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Blockchain has developed rapidly in the game industry, and therefore, the corresponding financial market infrastructure has been established to support the generation, confirmation, circulation, trading and settlement of digital assets.
Original title: “Future digital financial ecology may start from today’s game industry”
Written by: Gu Yanxi, founder of the American Liyan Consulting Company, a researcher and practitioner in the blockchain and encrypted digital asset industry
The game company Fortnite is currently challenging Apple and Android. Fortnite has installed a direct payment function in its app to avoid paying 30% service fees to Apple and Android app stores. The two app stores immediately removed the Fortnite app. Fortnite therefore sued the two companies in court. The outcome of this lawsuit is unknown, but I think it is difficult to make a big change to the charging strategy of Apple and Android. I also pointed out in a previous article that the gaming industry is actually one of the best application scenarios for blockchain applications. If it matches with the corresponding business organization, the game industry can be developed on a more solid foundation. In fact, such an industry infrastructure based on distributed accounting technology can be further developed into the financial market infrastructure (Financial Market Infrastructure, FMI) of the future digital financial ecosystem.
The current gaming industry and the financial industry are completely different industries. The combination of the two is that users in the game industry use currency to pay. The two industries are completely built on different infrastructures. However, the demand for market infrastructure generated by the current development of the game industry is more and more similar to the demand for infrastructure in the financial industry. Therefore, the future digital financial ecology based on distributed accounting technology is likely to follow the continuous development of the game industry. Development and emergence.
The game industry is a virtual digital ecosystem. The current games are increasingly dominated by multiple users participating together, and the e-sports industry is becoming the new industry with the largest revenue. Another characteristic of the game industry is internationalization. Users from all over the world can participate in the same game online at the same time. This feature is also very compatible with the features of blockchain technology. However, the current market infrastructure supporting the gaming and e-sports industries is not very effective. For example, in terms of payment, payment methods in the game industry are very backward. The backwardness of cross-border payment functions has led to frequent problems in the e-sports industry due to the inability to pay on time. For example, in the field of mobile games, game producers and consumers need to pay 30% of their income to the intermediary. Such high financial intermediary costs are obviously very detrimental to the development of the industry. Another pain point in the gaming industry is the poor liquidity of digital assets. The assets generated in the game can only be circulated and traded in the game. Assets generated in different games cannot be exchanged between each other. All of the above problems can provide effective solutions through blockchain technology, digital currency and digital assets.
If we compare the game industry with the securities industry, we can see many similarities. Stocks in the securities industry are recorded in writing during the private placement stage. After the IPO, it was recorded through the centralized computing system of the securities registration company. The stock product is a standardized electronic product, so it can be traded in a centralized exchange by means of matching transactions. The stock exchange is responsible for matching transactions, the clearing company is responsible for recording transactions and becoming the central counterparty, and the clearing company is responsible for dealing with the real money for the transaction.
Compared with stocks in the securities industry, most of the assets produced in the game industry are non-homogeneous assets. There are many types of games, so the number of such assets produced is also numerous. These assets are not suitable for trading in a centralized way of matching transactions. They are more suitable for direct transactions between users. The blockchain technology is the best technology to support such transactions. Therefore, it is completely possible to customize various digital assets in the form of smart contracts based on the support of blockchain technology. The game is just a scenario where these digital assets are generated and used, just as the company’s operations generate stocks and generate subsequent dividends and stock appreciation. But these digital assets are all generated, stored, circulated, traded and settled on the blockchain. Therefore, the same underlying infrastructure of the blockchain can generate both digital assets in games and digital securities representing equity. Digital assets in the game are more traded in a point-to-point manner, and digital securities are traded more in a centralized matching transaction method.
Based on the same technical infrastructure, digital currencies can be used to support various transactions. Digital currency is also generated on the same technical support, so it can be traded using the DVP model on the same technical bottom support. Such transaction settlement efficiency is far better than the current clearing and settlement of bookkeeping methods.
From the perspective of the application development of blockchain technology in the two industries, the application of blockchain technology in the financial industry started relatively early. However, due to the characteristics of the financial industry, the application of blockchain technology in this industry has not progressed fast. In contrast, the application of blockchain in the game industry started relatively late, but the game industry is an emerging entertainment industry and does not have a great impact on financial, economic and social activities. Therefore, the level of supervision in this industry is not high. This kind of innovation space is relatively large. So it seems that it is very likely that the application of blockchain technology in the game industry has developed rapidly, and the corresponding financial market infrastructure has been established to support the generation, confirmation, and circulation of digital assets in this industry. , Trading and settlement. When the infrastructure of these markets is established, the types of digital assets that can be traded may not be limited to those generated in the game industry. The digital form of real assets can also begin to circulate on this financial market infrastructure.