Blockchain & Gaming
Every week the STG team sits down and delivers education sessions internally to keep out team up to date on the latest technology, uses and advances in the Sports Technology, Blockchain and Esports sectors. Check out this weeks education:
BLOCKCHAIN & GAMING
This education piece studies how Gaming is perfectly situated to be an early adopter of Blockchain Technology. In his article, Gonsalves believes that blockchain will initially impact the exchange of digital assets and the creation of value in the online world. This match is particularly perfect because the esports demographic is comprised of individuals who are already early adopters of new technology and familiar with the concept of digital asset trading. This education piece is to provide clarity around why this opportunity exists in the world of online gaming, and what the impact could be.
Some questions that arose within our team:
What is the difference between Non-Fungible and Fungible?
Using the examples that Gonsalves uses: If you hand me a $20 bill and I hand you back four $5 bills - there is no dispute that I have given you back the same amount of money. Money is fungible. However, if you give me a car and I give you back a car that is the same year, model, colour etc., but not the exact car that you gave me, you wouldn’t be too happy. That car is non-fungible. Non-fungible tokens prove to be advantageous in the digital asset trading market because by their very nature they are unique and their history is traceable. In sum, fungible items (whether digital or not) can be exchanged without issue, and non-fungible items are unique and non-interchangeable with any other item.
When do you expect to see this type of technology implemented?
In short - soon! Blockchain is starting to be implemented across a variety of different industries including financial and oil and gas. However, as Gonsalves mentions in his article, there is still a lot of education that needs to be done around the benefits of blockchain. The technology is still working on seamless integration with both existing infrastructure and the infrastructure of the future. We have a ways to go, but it’s moving fast and coming soon.
Where can I learn more about digital tokens and trading digital assets with blockchain?
Listed below are a few articles on the subject, but a really cool way to learn about NFTs, in particular, is to purchase a Cryptokitty! You can purchase a Cryptokitty for as little as $15. This will give you hands-on experience with NFTs, and even trading digital assets if you chose to do so.