1. Overview
In the year of 2008, Bitcoin was introduced as a cryptocurrency, invented by Satoshi Nakamoto. It is in the form of an open source software with a mission of changing the way we make payments. Trading goods through a completely new currency.
Bitcoin offers outstanding transaction advantages such as freedom, security, high level of control for the users themselves and a completely transparent platform. All of these Bitcoin benefits are enabled by Blockchain technology.
The blockchain technology is an invention that creates a decentralized network based on peer-to-peer protocol networks, which allows every computer in that network to become a server, making a huge difference to the conventional centralized network.
The year 2013 marked a significant milestone for the breakthrough development of the blockchain technology: the birth of the Ethereum platform (ETH) invented by Vitalik Buterin – a Russian developer. He has succeeded in bringing the Blockchain technology to a new level when integrating Smart Contract into the current Blockchain protocol, which is now known as Blockchain 2.0 or Utility Blockchain.
2. The Dapp Market
At the end of 2017, the Blockchain technology really resonated, not only with software developers but also with intimate attention from the government, major banking organizations, financial funds, investors and almost all social classes, attracting hundreds of billions of dollars, creating a fertile financial market and promoting many successive Blockchain projects.
Some quite successful Utility Blockchain projects such as Tron, Solana, Layer 2 Solutions like Arbitrum and Optimism, Cosmos (Atom) have built their ecosystems, opening the Decentralized Applications (Dapps) Era.
Dapps are decentralized applications running on peer-to-peer Utility Blockchain networks, allowing developers to expand Dapps in various areas: entertainment, finance, gaming, real estate, healthcare, insurance,…
Following those successes, 2024 is a year of strong growth for Dapps as the number of Dapps projects is growing more and more in parallel with the investment in quality, time and finance to build up a huge user community with great values from Dapps.
3. Dapp’s Potential
In 2024, decentralized applications (Dapps) are becoming more and more popular due to their superior advantages over traditional applications. These are especially based on existing Blockchain platforms with crowded users. Additionally, dApp has the ability to run on peer-to-peer networks, not just from a traditional server. An advantage of this is that information from users is not subject to the control from anyone or corporate entity.
Dapps provides maximum privileges for users because of the advantages of unprecedented applications through transparency, stability and high security when being used.
Catching that trend, are a number of projects (e.g Axieinfinity) to become the pioneering Utility Blockchain platform. Creating an environment to build Dapps with decentralized entertainment services with transparency, fairness and optimal user experience.
4. The Potential of the Blockchain Gaming Market
In recent years we are still witnessing a strong rise and rapid growth of the Blockchain Gaming Market. According to the report in 10/2017, 2.3 billion users using this industry’s services. This is generating a huge revenue of $105 billion every year.
A common problem in game development is the inability to prove the existence and ownership of assets in the game. This leads to many frauds. Smart contract allows users to be confident that they will receive authenticated assets/items when they are bound by the blockchain.
Exchanging in-game items is now a lucrative industry estimated at $50 billion US dollar and is expected to increase rapidly. The “unique” non-fungible tokens are one of the most important contributions that blockchain brings to the gaming industry. Each token has a unique identity that represents a virtual asset type. You can purchase these virtual assets and sell them at any decentralized trading platform. This eliminates the unnecessary costs and risks from third parties. These digital items can be anything from game skins to virtual cards with high levels of scarcity.
Games developed with Blockchain Technology can bring valuable features such as:
- Track and authenticate the ownership of digital asset types.
- Reduce costs for third parties.
- Secure payment system based on blockchain.
- Integrate blockchain into your game increases competitiveness against the traditional games.
- Easily exchange digital assets with high liquidity.
Conclusion
Blockchain Technology will bring Entertainment Industry to a new level. Especially the blockchain game market is still very promising with numerous challenges and opportunities, grasping that trend. The Blockchain Gaming Market is going to continue its growth as the blockchain adoption grows.
