Blockchain gaming is on the rise and is starting to become seen as something that can change the gaming industry. On top of that, more and more video game publishers such as Sega, Electronic Arts and Ubisoft are some of the behemoths that are starting to see the potential of NFTs (non-fungible tokens).
Final Fantasy creators Square Enix’s first dip into the waters – a set of NFTs for their Million Arthur franchise – sold out almost instantly and is sure to pique their interest further. NFTs will bring about all sorts of new gaming experiences, however, one of the most fitting spaces for blockchain gaming could well be online poker.
SECURITY
One of the key factors of blockchain that make it ideal for online gaming is the fact blockchains are very difficult to hack. Blockchains are decentralized, so there’s no one point of failure, and nobody can alter a prior block in the chain – they can only add new ones. This also provides a fully transparent audit trail that can be viewed by anyone to see what transactions happened and when.
Because each transaction has its own unique code, a player sees that transaction X showed digital token Z – say $500 worth of Bitcoin – being transferred into their coin wallet. The fact these transactions are coded and anonymous provides another layer of privacy and security again. This could prove (literally) invaluable to players in countries where the fiat currency and/or central bank has security concerns and/or is highly volatile.
INNOVATION
So why hasn’t it happened yet? Well, cryptocurrency is still in relative infancy. Bitcoin, the most widely known by far, has only been with us since 2009. There are now over 7,000 cryptos worldwide, however, arguably, only really Bitcoin, Ethereum and Binance have achieved worthwhile trading values. And the tendency with Bitcoin has been to HODL (hold) rather than spend it – with cryptos still being somewhat volatile, nobody wants to be the guy or girl who paid (potentially) $3.5bn for a pizza.
However, if the big poker sites have been slow to adopt BTC, there are smaller sites that accept crypto alongside fiat currencies, and a handful that has stopped using fiats altogether. Much like in wider gaming where indie game development has benefited from using NFTs, leading the major players into the sphere, it’s hard to imagine the big boys of poker losing way to an upstart, startup for too long.
The pandemic has accelerated worldwide poker tourneys being conducted online versus in card rooms, and it’s entirely feasible that trophies and bracelets could become as digital as the prize payouts. These NFTs are owned by the winner, entirely outside of the game environment and are assets in their own right. For context, the most valuable NFT thus far is digital artist Beeple’s Everyday – The First 5000 Days which sold in March 2021 for a cool $69m.
NETWORKING
20 years ago we were told not to give our real names or post pictures of ourselves online due to security and privacy concerns. With the unstoppable rise of the social media giants, that’s been turned entirely on its head, however, most people are still very cautious (as they should be) when monetary transactions are involved – even down to simple things like looking for the padlock in a browser window and making sure the URL has changed to ‘HTTP before we hit the purchase button.
It’s long been understood that one of the best ways to take your poker game to the next level is in fact to network with other players –– to speak with people who can relate to your game or give you honest feedback on how you’re playing. With blockchain social activity being both anonymous and protected, it will make it easier for some poker players to enjoy that side of the game with more confidence.
Indeed, it may apply even without the financial element – Zynga, publishers of the hugely popular Zynga Poker virtual stakes game, have just made a position for a VP of Blockchain Gaming and hired Matt Wolf of D20 for the job.
The online game has become the dominant form of poker, and it seems inevitable that blockchain gaming will become the dominant form of online poker. And it will be very interesting to see who’s first to go all-in.