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Future of cryptocurrency in virtual gaming industry is bright

future of cryptocurrency in virtual gaming

Well, to ask the future of cryptocurrency in virtual gaming industry we started with the 2017 report, by Newzoo.

The report outlines gaming facts as thirty percent (30%) of the total people on the face of the earth which makes for about two billion (2.2B) are active gamers. One billion (1B) of these users spend money while playing. The estimated revenue for the gaming industry thus sums up to one hundred and eight billion ($108.9B) dollars.

The creation of a virtual economy- allowing players to get a grip on better performing gear that helps them get out of the grind cycle and rise up to the top players with relative ease. This is besides some professional gamer looking for a little bling to top it off his extraordinary gear- is really handy.

Both the markets, the primary that the game developers create for a gamer to buy merchandise or in-game advantage giving equipment or the secondary market that makes [peer-to-peer transactions a bliss, are meant for elevating one’s gaming experience.

The unusual thing that the study from LendEDU highlighted was that players, on an average, spent eighty-four dollars ($84.67) – all microtransactions – most of which was to the ‘free to play games’ that have been having a blast with the in-game purchases. Fortnite, World of Warcraft, Dungeon Fighter Online, and Crossfire.

Letting cryptocurrency in on the action makes things easier for both the purchaser, seller an the developer by increasing security and providing reliability. Fortnite has started trading in Monero due to its stealthy measures.

 

The anonymity factor with most cryptocurrencies means that the client will not have to be worried about the personal information that needs processing with the credit card being used. Also, in terms of reliability, the immutable nature of cryptocurrencies allows them to be used but not misused.

An example of such a scenario is maxing out the credit card on an in-game store and shelling lies out on the banking service in use. This would make the merch-store go out of business.

Besides, the merchandise and in-game stores are more almost always used for micro-transactions. This coupled with the low transaction fee of the cryptocurrencies is just harmony.

Yes, not all cryptocurrencies are the same:

 

Developers have a way of giving care for gamers like giving them incentives for activities/actions done in-game. In other words- you get paid for playing. Ok, cool, now cryptofy that. Even cooler.

A few instances of how cryptocurrencies work

ClanPLay gives out Good Game, a cryptocurrency that can be traded in for Bitcoins and that’s not all. Most gaming companies have made cryptocurrencies of their own like the steem cryptocurrency for playing Steem Monsters, or Huntercoin giving away Huntercoin (HUC). Farm mining in Worldopo awards a player with either a Bitcoin, Ethereum or Worldopo’s WPT token.

Ubisoft is trying to integrate non-fungible Tokens (NFTs) for transactions. They allow for superior security with private keys attached to individual markets-making peer-to-peer trading a breeze.

Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

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