A situation in China has provided possibly one of the best examples to date for why blockchain is needed by the gaming world… and might be coming sooner than most think.
Tencent has announced a $1.5B dollar loss in their second quarter following China’s video game freeze. Where China exists as the largest gaming market in the world and acts as a massive stimulant to the Chinese complex, regulatory bodies see the situation in a light different than economic. Chinese regulators have had no issues in applying and managing a chokehold on the market, banning the release of all new video games while citing regard for children’s well being and protection from gaming addiction. The Wall Street Journal reports that the situation has cost Tencent almost $160B in market cap since the beginning of the year.
Now from this point, it’s not hard to imagine all the blockchain examples, utilities, and components that could have prevented this situation. Decentralized concepts removed from any massive, centralized regulatory entity are the way that the gaming industry protects both the gamers and the content creators that support it. If these games or even companies were built upon something that the community supported and survived in a more decentralized format, these types of situations could be avoided altogether.
But imagining isn’t the hard part. The hard part is actually building those concepts and applying them… which is exactly what MagnaChain has done. MagnaChain is a foundation that offers more to all of the parties involved in the gaming industry. It’s a system built from a belief in fairness and goal of returning control to the people that matter the most.If this sounds like something you might relate to, join us at one of our communities below!