Sometimes moves that have the greatest impact fly under the radar for a while.
Yesterday, there was an announcement that could open things up in the crypto world. We could see hundreds of millions of people exposed to the benefits of blockchain and cryptocurrency.
Minecraft is one of the most popular games in the world right now. It has an estimated 480 million players, with more than 100 million active monthly. If it were a country, it would be the third largest on the planet.
Enjin introduced Enjincraft which is an open source plug-in for Minecraft. This will allow players to integrate Ethereum based assets directly into their games.
This is how Enjin put it.
“Your server will actually be able to deliver blockchain assets directly to players. They can jump onto your server. They can link their blockchain wallet, their Enjin wallet, to your server. And then when they start doing things in the game you can start issuing console commands that send blockchain assets to them.”
Why is this important?
The answer lies in the sheer number of people it can reach. Based upon rough guesses, there is between 50M-100M people using cryptocurrency in the world. Exact numbers are hard to come by but that is a safe estimate.
A platform like Minecraft has more monthly users than the entire crypto space. Having those people starting to interact with digital assets that can be traded on decentralized open markets is a big step forward.
Gamers tend to be a bit more technologically advanced than the rest of the population. This will help to ease the learning curve. Also, NFTs tend to be easier to understand since it is application to a specific asset that the player is knowledgeable about.
Ultimately, users of this caliber do not care about Ethereum, Enjin, or anything else we commonly discuss. What they do care about is their in-game assets have value and are about to find a liquid market to trade upon. Also, since they are stored in the Ethereum wallets, those assets now extend beyond the game.
Cryptocurrency is only one application of blockchain. What is often overlooked is the larger heading of "Digital Assets". Tokenization can apply to anything and, if we look at it from a wealth perspective, we will see more money outside of crytpocurrency. If blockchain is adopted for gaming, in-game assets will quickly run into hundred of billions of dollars. The tokenization of assets in a game like Minecraft could rapidly pass Bitcoin in market cap.
Innovation is just getting started in this sector. For the time being, the easiest way to approach the masses is through activities they are already partaking in. Since Minecraft is so popular, this could potentially expose millions to what crypto can offer.
Over time, I would expect to see games developed with new ideas of how to implement digital assets. Instead of focusing solely on the player experience, developers can also concentrate on the ability to build wealth. Digital assets can offer a scarcity model in a land of abundance. We already see this in many games. There are an abundance of assets available, yet some are very select.
This is all a part of generating a virtual economy based upon networks of people from all over the world. With the ability to surpass most countries in population, we could see some of these economies worth trillions of dollars. The productivity that goes into these ecosystems will, ultimately, rival the physical world counterparts.
There is a reason why companies like Amazon, Google, and Facebook are some of the most valuable in the world. It is the ones that are operating in the virtual world that can scale up quicker and with less restrictions. Companies that operate in the physical world have restrictions such as physics.
Hopefully Enjincraft will help to kickstart this a bit by bringing over tens of millions more people to the crypto space. This would certainly help the growth rate.
If you found this article informative, please give an upvote and rehive.
gif by @doze
Posted Using LeoFinance