There are certain correlations between the worlds of gaming and digital currency, even though it is hard to monetize any content or achievements for gamers. Ethereum smart contracts can play an important role in this process as they would allow for the transfer of digital ownership, which could have quite the impact on the gaming industry we know today. Projects such as Spells of Genesis have already shown the world how gaming and blockchain technology can come together to create something entirely different.

Also read: Online Retailer Overstock.com Unveils Company Shares Issued on the Blockchain

Ownage On The Ethereum Blockchain

Even though the Ownage project has not come fruition just yet, the thought process of such a platform is quite interesting. Embracing the open and decentralized standard offered by Ethereum blockchain technology and using it for creators to sell anything they want will be quite the innovation in the digital currency industry. What makes this platform truly exciting is how there would be no worries about fees, changing rules, or payment fraud.

Although the main focus of this concept is in the gaming industry right now – which is often neglected by game developers when players want to make money – Ownage could be used by any business in the world today. It is not unthinkable we may even see leaderboards, social features, and perhaps even crowdfunding efforts built on top of what Ownage will someday become.

The gaming industry is only as strong as the people actively playing the games. However, in recent times, game publishers have been focusing on creating DLC packages and delivering games with only half of the story or features, forcing players to spend more money. But there is no way to make any of that money back, regardless of how long one plays or how good one might be in collecting items and achievements.

Granted, platforms such as Steam allow users to collect in-game items and sell them on the marketplace in exchange for money. This is a significant step in the right direction, but it is still limited to the Steam platform itself. A lot of gamers are being left in the cold, and Ownage could become the decentralized platform using the Ethereum blockchain to change all of that.

Ownage has the potential to become an incredibly versatile platform over time, as the technology would support additional features, such as reputation scores, derivatives, and executing trades through automated smart contracts. On the other hand, payments would be completed a lot quicker, and security would be top notch as everything is running on the Ethereum blockchain, rather than using centralized servers.

In the end, content creators would have absolute control over their products and services, and Ownage will empower them to set their own rules and standards as they see fit. What is even more impressive is how all of this can be offered at little to no cost, which will undoubtedly lead to the creation of new business models. Exciting times are ahead of us, and the Ownage concept is something to keep an eye on.

Source: Medium

Images credit 1,2

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.