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How DeFi Boom Could Change The Gaming Industry

CryptocurrencyApr 18, 2021 04:01AM ET
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How DeFi Boom Could Change The Gaming Industry

  • Polygon has partnered with the blockchain gaming platform Firstblood®.
  • The partnership could help drive crypto adoption via gaming.
  • Polygon has invested cash and NFTs towards gaming rewards on Firstblood®.

Polygon has invested in blockchain gaming platform Firstblood® in a move that could take DeFi to the next level. In fact, Polygon has invested $10,000 and several NFTs towards rewards for competitive games played on Firstblood®.

Decentralized finance (DeFi) is an industry that has skyrocketed in recent times. As a result, a variety of new DeFi based projects came to life and numerous existing DeFi projects hit their all-time highs. But, the implications of the DeFi boom do not end here. Numerous industries could benefit from the DeFi boom and one such industry is blockchain gaming.

With more than 2 million active gamers, gaming is one of the most popular industries out there. While traditional gaming has rewards and compensation methods of its own, blockchain-based gaming takes it a step further. Blockchains make it possible for gamers to earn real, tangible benefits in the form of DeFi based tokens and NFTs (non-fungible tokens).

Now, to take blockchain-based gaming to the next level, blockchain scalability platform Polygon has partnered with Firstblood® to bring exciting gaming competitions to esports players around the world.

What is Polygon?

Formerly known as Matic Network, Polygon is a layer-2 solution that brings mass scalability and interoperability to the Ethereum blockchain. It aims to solve some of the major shortcomings of the Ethereum network like delayed transactions, network congestion, high gas fees, and lack of community governance.

Matic Network was previously a side chain solution that used Plasma technology to process transactions off-chain before sending them to the Ethereum mainnet. The revamped Polygon, however, aims to be a full-fledged platform for the development of interoperable blockchains.

Using Polygon, developers can harness the power of existing technology and programming languages to build next-generation blockchain networks. These blockchains can interact with each other without any friction and can be customized to fit the developer’s needs. Polygon has retained its native MATIC token for utility and governance.

Polygon Partners With Firstblood®

Now, in a recent development Polygon has partnered with Firstblood® to bring exciting gaming competitions for esport players from across the globe. This partnership provides a way for esport players to earn tangible rewards by excelling in the popular games of today.

Firstblood®

Firstblood® is the world’s first esports and gaming platform powered by blockchain. It aims to empower esport players by incentivizing them to play on their platform. The Dawn Protocol created by Firstblood® makes it possible for gamers to challenge each other to compete on-field and earn rewards. The Dawn token is used for paid gaming on the Firstblood® platform. Firstblood® has managed to garner attention from professional gamers and enthusiasts around the world and it already has over 120,000 active monthly users.

What Does This Partnership Mean for the Blockchain Gaming Industry

This partnership between Firstblood® and Polygon could be a game-changer for the emerging blockchain gaming industry. To commemorate this partnership, Polygon is investing $10,000 and several NFTs into the Firstblood® platform’s prize pool. This means that gamers from across the globe will be able to participate in the esport tournaments conducted by Firstblood® to earn direct rewards in the form of NFTs. The scalability and interoperability provided by Polygon will make it possible for the platform to cater to millions of existing and emerging gamers without any friction.

This very partnership could fuel the adoption of blockchain technology among traditional gamers. As Joe Zhou, Co-Founder and CEO of Firstblood® believes,

Polygon network is a leading PoS side chain that empowers gaming use cases within the blockchain. With this partnership, we look forward to exploring the solutions offered by Polygon to engage more traditional gaming users from AAA titles.

Final Thoughts

While blockchain gaming is still an emerging industry, it seems to have a bright future. In fact, all gaming in the near future could be blockchain-based. This is because the gap between in-game assets and actual financial assets is blurred on the blockchain. In-game assets could be converted into NFTs and prove to have actual monetary value in the world outside. These monetary rewards could attract more and more mainstream gamers towards blockchain gaming and the partnership of Polygon and Firstblood® could be the step in the right direction.

This article was first published on coinquora.com

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How DeFi Boom Could Change The Gaming Industry
 

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Steve Jabo
Steve Jabo Apr 18, 2021 4:18AM ET
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