Dec 18 / 2018
Latest News / Editorial

Non-fungible tokens and the future of gaming

by Gerald Fenech

Before defining the future of gaming, one would have to learn more about its past and compare it to today’s vast world of gaming entertainment. Video games were introduced in amusement arcades in the form of a smart contract between the gamer and arcade machine in the late 1970s. Arcade games were most popular during the early 1980s followed by the emergence of console gaming from powerhouses such as Sega, Nintendo, Xbox and Playstation.

Over the past few decades, millions of millennials have contributed countless hours to the rise of social gaming, MMO and MMORPG games as well as the fascinating world of esports. In more recent years, products like Oculus Rift, Google Cardboard and Facebook have innovated even further with VR-based games. At some point or other, millions of gamers from all around the world have collected in-game items, gold, loot or even virtual currencies directly within games and apps coining the term ‘virtual items’.

SiGMA iGaming Non-fungible tokens and the future of gaming
ENJ ecosystem.

Founded in 2009, popular gaming community platform, Enjin has recently implemented a token to guarantee the transparency, immutability, security, and decentralisation of virtual items, thus granting them real world value. Gaming community members can easily create their own next-generation blockchain assets with on-demand ERC-1155 minting service. By offering game developers a minting service for virtual goods backed by the blockchain token, all in-game items including, currencies, loot or even characters are given a real world value and a form of insurance.

Imagine how many countless hours have been invested into virtual worlds by gamers only to stop playing a particular game, some players have even been hacked or had to face the consequences of a centralised gaming ecosystem. In today’s world, collectables are a common use for non-fungible tokens, and CryptoKitties was an early example of such a blockchain driven platform whereby enthusiasts had a chance to buy, collect and breed digital cats. Enjin Coin (ENJ) is a non-fungible cryptocurrency on the market that gives gaming communities, content creators, gaming servers and game publishers, an easy solution for implementing virtual goods and real value into their in-game shops, gameplay and communities.

Whenever the future of gaming has been discussed, the conversation has commonly been about augmented and virtual reality, dedicated arcades or competitive eSports, but rarely about how blockchain and rich metadata are being used to store extra information about a virtual assets rarity, value and ownership. This rapid advance in true item ownership in gaming is fuelling new game experiences and is leading to a vast amount of new millionaires , emerging from purely gaming and blockchain digital worlds.

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