The relationship between cryptocurrency and the gaming industry is quite a natural one. For one, people who are passionate about gaming are likely to be tech-savvy, which means they are also likely to have knowledge of the ins and outs of crypto, and an understanding of its benefits.
Many gamers are also protective of their privacy and their right to anonymity. Crypto is a decentralized currency, and prioritizes the security and safety of its users. When applied to games, it enables players to earn, trade, make in-game purchases, and more without having to compromise by sharing personal or financial details.
The Kinds of Games That Use Cryptocurrency
More and more games that allow crypto in some way are popping up, after seeing the benefits and increased user numbers that it can bring. There are a couple of groups within the gaming industry in particular that are taking advantage of cryptocurrency to the fullest, which are detailed below.
iGaming
The iGaming industry can refer to a wide range of activities: anything from online casino games to sports betting. It will typically revolve around placing a wager on the outcome of an event, whether that’s a sports team winning or playing gambling games like you’d find in a traditional land-based casino.
Online casinos have made the best of what crypto has to offer, with thousands of Bitcoin games allowing users to gamble with digital currency. Transactions within these kinds of games can be made using Bitcoin, and many of these platforms also offer bonus funds for players depositing crypto into their accounts.
NFT Gaming
NFT (also known as Non-Fungible Token) gaming is another area of the gaming industry that utilizes cryptocurrency. What makes NFT gaming different from other crypto games is that instead of using digital currency coins, like Bitcoin or Ethereum, players use NFTs.
The NFTs can either be traded or kept as valuable collectible items or items as part of a larger collection. Across the world, they are treated as high-value commodities, not just in the gaming world but across fashion, music, and art as well.
GameFi
Short for Gaming Finance, GameFi was created to combine gaming with decentralized finance. It is a type of technology a bit like that used in cryptocurrencies, and it means that people can use digital currencies and not have to deal with any third parties, such as banks.
One of the main reasons behind the rising popularity of GameFi is that all financial transactions, like withdrawals and deposits, are instant. All earnings are kept in a digital wallet and can be accessed at any time, from anywhere in the world – perfect if you’re always on the go.
The Benefits of Integrating Cryptocurrency into the Gaming Industry
There are many pros to using cryptocurrency in gaming, from the security it affords to players to the potential financial gain.
Increased Security
One of the most obvious perks that encourages many to make the switch to digital currencies is the guaranteed security. When making digital payments, for gaming purposes or otherwise, trust in the fact that financial and personal details will be secure is paramount. Blockchain technology can assure this, and many crypto games do not require players to enter any credit card information.
Financial Incentives
Cryptocurrency gaming is slowly shifting the industry from a “pay-to-play” to a “play-to-earn” model. Within traditional games, there are in-game economies wherein currency earned through playing enables users to make in-game purchases. None of this involves anything of actual monetary value, however.
With crypto games, on the other hand, digital currency can be used to make aforementioned purchases. Any crypto traded or earned throughout game-playing can also be exchanged for traditional currency. The inclusion of crypto in the gaming industry presents players with the opportunity to earn money, and serves as a significant incentive.
Cross-Game Communication
Because crypto does not belong to any one nation, it has the potential to become the world’s first globally used currency. This means that it could be deployed across numerous types of games, eradicating the need for boundaries between different in-game economies. If this were to happen, users could transfer and trade their cryptocurrency easily throughout each of the games that they enjoy playing. The result of this would be an integrated and global gaming community.
Ownership
Something that sets crypto gaming apart from its traditional counterpart is that players have a higher degree of ownership rights. Rather than renting digital assets from game developers, they are able to retain verifiable control over their assets, such as virtual products or services. With this also comes the possibility of gamers being able to monetize these digital commodities in the future.
Disclaimer: The views and opinions expressed in this article are those of the authors and do not reflect those of Geek Vibes Nation. This article is for educational purposes only.
Robert Griffith is a content and essay writer. He is collaborating with local magazines and newspapers. Robert is interested in topics such as marketing and history.
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