Cryptocurrency has for years been a global phenomenon, and various industries are adopting it for its convenience. Among these numerous industries is the gaming industry, particularly online gaming. With cryptos, players can collect and trade digital assets and exchange them worldwide. Therefore, it offers a secure and easy medium to generate money at the basic level.
The development of cryptocurrency gaming
Thanks to great leaps in mobile and PC gaming, there has been a noticeably increased interest in cryptocurrency. Crypto games undoubtedly disrupt the traditional gaming market because players can earn while playing, so their time and effort are rewarded.
According to the Worldwide Asset exchange, more than 75% of gamers online desire to exchange their current digital assets for a form of currency that they can use across different platforms. One of the pivots of crypto gaming’s popularity is it allows gamers to trade and collect virtual assets that they can then trade and exchange worldwide.
Crypto gaming has also provided a simple, secure way for the industry to generate money.
How does it work?
It is common knowledge that you can easily purchase and sell cryptocurrencies through a digital wallet using cryptocurrency exchanges. The main monetization strategies in traditional online gaming are affiliate marketing, in-app ads, and in-app purchases.
Players today may know about in-game coins such as the ones you get when playing games like CandyCrush and Monopoly. For the longest time, these coins have had no actual value beyond the bounds of the game, which is unfortunate. Such factors have contributed to crypto gaming’s growing popularity.
With crypto gaming, a user can add value to their purchases. In these games, store tokens are usually reserved on a distributed ledger on top of a cryptocurrency network. A good example of such tokens is in-game products. This ledger is known as a blockchain and is responsible for enabling game products to get traded for crypto, which can be exchanged for real currency.
In-app purchases in traditional gaming allow players to purchase things like coins, outfits, and extra lives directly. In crypto gaming, in-app purchases happen when gamers purchase items using crypto or buy the cryptocurrency itself. Traditionally, you would purchase assets from a specific developer-owned store, generating money for the app developers rather than you, the gamer.
Furthermore, players cannot control the game life cycle in traditional games. Once the server is switched off, the operator removes the unused digital properties, cutting off the player’s access to any of them. They own all of the game’s merchandise, not the player.
Although modern-day games provide digital ownership, they don’t provide the same value or stakes as crypto games. So, while it is possible to own in-game properties, you cannot sell them to fellow players. The concept in crypto gaming is very different, from ownership to decentralization. In crypto gaming, players’ assets are not limited to game purposes and are globally distributed.
Benefits of adopting crypto in online gaming
1. Swift transactions
Crypto gets rid of bureaucracy and removes unnecessary intermediaries from the transaction process, allowing players to enjoy their games much faster. Hence, cryptos make the exchange of crypto units efficient and instant.
One of the issues developers face is the difficulty when trying to sell their software outside the app stores. With blockchain, they can process nano-payments in order to receive their payments instantly.
2. Offers safety and security
Players want security when making their purchases online, but most online gaming sites have trust issues. Blockchain technology stops the illegal trading of virtual assets in online games. It also eliminates the stealing and hacking of keys by creating an immutable ledger. This boosts players’ confidence because they are assured of secure and safe payments.
3. Ability to play the game from anywhere
With cryptocurrency, players can play intentionally without worrying about the exchange rate and security problems. That gives gamers the option to play online without needing to confirm their email or identity. They can also withdraw funds and pay swiftly from any part of the globe free of restrictions.
When playing your favorite games online, your money might be secure, but unfortunately, this isn’t always the case with personal information. If you do not wish to share your data, online crypto games are the perfect fit. Furthermore, crypto purchases are confidential unless you voluntarily share your transactions.
This is thanks to the anonymous crypto address generated for purchases because it changes with every transaction.
Cryptocurrency games and blockchain might seem too technical, but their benefits for developers and gamers are apparent. The games will improve your experience as a player, and developers can also boost their profits. Players can also potentially get rewarded with the actual digital currency. Although blockchain development in gaming is still in its infant stages, the future is promising.