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The Majority of Game Developers Are Beginning to Include Blockchain in Their Games According to Study

November 12, 2021 Bitcoin.com

Study: 58% of video game developers are already using blockchain

November 10, 2021 Coin Telegraph

Blockchain

Games have been pay-to-play, but blockchain and NFTs are here to change that, Stratis CEO Chris Trew told Cointelegraph.

A new study from the United Kingdom revealed that most game studios have already started exploring blockchain technology for their upcoming titles.

Commissioned by blockchain platform Stratis and undertaken by insight agency Opinion, the new research surveyed 197 video game developers in the United States and the United Kingdom. The results showed that 58% of developers are beginning to use blockchain technology, and almost half of the respondents (47%) started incorporating nonfungible tokens (NFT).

The study indicates developers’ confidence in blockchain and NFTs, as two-thirds of studios expect blockchain to become prevalent in the gaming industry within the next two years. While 72% of respondents are considering using blockchain and NFTs in upcoming games, more than half (56%) plan to apply the new tech within 12 months.

Speaking to Cointelegraph, Stratis CEO Chris Trew explained that blockchain techn, tokens and NFTs are vital technologies for new digital worlds and gaming experiences. “They enable players to own a stake in the games they play by, for example, buying land within a metaverse game as an NFT or a car in a racing game,” he said.

“Historically, games have been pay-to-play, and the value accrued only to companies and platforms. Blockchain and NFTs turn this situation on its head,” Trew added.

The top three benefits of blockchain for the video game industry are innovative gameplay (61%), securing value for players by keeping money in the game (55%), and rewarding players with real-world value (54%), according to the study.

While indie game developers moved to the blockchain and NFT space first, with around 20 of them working with Stratis blockchain, Trew believes that major developers, also known as AAA companies, won’t be far behind. Big names such as Ubisoft and EA have already announced their interest in the technology, and Epic Games has welcomed blockchain games to its platform.

Game developers’ interest in blockchain focuses on decentralized finance or GameFi (57%), the play-to-earn model (46%), NFTs offering in-game item ownership (44%), and in-game digital currency (42%).

Game developers will consider play-to-earn games’ network effect, or players will simply migrate to games that reward them for their time, Trew commented. “Gamers are passionate. Giving them a chance to have a stake in the game, to be able to earn money in the metaverse just like you can in the real world is revolutionary.”

Zimbabwe minister signals CBDC interest amid Bitcoin adoption rumors

November 10, 2021 Coin Telegraph

Africa

Minister Monica Mutsvangwa clarified that Zimbabwe is not considering the adoption of cryptocurrencies or Bitcoin.

Zimbabwe’s minister of information publicly dismissed ongoing rumors about the country considering the adoption of cryptocurrencies and Bitcoin (BTC). Rather, Minister Monica Mutsvangwa clarified that the government of Zimbabwe is keen to experiment with a central banking digital currency (CBDC).

The rumor about Zimbabwe’s crypto adoption was sparked based on numerous reports quoting Charles Wekwete, permanent secretary of the president’s office, saying that the government was in talks with private sector businesses to help introduce cryptocurrency in the country.

Just one day after the reports, Mutsvangwa took to a cabinet briefing to dismiss the ongoing crypto adoption claims:

“Government would like to assure the nation that it is not considering introducing another currency in the economy as reported in some sections of the media. Our local currency is the Zimbabwe dollar (ZW$) and not cryptocurrency.”

Moreover, the minister clarified that the government of Zimbabwe is following the footsteps of other countries by studying “CBDC as opposed to cryptocurrencies, bitcoins or any form of derivatives.”

It is important to note that CBDCs are digital tokens issued by a government’s central bank. If launched in Zimbabwe, the digital tokens will be pegged with the Zimbabwe dollar and will have the monetary value of the local currency in real-time.

Governments around the world are experimenting with retail and wholesale CBDCs to find cheaper cross-border payment alternatives while increasing their ability to track transactions to deter money laundering and other fraudulent activities.

CBDCs are now being looked at by many governments in Africa as a tool to speed up their financial inclusion initiatives. Most recently, Ghana joined the growing list of African countries that are currently experimenting with CBDC use cases.

As Cointelegraph reported, the CBDC developed by the Bank of Ghana, the e-cedi, will support offline transactions. According to the bank’s head of fintech and innovation, Kwame Oppong, “The e-cedi would be capable of being used in an offline environment through some smart cards.”

The offline transaction feature of Ghana’s CBDC aims to catalyze the technology’s adoption in regions that lack reliable access to electricity and internet connectivity.

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