Coinbase-Backed Blockchain Game Launches on Ethereum Network
Blockchain and tokenization have enabled video games to offer users more value and rights to their in-game digital assets. On July 9, 2018, startup Fuel Games, launched the world’s first blockchain-based eSports game on the Ethereum Network.
A New Age of In-Game Economies
Based in Australia, Fuel Games raised $2.4 million in seed round funding from Nirvana Capital, Sora Ventures and Coinbase. Launched on July 9, Gods Unchained marks the company’s debut into blockchain-based eSports gaming.
Gods Unchained is an online multiplayer card game that uses similar game mechanics as popular CCG’s, such as “Hearthstone” and “The Elder Scrolls: Legends.”
Gods Unchained will offer access to a decentralized digital economy that gives users full ownership over their in-game products and allows them to trade items on secondary markets.
In the official press release, Fuel Games CEO James Ferguson said:
“Gamers spend tens of billions of dollars and countless hours each year acquiring in-game items. But game studios barely offer their users a licensing agreement for these items, let alone actual ownership – they’re a central bank with no oversight.”
By giving users control over the in-game economy, Fuel Games hopes to return value back to players and reward them for their effort and participation.
The company’s first blockchain-based game, Etherbots sold over $1 million of in-game products in the first few weeks following their launch, with some items won in-game trading for up to $18,000.
Given their initial success, Fuel Games saw the potential for decentralized gaming economies to empower users through ownership and freedom of trade. COO at Fuel Games, Robbie Ferguson said:
“Offering players true ownership of in-game items, and the ability to trade those items freely on secondary markets means gamers can finally be rewarded for their efforts and spending. As the games industry switches to asset-driven revenue models, players have a more urgent need than ever for guarantees about the value and tradability of those assets.”
Fuel Games – Spurring Blockchain Adoption
Built on a community of tech enthusiasts, the video game industry a fitting target for decentralized applications to popularize blockchain. With the increasingly popular asset-driven revenue model used in games, blockchain will likely become a fundamental element to future games’ digital economies.
COO Robbie Ferguson said in the press release:
“Decentralised games will allow people to familiarise themselves with blockchain technology in a fun and user-friendly environment. I won’t be surprised if gaming ends up being blockchain’s first killer application outside the financial space. Gamers have always been early-adopters, and this time will be no different.”
Fuel Games is building a blockchain infrastructure platform called Apollo, which will allow game developers to integrate with blockchain at scale. Through their new developer platform and blockchain games, Fuel Games could become a catalyst in early blockchain adoption.
Cover Photo by Harpal Singh on Unsplash
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
You may be interested
SEC Escalates Measures Against Shady Ethereum ICOs With Pair Of ChargesEditor - November 16, 2018
[ad_1] SEC Escalates Measures Against Shady Ethereum ICOs With Pair Of Charges ForbesFull coverage [ad_2] Source link
Met Police gang database in ‘serious’ breach of data-protection laws, ICO findsEditor - November 16, 2018
[ad_1] A database of information on gang activity maintained by London’s Metropolitan Police Service (MPS) “led to multiple and serious…
Coinbase Crypto Company Adds Native-Ripple Coin XRP to Its Custody Service LineupEditor - November 16, 2018
[ad_1] Coinbase Just Added XRP to Its Custody Service Website Coinbase just added the XRP digital currency to its custody…