Khushi Kabra, UnitedWorld School of Law, Karnavati University
ABSTRACT
This abstract summarizes the issue of loot boxes and the need for blockchain technology in the gaming industry. Loot boxes are virtual items that can be purchased with real money in video games and contain randomized rewards, which have raised concerns over the potential for gambling-like behavior in players. Blockchain technology, on the other hand, is a decentralized and transparent digital ledger that enables secure and traceable transactions. The lack of regulation in relation to blockchain technology in loot boxes has led to controversy and calls for action from various stakeholders, consumer advocates, and industry experts. The paper examines the integration of blockchain technology in relation to loot boxes has gained attention as potential solution to address the concerns related to security, privacy and scalability within the gaming community.
The findings suggest implementation of blockchain technology may be the most effective way to regulate loot boxes and promote responsible gaming practices.
Keywords: Loot Box, Microtransactions, Gaming, Blockchain Technology, Cryptocurrency, Smart Contracts, Multiplayer Gaming, Blockchain Technology.
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