Source/cointelegraph
Compile/Nick
Sony and Microsoft, the two major gaming giants, have made frequent moves in blockchain technology in recent years and have made significant progress. Meanwhile, Sony and Microsoft are looking to enter the crypto gaming space, a move that has the potential to not only revolutionize the gaming industry but also serve as a Trojan horse to bring blockchain into the mainstream.
Sony and Microsoft are looking to enter the crypto gaming space
Sony has filed for a patent that would allow players to use blockchain technology to transfer digital assets between PlayStation games. This will enable unified progression and asset ownership across games, rather than locking assets within a single game. Sony has also explored the possibility of tokenizing in-game assets, allowing players to sell and trade them on secondary markets.
Leaked documents reveal that Microsoft is planning to add a cryptocurrency wallet to Xbox. This will allow players to safely trade assets between different platforms. Microsoft's goals in its annual report are consistent with this, as they look to acquire Activision Blizzard and mobile-focused Savage Game Studios. This shows that Microsoft is serious about expanding its gaming business, and blockchain can play a role in it.
Blockchain gaming is a significant opportunity, so it’s no surprise that it’s garnering attention from two gaming giants. It is expected that by 2025, the market value of chain games may increase by more than 10% compared with 2022.
Key drivers for the growth of the blockchain gaming market include the growing popularity of “play and earn” games, the growing demand for more immersive and engaging gaming experiences, and the increasing number of game developers and publishers Adopt blockchain technology.
Source: Newzoo
But why adopt blockchain in the first place? The traditional gaming industry generates revenue primarily through game sales, in-game purchases, and subscriptions, often limiting players' ownership of in-game assets and focusing monetization strategies on microtransactions and downloadable content (DLC).
While tokenization has been present in games since the inception of in-app purchases,the unique properties of blockchain provide true ownership of in-game assets to players and creations New revenue streams for players and a more transparent and secure game economy, including the possibility for players to earn real-world value, community governance where players can influence game development decisions, and dividend-like payouts or staking rewards distributed to token holders.
Ownership of characters, items and currencies also means players can trade or sell these assets on secondary markets or use them in other blockchain games.
Can gaming consoles make blockchain mainstream?
This isn't the first time Sony has brought cutting-edge technology that was previously niche to the masses.
Sony was one of the main backers of the Blu-ray Disc format in the early 2000s. Blu-ray eventually beat out HD DVD and became the standard for high-definition discs. By partnering with other big companies, Sony has built enough support for Blu-ray to help it become the dominant format.
But the addition of a Blu-ray player to PlayStation 3 (and later PS4 and PS5) brought a cost-effective high-definition theater to more than 239 million homes around the world. The year before the PS3 launched, the average Blu-ray player sold for more than $1,000, and it didn't play games, unlike $500 consoles.
The Japanese gaming giant has had its share of missteps. Sony Aibo is arguably the best home robot ever made, and the ability to play games with and reprogram the powerful metal dog via a PlayStation connection will obviously Create the necessary economies of scale to make it a must-buy product.
The consensus is that PlayStation Home may be ahead of anything Meta and other companies are creating in their attempts to bring the Metaverse into homes and offices. However, when the PS4 was born, PlayStation Home strangely disappeared.
Existing blockchain gaming hardware
Of course, Sony and Microsoft are not the first companies to enter the blockchain gaming space.
There are already a variety of blockchain gaming hardware products on the market, which can be mainly divided into two categories: headsets and laptops. Headsets include the Oculus Quest 2 and HTC Vive Pro 2 VR, both of which can be used to play blockchain games, as well as a variety of high-end gaming laptops, such as the Alienware x17 R2 and the Asus ROG Zephyrus G15.
However, all of these devices are similar in cost and ubiquity to early Blu-ray players.
However, there are some options at the other end of the price spectrum. The company behind WOWCube, a 3D puzzle console that allows players to interact with the digital world by twisting, shaking and tilting the device, reminiscent of a Rubik's Cube, has announced that they are working with developers to create games that can be played on the device blockchain games.
In 2021, Atari released a new version of its iconic VCS designed specifically for blockchain gaming. It has a built-in wallet, supports multiple blockchains, and comes pre-installed with a number of blockchain games, including Atari Pong, Atari Breakout, and Atari Asteroids. Other blockchain games can also be sideloaded onto VCS.
The Anbernic RG552 is a handheld retro gaming console also released in 2021. While it's aimed at those who want to play retro games, including games from the Atari 2600, Nintendo Entertainment System, and Super Nintendo Entertainment System, it can also play blockchain games through the open-source RetroArch emulator.
The road ahead is full of hope
Sony and Microsoft's move toward blockchain is a major development for the gaming industry. Blockchain has the potential to revolutionize how games are designed, played, and monetized.
Although traditional mainstream game platforms currently generally prohibit the issuance of applications that allow cryptocurrency or NFT transactions, it brings considerable challenges to the development of Web3 games. However, we believe that with the strong push from the two gaming giants, these barriers may be removed in the future.
Giants like Sony, Microsoft and Nintendo dominate the console market. However, these platforms do not yet offer decentralized game development or digital asset ownership. On the other hand, various blockchain-based games already exist. Despite this, there is no unified hardware platform to optimize the gaming experience of blockchain-native games, and currently all games are limited to PC use.
If Sony and Microsoft change the landscape, or any of the existing emerging solutions become wildly popular, gaming (as opposed to financial services, real estate, voting, or NFTs) could successfully bring blockchain to the masses, perhaps even to the world. Technology has a major impact.
Perhaps, like Blu-ray, gaming is the key to bringing blockchain to the masses.
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