Cryptocurrency for Online Gaming

The online gaming industry is massive and always sees new players entering the market every day. This young industry has yet to match the popularity of established entertainment markets in terms of revenue but undoubtedly has a bright future ahead.

What many people don’t think about when playing their favorite game is where all these items are coming from and who benefits from their sales. The truth is a lot of money can be made from these items and their revenue gives incentive to the companies that own the games to continue creating them so they can generate more income.

Cryptocurrency in the Gaming World

Source: medium.com

With many competitors in the space, it’s hard for any single company to stand out. However, with the blockchain anything is possible. Due to the decentralized nature of the technology, no single entity controls it and that means it’s impossible for any person or group to gain control over another part of the network unless they own more than half of it which is highly unlikely. This could have many benefits for companies in the gaming industry.

Cryptocurrencies can also be used in games to create an extra element of fun for users who are familiar with them and the majority of gamers wouldn’t bat an eyelid when they see Bitcoin or another cryptocurrency appear within a game. With platforms like BitcoinMotion offering a wide range of coins, gamers enjoy a whole lot of convenience.

If it’s done right, this could give the game that little bit extra which could make all the difference when it comes to success. Many people in the space believe cryptocurrency and games were made for each other. The creation of a game that uses cryptocurrency as its central theme could give companies in this space a massive boost.

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This is due to the fact that if cryptocurrencies become more mainstream, players will know about them and there’s nothing better than the real world to get people interested in a game. Integration into existing games can also be done but requires more resources and effort than creating a new game that uses cryptocurrency as the focus of its theme

Companies That Use Cryptocurrency

Source: medium.com

Many companies have already started integrating blockchain technology into their business model which is good news for future acceptance rates. Some examples of the companies already making waves in this space include DMarket, Firstblood and WAX.

All of these companies have made it clear that cryptocurrency is a major part of their plans to take over the market and they’re not alone either as many other companies are looking into implementing blockchain technology into day to day business.

With the introduction of blockchain technology and crypto to the gaming industry, there has been a significant transformation. It seems like this is the future of online gaming and with the advent of new technology, this industry will be worth trillions in no time.

The earliest known game to feature an in-game cryptocurrency is Spells of Genesis, which was created by Swiss game developer EverdreamSoft and released on multiple platforms, including iOS and Android devices. In these games, players must travel around a map gathering resources such as coins, crystals, and relics before entering the battle zone. Players must also upgrade their cards to become stronger in future battles.

How do cryptocurrencies work in Online gaming?

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Generally, cryptocurrencies are digital money that can be transferred from one digital wallet to another. In the case of gaming platforms, these digital assets can be used in app purchases and referral code. Anyone can use this app purchase options to purchase some of the items inside the online games. Extra lives, coins, and much more can be bought using the cryptocurrency that a player holds.

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Moreover, the advertisements in online games can be used to achieve some of the unique items inside the application. Sometimes important clues in games can also be obtained by using advertisements. Online gaming platforms have started telecasting affiliate marketing links in today’s situations. If a player shares or refers to a friend, then he can quickly gain rewards from the earlier advertisements. Most of the online casino games have started accepting cryptocurrencies directly, so there will not be an issue in transferring funds to the online gaming platforms. The play-to-earn model in each gaming platform might help people in a better way, and it also benefits players by allowing them to earn some cash in the game.

Growth of crypto gaming

The increase in cryptocurrency usage has made many online and offline players use these coins for gaming purposes. So this has made the traditional offline games suffer a lot as most of the players prefer to play online casino games. This can also be called an advantage for casino owners as the cost for providing a place, the food cost and the electricity bills and even the staff engaged in this process can be removed by making the process online.

Moreover, the online games are designed in such a way to impress many online gamers, so to attract customers, they have added many additional things and made the game more interesting. For instance, cryptocurrency and some other features in the game can be obtained by just sharing the game with people. In addition, these are free rewards and can be benefited in the game by just clicking the toggle in the game or even on the game’s official website. Sometimes filling surveys might help players achieve some of the unique gifts from games.

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Benefits of cryptocurrency in online gaming platforms

Source: time.com

  • Portability

One of the most important advantages of playing online casino games is portability. Anyone can play these games through their mobile phones or laptops to pass the time in all the places. Moreover, this kind of digital money can be an added advantage for online gaming as it is already a digital asset, and it can be transferred to the online game with ease.

  • Fast And Secure Transactions

The transactions that occur in an online platform will be stored in the form of data in any electronic devices that people use to play the game. So in case of an emergency, people can easily track the existing details and find a straightforward solution. So the transactions are secured and faster than the conventional mode of transferring funds to online casino gaming.

Conclusion

It’s no secret that a lot of money can be made in the gaming industry and it’s a well-known fact that blockchain is making waves across many industries. With all this in mind, why wouldn’t companies want to implement cryptocurrency into their online games? It seems like a fairly logical move when you think about it.