'Gaming is going to be the killer application for blockchain'

26 Mar, 2019
by Joeri Cant
'Gaming is going to be the killer application for blockchain'

Kent Wakeford, co-founder and COO of Forte Labs, a San Francisco Ripple-backed company, said that he wholeheartedly believes that gaming is going to be the killer application for blockchain.

The COO of Forte’s $100 million Ripple-backed company, Kent Wakeford, had a sit down with Modern Consensus’ Martine Paris, at the Game Developer Conference held in San Francisco, California.

Wakeford explained that even though top gaming developers like Epic Games are already making billions in revenue with games like Fortnite, there is a future for gaming in blockchain and added that 'gaming was going to be the killer application for blockchain'.

'I fundamentally and wholeheartedly agree that gaming is going to be the killer application for blockchain', Wakeford said.

'From platform to platform, gaming has been the leading application that drives both revenue and engagement. That was true for Facebook and Apple. History is telling us the fastest growth comes from gaming'

Read more: Ripple to integrate blockchain tech in video games with $100 million fund

'When we look at blockchain, it’s a new technology that not only can transform existing gameplay, but can open up new ways of building games and creating game economies.'

Wakeford added that Forte's approach is to not just to enable the next blockchain game but to enable items in existing games to become an asset that consumers can trade between each other. 

'A good example is CS:GO. They sell about $400 million a year in skins. It’s a sizable market, they make a great amount of revenue from it, and it’s a very healthy economy. The aftermarket of trading of CS:GO skins is $1.2 billion and the developer typically doesn’t get a cut, but with smart contracts on the blockchain you can set rules for trading where the developer can take whatever percentage they want'

The COO further said that with blockchain, the provenance of each item, where it’s traded, who owns it, can be tracked even in the aftermarkets, which would be helpful for game developers and players.

Wakeford concluded the sit down by saying that he would be shocked if there were games that didn’t have some element of blockchain in their items, within a timeframe of 5 years from now.

'From an economic perspective it makes all the sense in the world and also from a consumer perspective. If you’re a consumer buying these skins, wouldn’t you want to own them?'

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