If there is one industry that has wholeheartedly welcomed cryptocurrencies with open arms, it has to be the gaming industry!
In the last few years, cryptocurrencies have become an integral part of our economic landscape. In fact, they are responsible for changing the financial status-quo in our globalized world.
Their prominence and popularity have seen them come across as a direct threat to the established hegemony of world governments and financial institutions.
The gaming industry has benefitted immensely from the advent of cryptocurrencies. For many commentators, they are a natural fit and can help each other develop in mutually beneficial ways.
In this article, we are going to look at why crypto games are becoming popular. If you are someone that wants to play and win cryptocurrencies, on a gaming platform, you should be interested in what we have to say.
Cryptocurrencies and the Gaming Industry: What you need to know?
There are many ways in which the gaming industry is adopting cryptocurrencies. The following are some of the major ways-
- Winning Cryptocurrencies– There are online games that allow you to win cryptocurrencies if you unlock a level or reach the conclusion. You can win everything from NFTS to Bitcoin and Ether on these gaming platforms.
- Making In-App Purchases using Crypto– Other games allow you to make in-app purchases by paying with any of the accepted cryptocurrencies on the platform. You can buy armor, get game coins, or special powers by paying with crypto.
- Games run on the Blockchain Network– A lot of gaming creators are now opting to create a decentralized game platform. This means that the game keeps developing in blocks and gets stored. This is one of the most eventful fallouts of Blockchain.
- Non-Fungible Token (NFT) Games– NFTs have become very popular with several major gaming companies opting for their use. An NFT can be in the form of skin, or a weapon, or an achievement on a game. They are used on the Ether blockchain.
One of the most important things to note is that crypto games have shifted the attention away from developers and focussed it on the players! This means that all the financial benefits that were once going to the game development company can now be won by the players making the game popular. This is a huge step and way forward for the decentralized gaming industry.
5 Major Benefits of Cryptocurrencies in the Gaming Industry
In this section, we are going to list down some of the major benefits of the introduction of crypto in the gaming industry-
- Get more bang for your buck-
Using crypto to make in-app purchases means there are no conversion fees or hidden charges. Almost none of the online game platforms take any handling or exchange charges when you make payments by using any of the accepted cryptocurrencies on the platform.
- Safer and secure payment option-
Cryptocurrencies cannot be hacked, along with the Blockchain. This means that you do not have to worry about your crypto getting into the wrong hands. If you are looking to overcome trust issues, using crypto is the best method forward.
- Play where you feel like from-
If you can circumvent the exchange rate issues, you can practically pay for your online games sitting in any part of the world. Using crypto means that you do not have to give up your identity. If you are sitting in China and using a VPN, you can play to your heart’s content!
- Instant processing and transactions-
We all know that cryptocurrencies are fast, really fast! This means that whether you are looking to make that in-app purchase or want to credit the crypto won to your account, you can do both almost instantaneously. This is one of the major benefits of using cryptocurrencies in gaming.
- Keep your identity a secret-
While a lot of us love playing games, we do not prefer sharing personal and confidential information like credit card details or even emails. Crypto games are perfect since they do not ask you to divulge any of this information. You can always keep your identity a secret.
The Final Word
If experts are to be believed, the crypto gaming industry is still in its infant stages. In other words, there is a lot of room to grow and develop in the coming few years. There is no denying the fact that crypto games are going to be the next big rage in our times. With 3.2 billion gamers on the planet, it is only a matter of time before the gaming industry becomes an active stakeholder in the crypto ecosystem.