NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Chinese Billionaire’s Son Bets Big on Blockchain-Based Gaming, But Will Players Take to It?

Cole Petersen
Cole Petersen
6 years ago
3 mins read
Blockchain Gaming Crypto

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Over the past decade the gaming industry has been on the up-and-up, incurring massive popularity amongst a diverse array of users, while simultaneously churning out immense profits for developers, publishers, and platforms that allow users to interact with game’s most popular players – like the Amazon-owned streaming platform Twitch.

Much like the gaming industry, the blockchain and crypto industry has also been incurring tremendous adoption over the past couple of years, and multiple companies are now introducing the blockchain to the gaming industry in an effort to improve user’s experiences and to create a fairer ecosystem.

Son of Chinese Gaming Billionaires: Blockchain-Based Token Economies Will Revolutionize Gaming

Rudy Rong is the son of Chinese gaming billionaires and the founder of Magic Cube, a Los Angeles-based company that uses a NEO-based blockchain protocol in an effort of “restoring fairness and efficiency to the gaming industry.”

While speaking to NewsBTC about the role that blockchain technology can play within the gaming ecosystem, Rong explained that a well-designed blockchain platform – like the one being offered by his company – can help increase the efficiency of the video game publishing process, which in its current state is highly convoluted.

“By using blockchain technology, we are able to offer developers the chance to develop quality games while also allowing them to avoid having to deal with the middlemen typically involved with publishing. This allows developers to reinvest more capital into their games,” Rong explained to us during NEO’s DevCon in Seattle earlier this year.

Presently, game developers release their games through publishers that often suck up a majority of the profits, while simultaneously tempering developer’s ability to fund long-term development cycles that are needed to incubate a successful game.

Sean Chen, the founder of the NEO-based blockchain gaming platform BlaCat, shared a similar sentiment to Rong, explaining in an interview with NewsBTC that the use of blockchain technology can allow nearly all of the profits to go to the developers.

“Based on [the] blockchain, we can let nearly all the revenue go to the developer, which is good because…in the gaming industry, the most valuable party is the developer,” Chen noted.

By offering developers dApp software development kits, Chen believes that BlaCat will help developers switch from centralized to decentralized platforms in a seamless manner.

NewsBTC journalist, Cole Petersen, hosting a panel on blockchain-based gaming with Rayman Yang (far-left), Sean Chen (mid-left), Rudy Rong (mid-right), and Cole Petersen (far-right), during this year’s NEO DevCon in Seattle.

Formation of Decentralized In-Game Economies Another Benefit of The Blockchain

Beyond simply allowing developers to incur larger profits, which will likely be redirected back into the development of new games and the improvement of existing ones, the use of blockchain technology also brings another benefit to the gaming industry: the formation of token economies.

Currently, there exist intricate economies within multiple popular video games that are fashioned in the same way that traditional commodities exchanges are structured. One such example of this can be seen within Counter Strike Global Offensive (more commonly called CSGO), which allows users to exchange decorative weapons skins valued in USD.

Despite this, items like gun skins in CSGO are not truly owned by users due to the centralized nature of the game, and if it were ever to shut down for some bizarre reason, the skins would likely disappear.

But by using a blockchain-based asset exchange, all ownership of in-game items and collectibles are set in stone, and ownership of said items is indelibly inscribed on the immutable ledger, regardless of what happens to the game.

Additionally, by using the blockchain to exchange valuable collectables and in-game assets, it is far easier to track their provenance, which therefore could allow users to easily verify the item’s rarity (vis-à-vis the circulating supply) and the value of the assets.

Democratized Game Funding Via IGOs 

Another unique benefit that the blockchain provides to the gaming industry is giving individuals the ability to fund development projects that they find exciting through initial game offerings (IGOs) using crypto.

Rong’s company, Magic Cube, has created a decentralized platform that allows game developers to garner funding directly from investors interested in their projects through tokens launched via IGOs. Additionally, through IGOs, developers have the opportunity to generate significant interest in their projects, which ultimately results in a larger user-base upon launching.

According to Magic Cube, they currently have an aggregated total of 15.3 million users along with 23 games that were developed in-house, large numbers that signal that there is a significant amount of demand from both gamers and developers for decentralized games.

Although the blockchain-based gaming industry is relatively young, as the gaming industry and crypto continues to surge in popularity, it is highly likely that embattled developers will begin turning towards decentralized platforms – like the ones being offered by Magic Cube and BlaCat – in an effort to shore up their profits and to raise large community-based funding.

Featured images courtesy of NEO and Shutterstock.
Tweet123Share308ShareSend
Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

XRP

XRP Needs To Defend $2.98 Support To Avoid Deeper Correction – Details

XRP has failed to maintain bullish momentum after pushing as high as $3.13 during the week. At the time of...

Scott Matherson 9 hours ago
Bitcoin

Bitcoin Price On The Verge Of Explosive Move: Here’s The Only Condition

Bitcoin’s slow ascent towards establishing new highs has continuously encountered significant opposition in the past few weeks. As the market...

Opeyemi Sule 10 hours ago
Ethereum

BlackRock Leads Spot ETH ETF Inflows With Over $500M, Ethereum Possibly On Track To $5,000

Ethereum’s institutional narrative is strengthening as US-based Spot ETF trackers witnessed another week of inflows last week. BlackRock’s ETHA fund...

Scott Matherson 12 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

비트코인 금리 인하 수혜 전망…레이어2 프로젝트 ‘비트코인 하이퍼’ 투자 열기 확산

비트코인 금리 인하 수혜 전망…레이어2 프로젝트 ‘비트코인 하이퍼’ 투자 열기 확산

Soyeon Lee 26 minutes ago
bitcoin-price-forecast-fed-rate-cut-rally-120k-next-100x-altcoin-tw

比特幣價格預測降息引發上漲目標12萬 下個100倍幣關注焦點是這個!

Mark Mak 29 minutes ago
XRP

Ripple CTO Drops Bombshell: XRP At The Core Of Trillions In Banking Future

Christian Encila 7 hours ago

Premium Sponsors

Press Releases

  • パイネットワーク...

    2 days ago
  • Cele mai bune altcoin-uri de cumpărat, pe măsură ce prețul Solanei se apropie de maximul istoric

    Cele mai bune altcoin-uri de cumpărat, pe măsură ce...

    2 days ago
  • Cele mai bune meme coin-uri de cumpărat acum, pe măsură ce capitalizarea pieței se apropie de 1,9 trilioane RON

    Cele mai bune meme coin-uri de cumpărat acum, pe măsură...

    2 days ago
  • Cele mai bune meme coin-uri de cumpărat acum, pe măsură ce capitalizarea pieței se apropie de 1,9 trilioane RON

    Nejlepší meme coiny k nákupu nyní, když se tržní...

    2 days ago
  • Cele mai bune altcoin-uri de cumpărat, pe măsură ce prețul Solanei se apropie de maximul istoric

    Nejlepší altcoiny k nákupu, když se cena Solany...

    2 days ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.