GamerHash and Chainlink Bringing NFT Adoption to the Mainstream Gaming Community
We are excited to announce that GamerHash has integrated Chainlink’s BTC/USD Price Reference Data feed into our systems to calculate the profitability of providing different computational resources on our platform. This is the first integration towards a much larger goal of seeding NFT adoption in the mainstream gaming community.
Gamers are intimately familiar with interacting and trading valuable digital assets, making them a prime target to spark another wave of blockchain adoption through the integration of in-game NFT rewards. With over 480k users across 125 countries, GamerHash can introduce the concept of in-game NFTs to a large gaming community. For example, showcasing to game developers how they can use Chainlink’s Verifiable Random Function (VRF) to distribute randomized in-game rewards or utilizing match outcomes to mint rare NFTs, which can then be bought and sold on the GamerHash Marketplace. The possibilities are truly endless.
The Rise of NFT and Blockchain Gaming
While DeFi has been the talk of the blockchain industry, Non-Fungible Tokens (NFTs) are quickly gaining momentum from innovative developers and enterprises alike wanting to capitalize on this new and relatively untapped market. For the first time in history, anyone with an Internet connection can easily create, own, and trade non-fungible digital assets without any central party responsible for providing custody, tracking authenticity, or controlling distribution. Instead, these core functions are ported onto decentralized infrastructure with open-source code and technological guarantees hardcoded into their underlying design.
The first few years of NFT development was mostly dominated by ERC-721 tokens like CryptoKitties, where users could trade and breed rare digital cats. While that seeded initial value and excitement in NFTs, it can be exponentially increased via the distribution of NFT-based economic rewards within games. Whether it be a rare sword randomly spawned into existence on the battlefield or the distribution of rare skins upon completing an objective, these assets can become monetized and distributed out based on data from real-world events. Interestingly, these NFT assets may even have use within multiple different games (a concept known as metaverses) and can trade in secondary markets to determine their value.
None of this should come as a surprise, as in-game NFT assets are already driving customer value. For example, we’ve seen record prices for CS:GO skins and a Hyperion card that sold in Gods Unchained for $60,000 USD! Small gaming studios around the globe are recognizing this potential and already testing out new token possibilities and DevKits (SDKs) provided by blockchain projects. Additionally, a Blockchain Game Alliance has formed and includes both startups and small gaming studios, along with several well-known gaming brands.
GamerHash together with Chainlink sees great potential in the upcoming wave for collectible items in the form of in-game tokens. Our initial integration of Chainlink decentralized price oracles is now live, which gaming communities will increasingly need for both trading and speculating on assets, the later of which is fairly new to gaming. Beyond price feeds, GamerHash will use Chainlink as the recommended oracle provider for future projects, which will incorporate their NFTs into the GamerHash marketplace.
This recommendation is based on Chainlink’s proven ability to secure over a billion dollars in value in DeFi as the most widely used oracle. They are also increasingly being adopted in the blockchain gaming industry thanks to their ability to get any dataset, as well as their pioneering work on Chainlink VRF — a secure on-chain RNG solution that is fully auditable by end users, allowing them to verify that the source of randomness is authentic.
Daniel Kochis, Head of Chainlink Business Development talked about the integration, stating “The gaming industry is primed to see massive expansion through the introduction of in-game rewards represented as scarce NFT assets. We’re excited to collaborate with GamerHash to augment blockchain gaming through the use of key off-chain price and data feeds.”
Artur Pszczolkowski, GamerHash Co-founder & CMO also voiced his excitement, stating that “In a year or two, the market of non-fungible tokens will be consolidated as is the case in most other sectors. After building out our operations in Asia, we should have all the infrastructure in place to scale and become the Amazon of NFTs, and Chainlink will be the go-to oracle solution for the users, games, and item exchange on GamerHash.”
GamerHash is the platform for gamers to share their idle CPU/GPU for mining crypto or earning it through playing games. In just 2.5 years, nearly 500.000 users have registered accounts on the platform. Upon finishing our seed round in the next few weeks, GamerHash will begin its operations in Asia where we have perfect market fit.
Company GamerCoin(GHX) token will be emitted in Malta and sales will start through well known south korean exchanges. Currently GamerHash sells its tokens directly, only to a limited number of buyers
If you are a smart contract developer and want to take advantage of Chainlink VRF or Chainlink Price Reference Data, visit their developer documentation and join the technical discussion on Discord. Learn more by visiting the Chainlink website or following them on Twitter or Reddit.
Chainlink is an open source blockchain abstraction layer for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Kyber Network; numerous blockchains such as Ethereum, Polkadot, and Tezos; as well as large enterprises including Google, Oracle, and SWIFT.
Note: chainlinkecosystem.com does not claim any ownership of this content, all credit to GamerHash, view official announcement.