Blockchain Makes Virtual Goods in Video Games More Tangibly “Owned”

Robots and A.I are taking our jerbs, oh no!  Well, here’s an example of how unexpected “jobs” are emerging in ways that you’d have been hard pressed to predict until it started happening.  In this case, what we’re talking about are the buying and selling of virtual “objects” and currencies used in video games.  Thanks to the blockchain, these objects and currencies may be more tangibly owned by the person buying them.

A whole new industry is emerging around this new marketplace, the virtual goods marketplace.

From digitaltrends.com

Blockchain will turn gaming into a career, and give power to the players

…..While not everyone has realized it, humanity has long passed the point of projecting real value only on tangible objects. Virtual goods can command staggering sums……

Blockchain might be the answer – and more. The promise of ownership may be what lures gamers towards it, but they’ll get more than they bargained for.

…..While players take pride in the in-game wealth they’ve gathered, they rarely have legal ownership of virtual goods, no matter how they’re acquired. Blizzard Entertainment’s End User License Agreement makes that clear, declaring itself “the owner and license of all right, title, and interest […]” That includes all currency, virtual goods, even entire player accounts. Pay Blizzard $25 for a mount, or spend that same money on black market gold through ZamGold – either way, your don’t own a thing.

Blockchain turns that on its head. It’s effectively a digital ledger without a master copy. Transactions aren’t stored on any on computer, but instead stored on a network of computers, and they’re verified the same way. Transactions are recorded across the entire network through a shared record that no single computer holds. Transactions remain valid even when a PC goes offline – called ‘cold storage’ in the world of Bitcoin – making always-online game clients obsolete.

Strangely, it’s decentralization that makes true ownership possible. The database exists independent of any single person or organization, which makes its records objective, fair, and true. In blockchain circles, this is counter-intuitively labelled as “trust-less.” The implication isn’t that the blockchain can’t be trusted but, instead, that blockchain makes trust unnecessary. It doesn’t matter if you trust everyone else one the blockchain, because fraud is impossible – on the blockchain itself, at least. It’s a clever, and realistic, implementation.

Read More
Facebook Comments
About Paul Gordon 2910 Articles
Paul Gordon is the publisher and editor of iState.TV. He has published and edited newspapers, poetry magazines and online weekly magazines. He is the director of Social Cognito, an SEO/Web Marketing Company. You can reach Paul at pg@istate.tv