Video Game Blockchain Proves Valuable in Fintech Sector

From fintech to the internet of things, startups and entrepreneurs are all working on projects in which blockchain can fit into existing industries. With an endless number of possibilities, blockchain technology can revolutionize the gaming industry. An over $100 billion industry, the digital nature of video games makes them the perfect use case for blockchain implementation.

Let’s take BitGuild, for example. Having raised more than $20 million in under six hours during its ICO, it also conducted a successful pre-sale campaign, raising funds from high-tier supporters like Justin Sin, founder of the blockchain-based, open-source protocol TRON.

BitGuild is a decentralized platform for gamers located on the blockchain. Essentially, these networks will allow gamers to buy, sell, and trade the digital assets that they have accumulated from games that are built on BitGuild. Oftentimes, trading game items can be a hassle (or impossible), and if a game stops or its servers are shut down, all of those in-game assets are lost forever. Placing the assets on the blockchain provides gamers with true ownership of their items, regardless of the status of the game itself.

The company was started by Jared Psigoda, the co-founder and CEO of Reality Squared Games, a company with various games and a player base of over 80 million gamers. He also created Livestar, a development studio focused on bringing live streaming and other social media apps to a global audience.

BitGuild will be using the PLAT token to complete various objectives on the platform. Gamers will be able to buy items from other gamers with the token, and they can use it to purchase additional content for the games built on the network. Additionally, developers will be able to receive payments in PLAT, and thanks to smart contracts, it will allow teams to have lower fees and complete payouts quicker than many traditional methods currently available.

Says Jared Psigoda, founder of BitGuild:

Successfully closing our ICO in such a short amount of time really helps solidify our place in an industry that is still on the rise. In the grand scheme, gaming is still a young industry and giving gamers another level of pride and ownership of their in-game accomplishments is something we’re very passionate about.