The Punters Pick #6 — Financial inclusion and accessibility are fundamental to the online gaming industry
Blockchain is becoming a household term in the gaming industry. The flexibility that it offers to gaming platforms, and the ease of participation that it provides for users form some of the major tailwinds behind the adoption of blockchain technology by gaming companies.
One of the key benefits of blockchain technology is the inclusiveness that it provides for communities where it is applied. By adopting a P2P permissionless blockchain network, the segment of the population that may have been previously excluded from various tools now has unlimited access without the need for intermediaries.
In this version of The Punters’ Pick, we highlight some of the growth that the gaming industry has experienced as a result of blockchain implementation. We detail the kinds of barriers that blockchain has enabled users to overcome in their quest for inclusivity in the gaming industry.
CryptoPunt Development Update 1 — Jackpot prototype refined
Over the past week, we rigorously tested the game design and user flow for the Jackpot prototype. The design and flow has greatly improved, providing a smoother gaming experience. Over the coming week, we will focus on enhancing the visuals and user journey. We will also implement key development components to improve the all-round performance of the game. This improved framework can also be transitioned into other CryptoPunt games.
CryptoPunt Development Update 2 — Wallet connection
The ability to connect wallets has been integrated into the profile settings. We have implemented a private blockchain for this purpose. The private blockchain will allow for easier testing of smart contracts.
We have also deployed a query index in a smart contract. This index will enable us to deliver data directly from the blockchain to the CryptoPunt UX, allowing users to easily monitor their activity on the underlying chain.
Every Friday we have a 360-degree team review, where each developer presents their weekly progress and key learnings. We have a transparent review and analysis session to celebrate our achievements and identify areas to improve.
Restrictions inherent in traditional gaming industry
The gaming industry is a global one whose disbursement throughout the world is propelled by emerging technologies. A few factors have strengthened the success of the global industry. These include the spread of internet infrastructure and the availability of affordable technical tools like smartphones and other electronic gadgets. The ability to settle payments is another key factor that is behind the spread of online gaming, especially as provided for by the use of blockchain technology.
At the global level, there are parts of the world that have suffered from the lack of payment settlement infrastructure. In these regions, where settlement gateways were available, they came with very exaggerated fees and cumbersome procedures.
In sub-Saharan Africa, a country like Nigeria has a huge online population of over 104 million internet users. However, the use of PayPal and other payment protocols is commonly restricted on the continent. Despite a lack of payment processor options, the gaming market has recorded robust growth and this growth is likely partly attributable to the proliferation of blockchain technology.
Blockchain adoption spurs growth in online gaming
Growth in the Nigerian gaming market corresponded with the period when blockchain technology started making waves within the region, around 2016. With the introduction of blockchain-based gaming, more netizens could circumvent the restrictions imposed by domestic governments. Gaming platforms like CryptoPunt pride themselves in facilitating such ease of access, as users can quickly access blockchain-based games with no registration or KYC process.
The Nigerian example is replicated in different parts of the world where regulatory and bureaucratic setbacks have formed barriers for online interactions including gaming. Blockchain technology is dissipating such barriers. The technology is set to completely restructure the online gaming industry by facilitating permissionless access and making it possible to create vibrant in-game economies where users maintain complete ownership of their assets.
The evidence suggests that blockchain technology has helped propel the growth observed in the online gaming industry. With blockchain technology receiving more mainstream attention in 2021, it is likely that the technology will become even more embedded in the global gaming industry.
CryptoPunt is a next-generation gaming and gambling Dapp. Underpinned by the Ethereum blockchain, CryptoPunt is positioning itself to be the leading blockchain-based gaming application. Users can start gaming in less than one minute with no KYC or registration process. CryptoPunt will offer a broad suite of games, including an option that has a virtual world and in-game economy.
Stay tuned, and learn more!