Monetising the blockchain space
DGaming brings you a conference on the blockchain gaming revolution
Kicking off the panel and offering her position on how tokens can positively contribute to monetising the blockchain space, is Carla Maree Vella, from ConsultXD.
“The exciting thing about tokenomics within the gambling space is the amount of creativity you are able to do.”
As Carla explains, once you have consumers within your ecosystem it enables you to push and play, to add value in ways not normally found within normal gambling operational systems. The blockchain sphere changes a lot – especially with the rewards system, ‘if you want to attribute rewards to tokens, it’s a very different way of adapting technology and putting it in front of the customer’.
But what are tokens?
The question of nailing down what a token does is taken up by tokenomics expert, Steve Muscat Azzopardi, from Chetcuti Cauchi Advocates.
“As a legal firm helping clients to launch ICOs have seen a huge spectrum when it comes to quality. A good token gives the person buying it the option to buy into a community, to something that helps grow the blockchain ecosystem within the blockchain platform. There’s a natural sync between gaming and tokenomics.”
Gamers are used to having in game tokens from traditional physical casino, he explains; they’re already acclimatised to the idea that we’ll assign value to something and use it within that playing field. From a broader perspective – applying that to the use of DLT on the gaming platform, tokens can be used to raise funds or as an entry ticket into the platform. It is important to make it attractive for users to come into this platform.
“We’ve seen some really interesting platforms come in, where there is a token to buy in to a gaming platform and that can be exchanged further for different tokens within different games. A common unit of currency which can be used in different games, in one game it could be in gambling, where you’re playing money, in another, a video game, where you’re buying or exchanging tokens for your skills and that’s where the value of blockchain applied to gaming comes in. It keeps them incentivised and motivated to stay within the sphere to spend earn and exchange tokens – that’s an economy”
This is exactly the concept that Wesley Ellul, Chief Creative Officer at Quizando is familiar with. As he says, “We’re creating an internal economy within our platform. The idea is that the token comes into the game, gets held within the game, players can use that money inside and the influencer will then be paid in token, so this person is now going to create his earnings through it.
Quizando are monetising directly, through a pay to play mechanism – taking tokens already in the system and converting it to a blockchain based token. The company is also looking at how that can help with transparency too.
From a regulatory perspective, the MGA’s sandbox regime has allowed new operators to be able to operate in a high quality jurisdiction. This allows for an environment in which companies who wish to utilise blockchain technology as applied to the gaming industry – which is highly regulated – and allow new operators just entering the marker to be able to work within a less restrictive environment. Of course, as Steve says, there are some limitations, but it does allow for an easier method of entry, rather than navigating the kind of hurdles a full license throws up.
“The realities we hear about blockchain disrupting the gaming world is just one small part of the innovative tech that’s coming to the fore. We’re seeing gamers using virtual reality to a phenomenal extent, there’s still a huge way to go, both in terms of the actual hardware and in getting that out to people. I believe tech is going to be the driver of the next wave of gaming companies.”
The focus is not just looking at tech as a tool or a means to an end but integrating it, so the tech is the company – the user is in the tech, he finishes.
Speaking of disruption, Carla doesn’t think gambling is disrupting blockchain. ‘I think blockchain’s there; it’s a disruptive tech that needs to be adopted by multiple sectors right across the ground.’
It’s time to think about the disruptive technology and how it can be applied into the core of their business and that’s where the entrepreneur comes in.
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