How Will Crypto Disrupt the Gaming Industry?
Is there a part of the financial world not yet shaken by the crypto craze? After all, cryptos are no longer only for tech geeks buying virtual stuff online. Mega investors and huge companies are betting heavily on it. Indeed, the crypto wave is sweeping everything on its way, and it has even become the official currency in El Salvador. So, it’s not surprising that this kind of payment method is now trendy in the online game industry, too. Learn more in this article.
The crypto market is as complex as it is volatile. It’s pretty tricky to follow the ups and downs of about 19,000 cryptocurrencies and how they affect each other. Still, you’ve probably heard much about Bitcoins unless you’ve been living on a desert island. Although it’s not the first cryptocurrency in history, it’s the first successful attempt in this field. As such, it has ushered in a new era for online transactions.
Payments with cryptos are instant, completely anonymous and pay much fewer fees per transaction. Besides, most can be exchanged for any currency, and some options are designed for cross-border transactions. These features make cryptos a very appealing option for those trying their luck online gambling.
Cryptos and Online Casinos
Several top-notch online gambling platforms are operating with cryptos for deposits and withdrawals. Newer online casinos tend to accept a wide array of options, and crypto-only platforms are no longer rare.
In fact, cryptos receive the same treatment as fiat currencies in many places, having access to the same bonuses and even some exclusive ones. So, crypto gamblers can enjoy new free spins offers for more fun, just like a customer paying with fiat currency.
This payment is also instrumental where there are banking restrictions. Also, it helps bypass restrictions where online gambling is forbidden. Transactions with cryptocurrencies don’t involve any banking institution. Also, their decentralised nature makes them uncontrollable and hardly traceable by governmental institutions.
A Broader Landscape
The online gambling sector isn’t the only one benefiting from the rise and evolution of cryptocurrencies. Those playing MOBA and MMORPG games also use cryptocurrencies in their gaming routing. Here are some ways cryptos are already transforming the landscape in the gaming industry.
Crypto transactions don’t need intermediation. So that players can trade their crypto assets directly with each other. It allows gamers to create unique gaming experiences with their peers.
It also gives gamers much more control over in-game assets purchased by gaming companies. Gaming companies rarely trade in-game assets outside the game ecosystem. Still, gamers can create a completely independent environment. There, players can trade such assets without company interference.
Such transactions and independent environments exist without threatening the uniqueness of each item. There’s no space for duplications in these independent marketplaces. Blockchain technology is better for counter hacks and cyber attacks, creating a safer environment for everyone.
Gaming companies also find it easier to control the assets traded using cryptos, curbing illegal trading of items. There have indeed been successful cyberattacks on blockchains before. Still, blockchains are the latest word in security. Its transparent nature is also perfect for duplications and stealing.
Cryptocurrencies have also been helping fight fraudulence. It’s an issue that costs companies millions of dollars in lost revenue annually. Crypto transactions and blockchains are the best weapons against such threats. This industry indeed continues to thrive despite the fraud. However, preventing them would lead to huge savings. Additionally, it would bring more security, transparency and respectability to the sector.
Cryptos and NFTs
Using cryptos in gaming also means opening the way for NFTs (non-fungible tokens). NFTs are items that can’t be replicable; they are indeed one of a kind. There are NFTs of everything these days: from Picasso drawings to sports cars and real estate.
In a gaming context, NFTs are typically unique in-game items which can be bought and resold between players in authorised marketplaces. Games such as NFT Megaways are designed for mobile devices first, and bring unique gameplay.
Cryptos and NFTs have created a new model of gaming called “play-to-earn”. This concept approaches gaming as a source of income, where players collect NFTs and cryptos that can be traded for real money in the market.
Game Over/Play Again
The gamification of crypto assets is no longer on the horizon of the gaming industry; it’s the very ground under its feet. New models of gaming are helping to popularise this kind of asset. More players are playing such games as a side source of income. In this new model, players collect NFTs and cryptocurrencies. This movement feeds into a cycle that makes this industry expand even further every year.