How I think Crypto can Help the Gaming Industry
I see so many gaming cryptos and it's easy for me, as a gamer, to get caught up in the hype. Every coin that comes out and is rumored or gets attached to a game I dream about the day I can sit at home and get paid to play video games. Now I doubt that is every going to happen, but I can dream can't I?
So Why aren't Gaming Coins Succeeding?
The reason I think gaming coins aren't succeeding is that they are going about the coins all wrong. Instead of taking these gaming coins and adding them to existing games I think these coins be used to fund small games and turn them into massive games. For the purpose of this article lets say I create a coin called Lots of Snow Coin or LOS.
Let us say I run a gaming company called Lots of Snow as well and have just created my first MMORPG. I could release a 100,000 LOS coins into the game economy. These coins would then replace whatever currency that's normally in RPGs lets say gold. So instead of making 1 gold coin for completing a quest, I could earn .0001 LOS coin.
I could set up the game that when you first purchase the game you're awarded .01 LOS coin as in-game currency and every month that you renew your subscription with fiat you're awarded .01 LOS coin or you could pay XXX LOS coin (equal to whatever the fiat subscription cost is) to renew as well.
You could create a "real money" in-game auction house, set-up a "gold" buying program that is run by the same company that made the game so they can make some profit (instead of "gold" farmers), and you could set-up some sort of reward program for reporting bots that are created by the gold farmers rewarding with LOS coin.
Expansions could be run like ICOs. The game company could come together and say LOS is at this price. We need this amount of fiat to increase the level cap of our game from 50 - 60. That will cost us around XXX fiat or 1,000,000 LOS coin. This would allow Lots of Snow company to say ok instead of charging $50 dollars for the expansion we're going to sell 1,000,000 LOS coins. They could also set-up a system where the community can vote or fund said expansions to the game based on certain prices for said improvment/expansion (see the picture below)
Wallets would be tied to the individual's account and other systems such as item selling (auction houses) or account selling (could be done in auction houses as well) could all be set-up in the game so that the developers of the game could take a percentage of all sales.
At first the coin would be really volatile and more coins may need to be released or destroyed during different periods of the game (such as armor repair, auction house fees, quest rewards, etc) to help stabilize the currency, but think the natural state of the in-game economy will also naturally help with this.
Obviously, this isn't fully thought out, but think this could be hammered out to help fund the future of gaming. Whether the coin is implemented by a neutral company, or by a gaming company don't think it will matter too much as long as it's implemented honestly and in a decentralized way this could help fund the games of the future. Instead of releasing games in an alpha or beta state, or trying to set-up go fund me gaming companies could release a small polished version of the game and use an "in game currency" to help fund expansions and the future direction of the game.
Monthly fees could be a thing of the past and parents would no longer be required to enter credit card numbers to pay monthly fees. Profits could be limited only by the imagination of the gaming companies.
I'm sure this article is only 0.01% of the thought required in creating or implementing this but would be interested to hear your thoughts. What do you like or not like about this idea? What would be the biggest hurdle in implementing something like this?
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Dogecoin - D8iMZiSFhwT6AmNRAATmQEPftLafKHKkgs
Litecoin - LPtPKHE85bt12SgxMXuSzBGHYF5d5RajiC
ETC - 0x191d478d341be0521de6503c22840908d226cba2