Fragmentation of the Gaming Industry

As all gamers know, one of the most frustrating and, let’s face it, negative aspects of the current gaming experience is the inability to transfer currency and assets between games.

What is fragmentation in the gaming industry, and why is it a problem?

Traditionally, specific in-game currency that you use to buy items or skins, such as V-Bucks in Fortnite, cannot be exchanged, either for cryptocurrency (and hence used in other blockchain transactions), or for fiat (standard currency, such as US$, £ sterling or euro €). Often in-game currency isn’t spent for one reason or another, and is effectively useless outside the game. Money is locked in, and if left, is money wasted. Who wants that? The gaming companies, but not the gamers.

Say a gamer spends 10 € on Fortnite’s currency to use in the game, but only uses 7 € — the remaining 3 € cannot be taken out and used in another game; it is, effectively, stuck in that game. In the next game, for example Counter Strike Global Offensive (CSGO), our gamer needs to fork out another 10 €, part of which may also remain there — and so on. This extremely limiting and unsatisfactory situation of fragmentation between games, controlled by global corporations, has been a source of annoyance to gamers for years.

How can the situation for gamers be improved?

What is clearly needed to change the fragmented gaming industry is a global solution, which can be used across all games and platforms, to streamline gamers’ experience. This will give them control and flexibility over their in-game spending.

Flexible cryptocurrency — spend it how you want

Banger Games has created a global gaming currency, Bomb coin, which can be spent in one game, then be transferred to be used in another game. For example, Bomb Coins earned in Fortnite could be spent in CSGO, or on another gaming platform.

Without restrictions, gamers would be free to spent their Bomb coin wherever, whenever and however they choose, opening up the Metaverse to them.

NFTs — ownership of your own skin

Many gamers spend in-game currency on buying costumes, or skins — yet, similarly, publishers don’t allow them to take these skins out of the game, or to sell them: they are simply being rented, with no option for eventual purchase.

Today, these items can be converted into NFTs (non-fungible tokens: unique, non-interchangeable digital assets that are verified as authentic, and stored securely on the blockchain), which then belong to the user, and can be traded.

Part of Banger Games’ revolutionary vision is to create a safe global marketplace for NFTs. All transactions will be transparent and controlled through the blockchain, removing the usual reliability and security concerns about buying “used” items online.

In this way, gamers will have complete control over their digital assets, and their currency spent in-game, being able to take their earnings from one game or platform to another, as well as selling their NFTs for fiat or other cryptocurrency.

The fragmented gamer economy is being revolutionized by blockchain-based currency and its flexibility. This highly empowering development will entirely transform the gaming experience, from users being restricted financially, to a cross-platform means of monetizing time, skills and creativity: a new global gaming economy, where control has shifted to the gamers. And about time too.

Join in the chat on our Telegram and Discord, follow our Medium to keep up to date with the latest news, and look out for more articles coming soon on hot IoG topics such as Smart tournaments.

Unlimited Possibilities for gamers. Powering the Metaverse through the Internet of Gaming (IoG).