The world gaming industry is expanding at close to lightning speed. Some years back, the global market was worth $93 billion in revenue, but the earnings are now projected to get to $180 billion.
This sort of rapid growth is mind-boggling for an industry that has been in existence for about two decades.
An even more amazing phenomenon is the expansion of the mobile games market, which is projected to reach approximately a staggering $106 billion over the next 36 months.
Mobile games and virtual item sales have given a leap to the emergence of the games industry. In just a few years, gaming has outgrown the public perception of its worth. It is an industry with popularity and widespread adoption across all ages and nationalities.
Despite the growth trend in mobile gaming profits, it's surprisingly difficult to make some real money as a game developer, especially if you're an independent one.
Also, the recent method of offering free-to-play apps has led to a change in expectations, reducing the opportunity to make money from game sales and leveraging a greater importance on in-game purchases.
With free-to-play gaming, a developer's best way to raise revenue is by fully exploiting the in-game virtual items. Virtual items have become a popular avenue of monetising video games.
It is quickly becoming an industry standard to allow players tailor their experience with microtransactions and purchase of these items.
Although, there are still lots of downsides with virtual items currently as shortfalls and expectation gaps create leaks in revenue.
Areas of Concern
There are some areas of concern in gaming today that leaves some room for improvements.
Unsecured Transactions
Some billions of dollars annually because of credit card fraud and chargebacks. The pervasion of fraud has significantly limited the revenue of the industry to a fraction of its potential.
However, the Blockchain can safeguard the management of virtual items by taking care of the transactions, their delivery, and storage in an immutable ledger.
No value retention
Players purchase virtual items for their characters to give them a better chance at competing, but virtual items offer no value elsewhere.This zero future worth reduces the psychological value placed on items which then decreases the total amount of purchase a player will make in-game.
The design of blockchain makes it suited to safeguard digital assets ownership. In the past, digital assets were restricted to cryptocurrencies, it's now obvious that a far more universal platform can leverage on the blockchain with ease.
By being on the blockchain, virtual items can gain all of the awesome benefits solely enjoyed by cryptocurrencies. Such benefit include, decentralization, transparency, faster transactions, and an indisputable proof of ownership.
Temporary Value
At the moment, all virtual items are useful only within the game they are associated when purchased.
Using the blockchain, developers can dramatically raise the value of their virtual items by enabling protected use of items in an array of apps, devices, platforms, websites and so on.
What the Blockchain Can Change
Making outrageous claims about the potential impact of blockchain on the gaming industry might look off-hand. But some figures would still be useful for perspective.
Fraud and Chargebacks
Estimates currently puts gaming world virtual items' valuation at $70 billion, which include some non-gaming products.
Consider that all digital assets get secured by the blockchain and taking note that every legitimate virtual purchase has another 7.5 percent of virtual items lost to fraudulent acts.
Potentially, the market of would be worth a whooping $540 billion, a 750% increase.
Players and Payers
Another estimate showed us that just about 2.5% of gamers really pay for virtual items.
If these items no more represents single-use purchases, instead, a multi-game usage over a period of time, a good percentage of the 97.5% that won't buy virtual items would definitely join the train. This translates to more than 40 times as many players would be purchasing virtual items.
At even 10% of players, the potential value of virtual goods would most likely quadruple.
Cross-Platform Market Potential
For now, a third of video game item purchases are made in physical stores, however barely any of these purchases are for virtual items.
Providing retail outlets and sites the power to advertise and sell virtual goods in a safe manner should open new range of possibilities for developers to promote in-game products in ways that are yet to be considered.
It is clear that an advantage exists for many entrepreneurs and developers inclined to disrupt the virtual gaming items industry.
What BoliesTV is Doing Differently
BoliesTV is bringing the transparency, security and predictability of the blockchain to the gaming industry. As gamers adopt BoliesTV, they will be able to use Boliecoins to buy, stake and compete on the BoliesTV platform.
In all, complaints over rewards that are not monetized will be a thing of the past as gamers and fans can cash out their winnings using Boliecoins and fiat currencies. BoliesTV allows for immediate withdrawal of your earnings on the platform, and you can choose to convert your earnings to any currency of your choice.
As the BoliesTV platform grows, more features will be added to incentivize all stakeholders. The influencer, bloggers, gamers, and fans all have a reward on BoliesTV.
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