is This Just a Fad?
Ultimately, whether or not something is a passing fad is impossible to tell until after it has either become mainstream or passed us by. There’s nothing to suggest the blockchain won’t become part of the standard gaming experience. It’s huge already, and its key demographic is the tech-savvy gaming audience.
However, there’s also nothing to suggest that it will completely replace the standard approach to gaming. As many are banking on blockchain becoming part of everyone’s day-to-day life, it still largely exists within its own bubble of enthusiasts and has yet to really scratch the surface of the mainstream.
Time will tell whether Oasys or any other blockchain becomes the home of gaming. However, what is clear is that it’s an exciting time to be in both the gaming sphere and the blockchain tech space. If we continue at this pace, who knows what’s around the corner?
Disclaimer: The press release above isn’t produced by Insider Monkey’s editorial team. We don’t verify the contents of press releases for accuracy. It is strongly recommended that you perform due diligence before investing or trading in anything, including consulting a professional financial advisor.
