Gamers are Entering a New Era of Monetization | Summary and Q&A

TL;DR

Blockchain technology will revolutionize the gaming industry, allowing gamers to become creators, entrepreneurs, and service providers.

Key Insights

• 🍉 The gaming industry has surpassed the film and music industry in terms of revenue and cultural impact.
• 🛩️ Making a living in the gaming industry is challenging, with only a small percentage of players able to become professional eSports players or earn a full-time income from streaming.
• 🤗 Blockchain technology allows for true digital ownership, provenance, and safe peer-to-peer transactions, opening up economic opportunities for gamers.
• 👾 Gamers can trade virtual assets, turn digital purchases into investments, and participate in in-game economies.
• 👶 Blockchain technology can create a new form of community economics within games, where players can buy and sell virtual goods, hire other players for tasks, and create new content.
• 👾 Blockchain technology aligns perfectly with the digital nature of games and has the potential to revolutionize the gaming industry.

Transcript

today there's 2.4 billion gamers in the world blockchain technology will unlock the opportunities for them to become creators entrepreneurs and service providers now when one thinks about blockchain one may think about Bitcoin or perhaps these days Libra but I'm here to talk today about how blockchain technology will unlock new economic opportuniti... Read More

Questions & Answers

Q: How has the gaming industry grown over the years?

The gaming industry has experienced explosive growth, surpassing the film and music industry combined. In 2019, it became a $150 billion market, with significant cultural impact.

Q: How can gamers make a living in the industry?

Gamers can make a living by making games themselves, becoming professional eSports players, or entertaining audiences through streaming platforms like Twitch, where they can earn significant amounts of money.

Q: What are the limitations of making a living in the gaming industry?

Despite new opportunities, the odds of making it in the gaming industry are still challenging. Only a fraction of a percent of players can become professional eSports players or make a full-time income from streaming.

Q: How can blockchain technology revolutionize the gaming industry?

Blockchain technology enables true digital ownership, provenance, and safe peer-to-peer transactions in the gaming industry. Gamers can own and trade assets, turning digital purchases into investments and creating new economic opportunities.

Summary

In this video, the speaker discusses how blockchain technology can create new economic opportunities for gamers. The gaming industry has grown to be larger than the film and music industries combined, making a significant cultural impact. However, making a living in the gaming industry is still challenging. The speaker believes that blockchain technology can revolutionize the industry by enabling true ownership of digital assets, providing a complete history of those assets, and facilitating safe peer-to-peer transactions. This technology has the potential to unlock new opportunities for gamers to become creators, entrepreneurs, and service providers.

Questions & Answers

Q: How has the gaming market grown over the years?

The gaming market has experienced explosive growth. In 2019, it is projected to be a $150 billion industry, surpassing the film and music industries combined. This growth has been sustained for the past eight years.

Q: How are games making a cultural impact?

Games have gained recognition as an art form. The New York City MoMA has a permanent collection of 20 video games, and they plan to double that collection. Movies based on video game IP, such as those featuring characters like Batman and Lara Croft, have attracted well-known actors and achieved box office success. Games have become more mainstream, as seen in events like the gathering of 5,000 people at Chicago's Cloud Gate sculpture to play Pokemon Go.

Q: What are the existing opportunities for making a living in the gaming industry?

Traditionally, making a living in the gaming industry involved developing and creating games or working as a professional eSports player. The rise of streaming platforms like Twitch has also opened up opportunities for gamers to entertain audiences by streaming their gameplay. However, the chance of making it in the industry is still quite low, with only a fraction of a percent able to become professional players or full-time streamers.

Q: How does blockchain technology enable true ownership of digital assets in gaming?

Blockchain technology, especially with the use of cryptocurrencies like Bitcoin, allows for the creation of truly owned digital assets. With blockchain, players can own and control their virtual items, without needing to rely on a centralized authority or platform. This means they can freely transfer, trade, and even sell their assets to other players. For example, if a player owns a limited edition Batman costume in a game, they can sell it, trade it, or gift it to another player, just like owning a physical costume.

Q: What is the significance of provenance in the gaming industry?

Provenance refers to the complete history or origin of a digital asset. In gaming, having the ability to prove the authenticity and ownership of an asset can add value to it. For instance, in the real world, a baseball that was hit for a record-breaking home run is extremely valuable because of its verified provenance. In the same way, owning the exact virtual items used by a professional eSports player in a championship tournament would hold considerable value.

Q: How can blockchain technology impact peripheral markets in gaming?

Players often engage in buying and selling game accounts or virtual items in peripheral markets outside of official game platforms. This market is currently fraught with scams and fraud, and game creators do not benefit from these transactions. However, blockchain technology can provide a safe and transparent alternative. By allowing players to transact and trade directly on the blockchain, both buyers and sellers have a secure way to exchange assets. Additionally, game developers can set up smart contracts to receive a portion of every transaction, thereby benefiting from this economy.

Q: How does the speaker envision blockchain technology benefiting the gaming community?

The speaker envisions a future where blockchain technology creates a new form of community economics within games. Gamers will have the opportunity to participate in an in-game marketplace, similar to eBay, where they can buy and sell virtual goods. Creators and artists can use an in-game platform like Etsy to design and sell new skins, costumes, and other items. Furthermore, players can hire others for help or collaboration through an in-game platform like TaskRabbit. Blockchain technology will make these interactions safe, while ensuring that game developers receive a share of the transaction revenue.

Q: How does the speaker believe blockchain technology can benefit gamers as creators and entrepreneurs?

The speaker believes that blockchain technology will unlock opportunities for gamers to become creators and entrepreneurs, without requiring them to be experienced game developers or world-class players. With blockchain, gamers can monetize their creations, such as unique skins or items, and sell them directly to other players. This opens up avenues for gamers to turn their passion into a business, enabling them to make a living doing what they love.

Q: How does the speaker think blockchain technology will impact the gaming industry?

The speaker believes that blockchain technology will revolutionize the gaming industry. By combining digital ownership, provenance, and secure peer-to-peer transactions, blockchain technology perfectly aligns with the digital nature of games. This technology will empower gamers to take control of their virtual assets, provide opportunities for creators, and create a new form of community economics within games.

Q: How does the speaker explain the mission of Forte?

Forte, the speaker's company, aims to bring blockchain technology to the gaming industry. They are developing the necessary technology for game developers with millions of players to integrate blockchain into their existing games. Additionally, Forte is creating new gaming experiences from scratch, with blockchain technology at the core. The goal is to create a global game community that unlocks the economic and creative potential of games, allowing gamers to become creators, entrepreneurs, and service providers.

Takeaways

Blockchain technology has the potential to unlock new economic opportunities for gamers worldwide. By enabling true ownership of digital assets, providing a complete history of those assets, and facilitating safe peer-to-peer transactions, blockchain can revolutionize the gaming industry. This technology can create a new form of community economics within games, where gamers can become creators, entrepreneurs, and service providers. Through blockchain integration, gamers can monetize their creations, participate in in-game marketplaces, and engage in safe and transparent transactions. Forte, with its focus on bringing blockchain technology to the gaming industry, aims to empower gamers and unlock the true potential of games.

Summary & Key Takeaways

• The gaming industry has become larger than the film and music industry combined, making it a significant cultural force.

• Gamers can now make a living through making games, becoming professional eSports players, or streaming their gameplay.

• Blockchain technology introduces the concept of true digital ownership, provenance, and safe peer-to-peer transactions, allowing gamers to create value and trade virtual assets.