2018 is ending on a low compared to 2017 in the cryptocurrency world. However, blockchain technology, which powers cryptocurrencies like Bitcoin, has continued to evolve and develop all through the bear markets.
In this new world, blockchain gaming is one of the technologies that John McAfee ignores. He is a major critic who terms this gaming technology as a total waste of time and money while for example Dean Takahashi, the GamesBeast lead writer, is excited by blockchain gaming among several other individuals.
Award for Destroying Time and Wealth
Some investors are trying a hand in this new market in an attempt to make new platforms which do many things similar to Steam resulting in miserable failures. McAfee is so perturbed by blockchain gaming that he handed it the number one ‘Award for Destroying Time and Wealth’.
In December 2017, McAfee was agitated by people doubting the sustainability of cryptocurrencies. Back then, he tweeted that the naysayers did not understand the mathematics and paradigm of blockchain and cryptocurrencies.
He also had predicted that bitcoin would continue rising without any corrections. That tweet did not age well because Bitcoin has lost around 75% of its value from the December 2017 peaks currently hovering around $4,000.
Blockchain Gaming is Non-functional
McAfee confirmed to VentureBeat that as someone who writes the business of games, he receives a plethora of pitches about blockchain gaming. He expressed:
“As someone who write about games and the business of games, I get a lot of pitches about blockchain gaming. I started ignoring those emails months ago. And the reason for that is because the technology is almost entirely meaningless at this point.”
Although many companies are trying to make the new gaming technology thrive, not one of them has succeeded to make a compelling argument to game developers, consumers, and publishers. The current dismal performance does not translate to shortness on hypotheticals for these businesses. They all are inspired by big ideas about the potential for the blockchain.
Integrating blockchain with gaming could eventually spread out ownership of digital items. Also, developers may benefit from the use of blockchain technology to manage and operate tamper-resistant online worlds without using any servers. Games would run on local machines as blockchain keeps track of all executable changes.
According to McAfee, the ideas may have potential but their time is yet to come as it is evident from the lack of commitment to building products by the several start-ups testing the new technology. He said that he will continue to ignore blockchain gaming:
“I’m going to continue ignoring blockchain gaming. I’ll start paying attention again if anyone makes a product that people actually care about.”