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How Can Crypto Impact the Gaming Industry?

Cryptocurrency has had a major impact on many global industries and gaming is no exception. When blockchain is mentioned, the first thought of many people is Bitcoin, but a lot of online stores and brick and mortar shops have implemented cryptocurrency, along with online gaming. How can crypto impact the gaming industry going forward?

Roughly, one in three people on the planet plays video games and in 2020, over 40 million games owned cryptocurrency. So, there is a clear cross over between people who player games and owners of cryptocurrency. It is believed over 20 million gamers in the Asia-Pacific region own cryptocurrency, with 25% in North America. Why is there a clear link between gaming and crypto and what impact is this going to have on the gaming industry?

Crypto assets can be exchanged and traded anywhere in the world and that makes them an extremely flexible commodity. So, gamers can use cryptocurrency to make in-game purchases or exchange crypto for currency used in the game. In the future, the currencies used in online games could be crypto, meaning there is no need to make an exchange and all the items in the game will have a real-world value. This would be a huge change for the online gaming industry in the future, with all items within a game having value. Taking popular online football games as an example, if the coins used to buy players became cryptocurrency, the game takes on a whole new level of meaning. The players have real world worth and player sales could generate funds that could be withdrawn by the gamer and used to make other purchases, outside of the game.

There is clearly a lot of work to be done for the above example to become a reality, but it closely matches the principle of crypto staking. Taking BetFury Bitcoin Casino as an example, this leading online casino has been created specifically for those who want to play online casino games using cryptocurrency. When purchasing loot boxes on video games, there is a gamble involved as you never know what you are going to receive from the box. Using football games again as an example, you may land a top-rated player who has a high value in the game and selling that player could make you a lot of in-game currency. However, you could land a group of average players that have no real value in the game. The same applies when playing online casino games, there is a chance you could win big when using crypto but even if you lose, you still have the enjoyment of playing the casino game.

Using crypto in games could lead to much faster transactions, no hidden fees, greater convenience for gamers, and allow players to earn real-world assets. Having the opportunity to generate funds when playing a game that can be withdrawn as real assets is how crypto could have a massive impact on the gaming industry in the future.

What do you think?

Written by Kesara Bandaragoda

GAG Staff

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