The emergence of blockchain's use in the gaming industry is an opportunity for smaller developers to retain and grow market share, driven by strategic use of the multibillion-dollar non-fungible token (NFT) sector, according to industry experts.
“Three years ago, no one understood what gaming can be in blockchain … today, I believe we have already entered the era of mass adoption,” Ritam Gupta, founder and chief executive of blockchain gaming platform Defi11, said during a panel discussion at Gitex Global in Dubai.
“Gaming is a craze and people are starting to understand that we can move forward with gaming and blockchain together in several use cases.”
NFTs are virtual assets that are unique, cannot be replaced with others and can be sent to other digital wallets. In gaming, NFTs can be used as an item to aid players. As with Bitcoin – the world's largest cryptocurrency – they are limited in quantity, potentially adding to their value.
The advent of blockchain technology – a database structured in a manner that is difficult or impossible to hack and on which Bitcoin was built – has spawned opportunities in areas other than cryptocurrency.
The decentralised nature of blockchain, a system that has no central authority and is owned by several users, also gives smaller players a chance to compete with bigger studios on a larger scale.
The market for NFTs surged to a record high of $10.7 billion in sales in the third quarter of this year, up 328 per cent from the second quarter and a staggering 78,000 per cent leap from only $13.7 million in the first half of 2020, data from industry tracker DappRadar showed. NFTs from games are among the most popular items, trailing only the utility, art and collectibles categories, it added.
The continued transition into a more digital and virtual world is also being pushed by major technology companies, most notably by Facebook chief executive Mark Zuckerberg, who said the world's largest social media network would spend $50m to build the so-called metaverse, a digital space that allows users to communicate and move virtually.
However, there are risks. In August, a fake NFT was allegedly sold through English street artist Banksy’s website after it was hacked by scammers, costing the buyer $335,560 in cryptocurrency. The hacker eventually returned the money to the buyer.
NFTs are also facing increased scrutiny from regulators.
“Governments are thinking how to regulate this, how do we tax this, how much is being taken out of the physical economy,” John Lillywhite, a Google research associate at the Mohammed bin Rashid School of Government, said at the panel.
Governments are thinking how to regulate this, how do we tax this, how much is being taken out of the physical economy
John Lillywhite,
Google research associate at the Mohammed bin Rashid School of Government
“Once Big Tech and some of the blockchain players start gaining into the space, it will cascade into a series of economic, cultural and political questions.”
While blockchain and NFTs present a big opportunity, the barriers to entering them are among the challenges as users usually require a balance of native platform tokens, which requires cryptocurrency wallets and exchanges, J C Kim, co-chief executive of open-source platform Planetarium, told the panel.
“Blockchain solves many of the legacy problems of the gaming industry. Technology like non-fungible tokens allows users to own their in-game assets, preventing the challenges of account theft. They could even port them between different games, opening up new avenues of value for the sector,” she said.
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
The biog
Age: 59
From: Giza Governorate, Egypt
Family: A daughter, two sons and wife
Favourite tree: Ghaf
Runner up favourite tree: Frankincense
Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”
HOSTS
T20 WORLD CUP
2024: US and West Indies; 2026: India and Sri Lanka; 2028: Australia and New Zealand; 2030: England, Ireland and Scotland
ODI WORLD CUP
2027: South Africa, Zimbabwe and Namibia; 2031: India and
Bangladesh
CHAMPIONS TROPHY
2025: Pakistan; 2029: India
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Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
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LUKA CHUPPI
Director: Laxman Utekar
Producer: Maddock Films, Jio Cinema
Cast: Kartik Aaryan, Kriti Sanon, Pankaj Tripathi, Vinay Pathak, Aparshakti Khurana
Rating: 3/5
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
Bharat
Director: Ali Abbas Zafar
Starring: Salman Khan, Katrina Kaif, Sunil Grover
Rating: 2.5 out of 5 stars
