Most people we speak to have no idea what blockchain is and those who have heard of the blockchain think it is linked to Bitcoin – A way to make easy money through unclear methods. If you have the same thoughts, you are not alone.
Vorhaus Advisors, a Los Angeles-based digital media consulting company lately released a Forte-commissioned survey of more than 2,000 consumers surveyed in June 2020.
They wanted to evaluate their reactions towards virtual goods and their level of interest in blockchain-enabled features in games.
Its “Untapped Opportunities: Games, Virtual Goods, and Blockchain” report reveals that, in the general population across the US, only one in four (25%) of adults have any idea about blockchain.
Vorhaus Analysts
Of the adults who know the term “blockchain,” – the majority do not understand it.
Almost two in three (62%) stated that “blockchain is the same as cryptocurrency,” and 48% said that “blockchain is the same as Bitcoin.”
Less than one in five (18%) of US adults say they have used a product or service related to blockchain. However, this percentage rises to 25% among the younger 18 to 34 age demographic.
There are vital new revenue possibilities for game developers who use blockchain technology to develop games.
More than half of virtual goods buyers (51%) expressed interest in earning income from playing games.
The capability to create, own, and trade digital assets might allow the lines between play and work to blur more than they already have.
Virtual goods buyers want the applications that blockchain enables.
Almost two in three (63%) of virtual goods buyers would spend and play games more if those virtual goods had real-world value and could be traded or sold, and 64% say they would play more often.
Although awareness, use, and trust of blockchain increases within groups who then purchase in-game goods and services, the vast minority of gamers, may not be aware that they are playing games that sit on the blockchain.
But blockchain enables new business opportunities for game companies, due to its ability to provide the creation of in-game digital assets and collectible one-of-a-kind items that players can own.
It can also promote player-driven in-game services, and provide a foundation for secure, verified peer-to-peer transactions.
It is not only gamers that profit from the blockchain. Overall, the report indicates that people have little awareness of blockchain, yet covet the very capabilities it enables.
The difficulty and perception across different varieties of blockchain and Bitcoin currencies are down to a lack of trust, protection, and regulation for the digital currency.
As Coingeek reports: “In systems that rely on central actors whose efforts are a key to the success of the enterprise, securities laws apply.”
But Bitcoin is, by its nature, a decentralized protocol. There is “no longer being any central enterprise being invested in, and thus purchasers no longer reasonably expect a person or group to carry out essential managerial or entrepreneurial efforts.”
Trading of “unregistered securities without registering under applicable federal and state securities laws as exchanges and/or broker-dealers (are) in violation of US securities laws.” No wonder people are confused and wary.
What consumers need is clarity. The clarity in which type of blockchain to use, and clarity about whether the version of Bitcoin you are buying/selling/using is trusted.
And until the SEC determines which versions of digital currencies are, or are not securities, we will continue to see mistrust and confusion about using the blockchain and Bitcoin.
Yet we would all like to make money effortlessly. But that digital money needs to be legal, regulated, and trusted — and that will take some time.
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