Mike Termezy of Forte Labs believes blockchain could play an important role in the in-game economy
Last week at the Unitize Decentralized Digital Conference 2020, Mike Termezy, a token economics expert at Forte Labs, suggested that developers could regulate the economics of video games by implementing blockchain technology by leveraging in-game assets through the Support blockchain. Spending legitimate value on in-game items can prove to be very popular and can make tokens more attractive to a wider audience.Termez explained:
“If you allow property and have a market, market dynamics will determine what people consider rare and extremely valuable compared to what people consider relatively common.”
Currently, most items in the game cannot be removed from their platform and are under the control of the game developers. Blockchain-based items in the game would be a deviation from the current model.
Blockchain games are growing up
In the past, proof-of-concept blockchain games like cryptokitties or full-fledged products like The Sandbox (TSB) received massive support from the gaming community. Cryptokitties was so popular from the start that it slowed down the entire Ethereum blockchain. NFTs (non-fungible tokens) were used in these projects. In contrast to typical tokens, NFTs have unique information that cannot be replicated. Due to their uniqueness, they create effective value and promote ownership via smart contracts in the blockchain. Despite the autonomy of NFTs, in-game economies are partially regulated by developers to maintain interest and engagement in a gaming platform.”
A developer can clearly influence this by the number of each type of asset that has been minted: in the end, players can use it to express what they think is valuable,” said Termezy.