Blockchain technology has made headlines around the world with the rise of the value of different cryptocurrencies. It changed the future market forever because it’s attracted global attention and it also promoted the integration of cryptocurrencies in the business sector.
The gaming industry was also impacted by the newfound fame of cryptocurrencies as there was an increasing number of businesses that accepted crypto payments, including tech giants like Microsoft, Samsung, and other global brands. Below, we will look at the impact of crypto on the gaming industry.
Safe Payments
One of the reasons why major brands are accepting cryptocurrencies is that they are designed as a decentralized payment method based on blockchain technology. This means that the cross-border fees are quite low, the processing time is instant in most cases, and you can also maintain your anonymity, although this can depend on the type of people go you are using.
So, it comes naturally that many gamers simply want to make purchases to use their cryptocurrencies for this reason. For example, there are mobile games where you can make in-app purchases for upgrades or for different items in the game with your crypto funds.
Moreover, there is an increasing number of online casinos that also accept crypto payments. So, you can play everything from slot machines like Big Bass Bonanza Slot Machine to card games with your crypto funds. It represents a great innovation in the iGaming sector because casinos also offer crypto bonuses and promotions to crypto casino players.
Rise of Crypto Gaming
There are crypto gaming platforms where the players are motivated to complete quests or other tasks and receive rewards in crypto. The games are called play-to-earn models, where the incentive are crypto rewards that you could win by defeating your enemy or obtaining hidden resources in the game.
There are also games where the users sell their items like swords, capes, and treasure chests, for example, for NFTs or for crypto. Also, there are mobile games where you can make an in-app purchase on your mobile device and buy premium subscription and buy items in the game.
Also, there are companies like SAND that have created their own digital world based on Ethereum’s blockchain, where participants can purchase a digital piece of land with Ethereum’s coins. Another example is the integration of crypto on Twitch, where streamers can accept crypto payments from their audiences.
NFTS
NFTs are also based on blockchain technology. You generally require Ethereum’s tokens in order to be able to purchase NFTs. Each NFT is unique and created to prove the ownership of digital assets like artwork, articles, music, and even video games. It can also be applied to prove the ownership of digital items within the game. But, also NFTs as innovations can be used to personalize the gaming experience with unique character items.
Conclusion
In conclusion, the gaming sector is ever so innovative, which is why they are open to new payment solutions provided by cryptocurrencies. Not only do they improve the gaming experience for cryptocurrencies also solve many other issues associated with foreign currencies, processing times, and transaction fees.
So, today you can use crypto when you want to purchase a new game or invest in INFTs, or if you want to make in-app purchases while you’re playing certain games. In the future, we will expect cryptocurrencies to find many applications in the gaming sector and for more brands to support the mainstream adoption of crypto.