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Blockchain is changing the gaming economy, explains a Forte manager

July 11, 2020

During a Unitize digital conference panel focused on games, Mike Termezy, vice president of Token Economics at blockchain technology service company Forte Labs, said blockchain can change the ecosystems in the gaming market.

Blockchain can set scarcity parameters that are more clearly defined in games

During the panel, Termezy discussed various points of the current gaming scene with gaming expert and director of the Gossamer Consulting Group, Eric Kress. Topics included comments on various gaming communities, digital products sold by companies, and other in-game aspects.

After looking at some points in the blockchain app in games, Termezy highlighted the economy around gaming and the value that blockchain brings.

Blockchain is changing the gaming economy, explains a Forte managerBlockchain is changing the gaming economy, explains a Forte manager

Termezy said:

“If you allow property and have a market, the dynamics of the market will determine what people think is rare and what is extremely valuable compared to what people think is relatively common.”

Ownership means authenticated in-game assets that are transferable outside of the game

By mentioning the property, Termezy refers to a digital product or in-game aspect supported by blockchain. This makes this aspect of the game, essentially an asset, marketable and shows its legitimacy and value through blockchain data.

Termezy referred to this as a token economy, where assets can be transferred for trading etc. outside of their specific in-game world. For example, an asset in this world could be a soccer player from a FIFA game linked to the blockchain.

Regarding the lack of in-game assets and market activity, Termezy added:

“A developer can clearly influence this through the amount of each type’s minted assets, but ultimately it allows players to express what they think is valuable.”

Overall, blockchain has made significant progress in the use of games, which is reflected in various headlines, including gaming giant Atari and its recent industry activities.