The Role of Blockchain in the Gaming and Web3 Industries
Despite facing numerous collapses and scandals, the gaming and Web3 industries have continued to build and innovate. At the SEG3 conference in Los Angeles, attendees discussed the importance of ownership rights and revenue in these industries. However, there is still uncertainty about whether blockchain technology has a role to play.
The Uses of Unreal Engine and Epic Games’ Stance on NFTs
Craig Laliberte, the Director of Business Development at Epic Games, showcased the uses of Unreal Engine at the conference. He also clarified that Epic Games’ new digital assets marketplace, FAB, does not host NFTs or blockchain-based items. Laliberte emphasized that FAB is focused on standard purchases.
The Gaming Industry’s View on NFTs
While crypto enthusiasts have championed blockchain technology in various sectors, entertainment studios, including those in the gaming industry, are not as enthusiastic. Many gamers have expressed their dislike for NFTs, associating them with money grabs and scams. Despite this sentiment, Epic Games has allowed blockchain-based games on its platform.
The Lack of Adoption of Blockchain Technology
During a panel discussion at the conference, Alvaro Velilla from Universal Music Group stated that there is no need to adopt blockchain technology if it doesn’t address specific needs or provide tangible benefits. Attendees expressed concerns about risk and volatility associated with blockchain technology.
The Importance of Blockchain for Ownership
Despite skepticism from some industry professionals, believers in cryptocurrency argue that blockchain is crucial for establishing true ownership of assets. They believe that real ownership requires control over assets through a decentralized ledger like blockchain. This sentiment aligns with Christopher Nolan’s endorsement of physical media for true ownership of films.
Hot Take: The Role of Blockchain in Ownership
In the gaming and Web3 industries, discussions about ownership rights and revenue are ongoing. While some industry professionals are skeptical about the role of blockchain technology, others emphasize its importance in establishing true ownership. Blockchain provides a decentralized ledger that allows individuals to prove their ownership and control over assets. Without blockchain, the concept of real ownership remains questionable. As the industries continue to evolve, the debate surrounding the role of blockchain in ownership is likely to persist.
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