In 2017, the world witnessed an unprecedented rise of a new trend. Investors rejoiced as their ventures started booming and many newcomers joined the market. What was the underlying reason for such growth? Cryptocurrency. To this day, blockchain-based cryptocurrencies remain one of the most innovative opportunities out there. It is based on a revolutionary technology that enables one to hold digital currency. And, as many people know, the poster-child for the movement is Bitcoin.
Although Bitcoin had days where its value went above $19,000, it currently stands at around $7,000 per coin. People are still interested in owning this prominent asset and many new investors continue to get involved. This sudden popularity has also shone a light on the technological foundation of all cryptocurrency: blockchain.
How Is Blockchain Expanding?
Ron Bauer is the Managing Partner and Co-Founder of a Los Angeles and London-based Venture Capital firm called Black Sheep Ventures. With many years of experience as a Venture Capitalist, he is one of the innumerable people who continue to support the rise of cryptocurrency. Along with Nolan Bushnell, the Chairman and also a Partner at Black Sheep Ventures and the Chairman, CEO and Founder of X2 Blockchain Games Corp., Ron is investing heavily in the future of both Blockchain and Cryptocurrency as the next stage of business innovation.
Through the guidance of both Ron Bauer and Nolan Bushnell, Black Sheep Ventures and X2 Blockchain Games Corp. anticipates the implementation of blockchain fundamentals in the multi-billion-dollar industry of online gaming. Blockchain could soon find its place in the gaming industry as a facilitator of what is known as “microtransactions”, or small purchases made within the game itself to provide some sort of advantage or cosmetic item. Tying these purchases to blockchain technology allows for the creation of an in-game marketplace that could be used to generate real world profits for users.
This approach has been experimented with in the past, with games like Eve Online, Albion Online, Diablo 3 and even earlier games like Lineage Online. These games all took the approach of allowing real world value to be conferred on virtual items, but most if not all lacked a sophisticated marketplace to facilitate these exchanges.
Further still, these games relied heavily on peer-to-peer interactions that could be traced to each individual. These traceable ties to the game world proved deadly in some cases, resulting in a real world murder that stemmed from a dispute within the game. X2 Blockchain Games Corp. and Black Sheep Ventures feel that the solution to these and many other problems can be achieved through integrating blockchain with the gaming world, providing a decentralized and seamless integration between the game economy and real-world transactions.
What Challenges Does Blockchain Face?
As a whole, Blockchain suffers from a series of misconceptions that have come to light due to the mainstream popularity of Crypto-investing and its related services. The typical person suffers from the false impression that blockchain is just another word for cryptocurrency and is therefore an interchangeable technology. The negative impact of these misconceptions is twofold.
As those familiar with blockchain can attest, this notion is problematic as it harshly devalues the potential of blockchain while also lending potential credibility to new cryptocurrencies that are, in reality, vastly inferior to other cryptocurrencies currently in circulation. Implementation of blockchain technology alone is not enough to validate a currency. On the other end of the spectrum, this same misconception has lead to the false notion that because some cryptocurrencies fail, and they are based on blockchain technology, that same technology is to blame for their failure. In other words, the Bitcoin bubble has been equated to a blockchain bubble among lesser informed investors.
These notions provide a unique challenge for savvy venture capitalists like Ron Bauer and Nolan Bushnell and their Black Sheep Ventures. Venture capitalists will need to rely on companies like X2 Blockchain Games Corp. to not only innovate the gaming space but do so in a way that communicates the value of these breakthroughs to the general public.
The Bright Side
Thankfully, blockchain gaming does come with one prominent silver lining. PC gamers, unlike those who use their computer solely for work purposes or streaming video, typically have an innate interest in the technology and hardware running their games. These gamers are far more likely to not only try out blockchain gaming, but also become advocates for blockchain in the future. As the eSports industry continues to grow, this looks to become a vital avenue for promotion.
When all is said and done, blockchain gaming and supporters like Ron Bauer and Nolan Bushnell look poised to become the Venture Capitalists of choice for expanding the blockchain market and taking the technology to new heights.