Cryptocurrencies are being adopted by so many industries today and so has gaming embraced this relatively new technology. The use of cryptocurrency is on the rise within the gaming industry and it is easy to see why. Although it is currently still limited to a relatively small market share, crypto, and NFTs in video games made over $100 million in sales in 2020.
There are concerns that with the crypto integration, there lies gambling and predatory tendencies. However, when properly integrated, proponents have maintained that crypto is good for both the players and developers. Proper regulation will assist the industry in avoiding mishaps in the future because people will be aware of the consequences of their actions.
Gaming is a straightforward approach to making complex technologies like Crypto and blockchain familiar to the general populace. Crypto is rapidly gaining more traction and as part of this growth, the gaming sector is well-placed to usher in the mainstream use of crypto. Crypto is steadily finding its niche in the gaming world and the trends are quite promising. The combination of these cutting-edge technologies is creating new opportunities in an industry that never ceases to strive for the next level.
Benefits of Crypto in Gaming for Developers and Players
- Crypto provides new opportunities for developers – to monetize games and for gamers – to receive rewards. For developers, crypto-games create the possibility of multiple forms of monetization through the sales of NFTs and tokens within games on the secondary market. The owners of such assets bear the cost of future game production.
- For players, crypto refers to real ownership of virtual commodities such as game items as NFT which are transferable. It enables you to be rewarded in cryptocurrencies and has the possibility of making money from playing the games. Some of the play to earning games even enables talented players to earn their wages through playing.
- Enhanced Security comprises Protection against Hacks and secure in-game transactions. Cryptocurrencies and blockchain technology provide robust security measures that protect your digital assets. Unique cryptographic techniques ensure secure transactions and verifiable, reducing the risk of fraudulent activities.
- Lower Transaction Fees enhance the cost efficiency benefiting both players and game developers. Microtransactions allow players to make micro-in-game purchases without incurring disproportionate costs.
- Immediate access to purchased items or currencies ensures real-time transaction settlements, further enhancing the player experience. Eliminates any delays associated with traditional banking systems, such as processing times and clearing periods.
- Crypto payments in gaming are a global method that can be made from any corner to any corner of the world. It works great with countries having limited access to the banking system.
- Incorporating UniPayment is relatively easy and it can be integrated into different gaming platforms and interfaces with no hassle from the side of the developers. Due to this, it becomes easier for players to use UniPayment game purchases as they do not have to leave the game and go through a completely different process.
- UniPayment also follows the banking and financial laws that are within the compliance of holding companies and gambling firms, giving credence to gaming companies as well as players that the transactions are legal.
Applications
Within gaming, cryptocurrency has a few exciting applications that you should know about.
In-game purchases
Many gaming companies are experimenting with using cryptocurrency for in-game purchases. Instead of paying with traditional currency, players can use crypto to buy virtual items, upgrades or subscriptions. This allows for fast, secure transactions without the hassle of entering payment info for every purchase.
- Instant Transactions: Players use cryptocurrencies to buy in-game items, such as weapons, skins, or virtual currencies instantly without any delays.
- Reduced Costs: Cryptocurrencies offer lower transaction fees beneficial for both, the players and developers by eliminating the hassle of processing and currency conversion.
Rewards and incentives
Some companies adopted the use of crypto as a form of incentive that rewards players for completing certain levels in a game or encouraging customers to patronize a product. In the process playing out through all stages among the rewards mentioned, you can get to earn crypto, the value of which can be redeemed through real money. This makes for an interesting concept of using crypto through the gaming element of it; players have to complete certain objectives that will give them a bonus and ensure they continue playing. Giving out cryptocurrencies to players is also an advantage as it attracts more players because they can make expand their worth in the real world.
Collectibles
Crypto is also facilitating non-fungible tokens or NFTs, these tokens are used to represent in-game assets for things like character customization, virtual real estate and property, weapons, vehicles and many others. It must also be noted that these tokens can be bought, sold and exchanged like regular commodities involving toys and other collectible items.
Crypto and blockchain will surely become future popular and a new chapter of the gaming evolution will come, changing the current state in many ways. Keep an eye on the trends on how different games are adopting blockchain especially if they are the kind of games you prefer since it could easily become a game changer and completely alter your gaming experience. This brilliance of the future for gaming may even be bigger and much more sophistically.
Case Studies and Examples
Axie Infinity
Axie Infinity is a blockchain-based game that allows players to earn money through non-fungible tokens (NFTs) and cryptocurrency. Players can earn Small Love Potions (SLP) and Axie Infinity Shards (AXS) – native token, by breeding, battling, and trading digital pets called Axies. The game has over 2 million active players and has processed over $2 billion in NFT trades.
Decentraland
Decentraland is a virtual world where players can build and monetize content and applications. Players can virtually explore and also interact with other players, even they can even create games. All land and items in Decentraland are NFTs stored on the Ethereum blockchain. Decentraland’s cryptocurrency (MANA) can be earned. The virtual world attracts major brands as well.
The Sandbox
The Sandbox is another virtual world powered by blockchain technology where players build, own, and monetize their gaming experiences using SAND- NFTs. Players can create brands, construct games, and can even build roles, stories and quests of their property. The Sandbox has one of its primary objectives to provide resources for creating the metaverse to both large and independent companies. Shows like The Walking Dead, franchises like Care Bears, and gaming firm Atari are some of the big IPs that have created experiences in The Sandbox.
Cryptocurrency and NFTs are new forms in the industry that are revolutionizing the way games are brought and played to the benefit of the players and game developers. Crypto gaming is yet growing especially as a new but promising kind of gaming format that is expected to get more attention as time passes. The examples reveal how play-to-earn systems, combined with ownership of digital assets, revolutionize gaming.
Conclusion
Well there you have it – cryptocurrency and blockchain are making serious moves into gaming. While the tech is still new and evolving, the potential benefits like true ownership of in-game assets and provably fair systems are exciting. As a gamer, you may want to keep an eye on how this space develops. Crypto integration could bring you new ways to earn and trade items securely. But don’t go spending your life savings on NFTs just yet – do your own research before investing. The crypto-gaming revolution is coming either way. Hopefully, it brings fresh innovation that enhances the player experience.