Billions and Billions: How Brands Take Blockchain From Niche to Normal

Published on by Cointele | Published on

The NBA isn't the only major organization excited about NFTs. Some of the biggest brands on the planet are developing blockchain based games, collectibles and virtual worlds including Formula 1, MotoGP, Atari, Ultimate Fighting Championship, Nike, and even Shaun The Sheep.

Games generated revenue of $150 billion last year and if blockchain is adopted by the gaming and collectibles industries - and marketed by global brands - in the way believers think it will be, then NFTs may well be blockchain's killer app.

Blockchain in gaming is still a fledgling industry at the moment.

Yat Siu, the CEO of Animoca Brands, believes that a pair of virtual Nikes may end up transferable between different worlds - enabling you to take them from one game and use them in another, or on social media.

"If suddenly millions of people end up owning Nike virtual shoes, how many game companies out there might actually say, let's make use of those Nike shoes inside our virtual games?".

As the name suggests, Animoca Brand's entire game plan is to leverage the power of existing brands in gaming - everything from Garfield to Snoopy and Thomas and Friends.

Quidd has license agreements with 325 brands including Marvel, Game of Thrones and Rick and Morty, and Sui says they are in negotiations with the IP holders to begin releasing collectibles at NFTs. As a first step, they'll start recording ownership on blockchain.

"It's a 3D decentralized virtual world where the players can make 3D assets and monetize them through the use of blockchain technology, essentially NFTs and our own cryptocurrency," explains co-founder Sebastien Borget who is also President of the Blockchain Game Alliance.

"The main proposition is that we build a great game that looks fun and will attract regular gamers without necessarily promoting blockchain first."

Although 2020 will mark a turning point, blockchain gaming is still in its infancy and none of the big video game companies are on board yet.