The problems in the game industry are aplenty. In addition to a slow growth rate, game companies large and small must deal with security issues, marketing challenges, shorter player attention spans, balancing in-game economies, the rise of free-to-play (where most players contribute nothing to a company’s bottom line), and even politics.
At last years’ Games for Change Festival, executives from Electronic Arts and Take-Two Interactive were very critical of the Trump administration, complaining the White House isn’t acting in the best interest of the U.S. Game Industry.
Couple that with the US’s archaic rules and regulations around cryptocurrencies, ICOs, and blockchain, and it’s easy to see why the industry as a whole is in search of a technological savior to open up the floodgates. Business as usual for the North American game industry simply will not work in the decade to come.
The innovation on everyone’s minds is Blockchain. Many hopeful developers are counting on blockchain’s potential to change the industry for the better. For that to happen, several core issues faced by small- and mid-sized developers must be addressed and solved.
Here are just a few:
Issue #1
Historically, small and mid-sized developers have not been able to get involved with blockchain because of small community sizes, high fees, and low token circulation volumes. It has proven difficult for new game projects to reach (and retain) enough scale to make an investment in blockchain viable.
Issue #2
Even though independent game developers show a high-proficiency in creating captivating game experiences, a lack of technical expertise, when it comes to blockchain still persists. Tools to help with the transition to a blockchain-centered world have not yet been widely adopted by the development community.
Issue #3
To-date, a single exchange where investors, players, and developers can exchange game tokens, prominent cryptocurrencies, and fiat money to support a wider game ecosystem does not yet exist. This means there are hundreds, perhaps thousands of independent projects that all face very low probabilities of success. If the industry can bring everyone together onto one exchange, the impact would be immense.
Issue #4
There is a lack of infrastructure, support, technical tools, and a single solution where blockchain games can be quickly be developed and deployed. Many game developers are still asking questions as to how and where to get started with Blockchain, and are not yet getting great answers.
A New Frontier
With Blockchain well on its way to becoming a new foundation for the next generation of the game industry, it is possible we will see the global game economy grow to eclipse the size of a mid-sized country within the next five years. That is what one company, at the forefront of the blockchain game revolution, has their sights set on.
BIT.GAME is developing the game ecosystem of the future. Their vision is to lead the rebuild of an entirely new global game ecosystem. BIT.GAME is well aware of the core issues facing the game industry today, and their approach to solving them is centered around three core components: (1) BIT.GAME Exchange, (2) BIT.GAME Solution, and (3) the BIT.GAME Platform.
BIT.GAME Exchange will fully support transactions between blockchain game tokens, cryptocurrencies and fiat currencies. To-date, this was not possible and BIT.GAME is proud to be the first organization to make this a reality.
The exchange will finally provide a single destination for developers and the world’s 2.2 billion gamers to transact safely and securely. BIT.GAME Exchange eliminates issues associated with liquidity and high fees since the exchange was built from the ground up with the game economy in mind.
BIT.GAME Solution, the second core component, allows game developers to quickly develop new blockchain games based on Ethereum, Achain, Qtum, and TrustNote. The solution even offers blockchain game players a shortcut of trading tokens directly on the BIT.GAME Exchange.
Solution and Exchange work hand-in-hand. Even though blockchain development and integration has historically required a high amount of domain expertise, BIT.GAME Solution lowers the barrier of entry, allowing more organizations to participate in the blockchain revolution.
And finally, the BIT.GAME platform takes things a step further, offering technical support, incubation funds and asset trading for innovative, high-potential projects. The platform supports the game community at the very earliest levels, and is a great testament to BIT.GAME’s commitment to the health of the market.
Even though BIT.GAME has already developed and deployed extremely valuable tools to support the game industry, the organization is still looking for feedback and input from developers, gamers, and investors alike. BIT.GAME is mission-driven organization, and a great potential partner for all game companies looking to stay ahead of the curve.
A commitment to the industry and a laser focus on only developing an ecosystem with the industry’s best interest in mind is what makes BIT.GAME the ideal partner to lead the industry into the next decade. How will BIT.GAME help you?
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On Wednesday, blockchain start-up announced that it invested $25 million of its digital currency XRP into Blockchain Capital’s Parallel IV, the fund for early-stage investments .
Ripple’s digital currency has seen huge volatility this year, currently the start-up owns about 60 billion of the 100 billion ripple (XRP) tokens ever created.
Released in 2012, Ripple purports to enable “secure, instant and nearly free global financial transactions of any size with no chargebacks.” It supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes. Ripple is based around a shared, public database or ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process.
As for , it is a venture capital firm dedicated to blockchain technology, which underpins cryptocurrencies and records transactions across a distributed network. Its Parallel IV is the first fund to accept capital calls in digital assets.
According to a spokesperson from Blockchain Capital this parallel fund was created “to separate other LPs from the risk of any change in valuation associated with accepting Ripple’s investment in XRP”.
Last month, Blockchain Capital announced that it had raised $150 million dollars in its fourth funding round. The proceeds came in the form of $125 million to its IV LP fund, and $25 million worth of cryptocurrency for its Parallel Fund IV.
Patrick Griffin, Ripple’s senior vice president of strategic growth, believes that Blockchain Capital is “the premier fund for any project looking to get off the ground in the blockchain space.” He said: “They have a proven track record for finding and funding the projects that matter.”
The aim of the investment is to fund blockchain startups in addition to exploring new uses cases for its XRP ledger and Interledger Protocol and to bankroll smart entrepreneurs who can find additional uses for Ripple’s blockchain technology.
“We want smart people and smart entrepreneurs, who can solve a problem using XRP,” said Cory Johnson, chief market strategist at Ripple. “There’s money sitting there to be used.” He added: “I don’t know what the best use of XRP is going to be, and I hope it’s something we can’t even think of.”
Bart Stephens, co-founder and managing partner of Blockchain Capital, added: “Whether it’s using XRP, bitcoin or just the underlying technology, our goal is to find the best projects and give them the resources to be successful companies that deliver value to customers for the long term.”
For Ripple, Blockchain Capital’s Parallel IV is the first fund to contribute to, but the company has made a hint that it will continue investing in other venture capital funds in order to support and fuel startups and businesses developing blockchain applications.
“This is the first fund that we’ve contributed to, and it won’t be the last,” said Patrick Griffin. “We plan to be major players in shaping the future generation of blockchain or crypto companies.”
Earlier, the company with UAE Exchange for cross-border payments and announced partnerships with U.S. money transfer giants MoneyGram and Western Union as well as American Express and Santander.
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