Yes. Because block chains are relatively slow when compared to in-memory and normal databases. Those databases already need to track "Player X has item Y" just to run the game. Same with adding items to and removing items from a player.

From there, implementing "Player X has given item Y to Player Z" is pretty straightforward. It's even built into most RPG multiplayer games by default, unbound to any form of external payment.

Multiplayer games also add event logs - creating a immutable record of all inventory changes - just so customer service (CS) can do their job. For example, in Everquest, GMs (aka CS) were able to see that yes, indeed, a player did get the drop from the dragon, even though it later glitched out of their inventory, and re-gifted the item to the player.

So, for a single game, a blockchain only adds a second, delayed (and relatively expensive, since it requires extra compute resources to create) record of events that are already recorded.