It is the largest entertainment market at almost twice the size of the film and music industries combined. The global video gaming market is substantial ($174.9 billion in 2020) and seemingly growing at a meaningful pace (19.6% growth year-over-year in 2020). We are basing our opinion on the amount of current funding in blockchain technology, the new emerging use cases previously mentioned, and the number of decentralized applications and infrastructure currently being built. At BITKRAFT, we believe that blockchain has the potential to be a meaningful technological revolution and that we are in the irruption phase. Perez found that each cycle, which may take 50-60 years, consists of four phases. Perez studied the major technological revolutions since the industrial revolution and found that these cycles of revolution are coupled with financial cycles. One way to think about the emergence of blockchain is through Carlota Perez’s framework for technological surge cycles. As we will discuss, NFTs can offer several potential benefits to both gamers and developers. One of the most prominent use cases of blockchain technology for gaming has been the emergence of non-fungible tokens (“NFTs”). cryptocurrencies such as Bitcoin), decentralized finance (“DeFi”), and decentralized autonomous organizations (“DAOs”). These include facilitating stores of value (e.g. Since then, other blockchains, such as Ethereum, have emerged allowing for a range of interesting use cases. The idea behind blockchain technology was first described in 1991 and gained prominence when a person (or group of people), using the pseudonym Satoshi Nakamoto, used blockchain to serve as the public transaction ledger of the cryptocurrency Bitcoin. Simply put, a blockchain is a trust platform. This allows clients in a network to reach a consensus without having to trust one another. Most blockchains have a few key characteristics: 1) the past is immutable 2) they are transparent and open for all to see and 3) transactions on the network are verified and maintained in a decentralized manner. Tesla began accepting dogecoin for merchandise purchases in January.Before exploring the opportunity of introducing blockchain technology into gaming, let’s define what blockchain is and where we are in the adoption of this revolutionary technology. In May, Musk announced his rocket company SpaceX will follow Tesla in accepting dogecoin for merchandise. Earlier this year, Musk said he is still buying the joke bitcoin rival and will continue to support it. "I think actually, weirdly, even though doge was just designed to be like this ridiculous joke currency, but the actual total transactional throughput capability of doge is much higher than bitcoin," Musk said. The price of dogecoin has since collapsed to just 6 cents, down more than 90%.Īfter Tesla bought bitcoin last year, Musk embarked on a long-running campaign to upgrade dogecoin so it could "beat bitcoin hands down." In June, dogecoin developers released an update that improves security and efficiency. The support of Musk and other high-profile investors such as Mark Cuban pushed the dogecoin price to around 70 cents last year ahead of Musk's much-hyped appearance on the comedy sketch show Saturday Night Live. Initially created as "a joke," dogecoin has rocketed up the crypto rankings over the last 18 months after fading into relative obscurity in prior years. "I’m mainly supporting doge, frankly, because I think doge has the memes and dogs and it seems to have a sense of humor and doesn’t take himself too seriously," Musk, who last year revealed he personally owns dogecoin, bitcoin and ethereum, said during a recent interview on the Full Send Podcast.
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