The future of cryptocurrency is looking bright. More tech industries are welcoming the use of crypto coins. This includes online gaming platforms, with a 2,000% growth in 2021.
Few things rival the convenience that comes from cryptocurrencies, which many crypto sites at bitcoinist.com talk about. Players can use cryptocurrencies for easy transactions of virtual assets globally. They provide secure payments for in-game purchases. This feature applies to themes, avatars, and rare artifacts.
Gamers can also win gaming crypto tokens as rewards during gameplay. About 75% of online gamers wish to trade their virtual assets. They want to exchange them for a currency they can use across different platforms.
However, there is more to the increasing acceptance of cryptocurrency in the gaming world. People flock to crypto for financial gains, but that’s only the beginning.
What is Cryptocurrency?
Cryptocurrency is a digital asset protected by cryptography. It uses blockchain tech for decentralization and transparency. Governments do not control it and have no central authority. Apart from Bitcoin, other popular crypto coins include Litecoin, Cardano, and Ethereum.
Significance of Crypto Coins in Online Gaming
You can do cryptocurrency transactions via wallet exchanges. For instance, you can send cryptocurrencies to a player’s digital wallet.
One of the ways to make money is in-app purchases. It allows players to buy things in games. These include coins, lives, and custom avatars. In online crypto gaming platforms, players can buy cryptocurrencies or items using crypto coins.
Online games also use in-app ads to reward players. Players need to complete tasks to earn rewards. This includes watching videos and completing surveys. Even though affiliate/referral marketing is fairly new, it is another way that allows players to win rewards by referring the game to others.
Cryptocurrencies are soaring in popularity due to ease and speed of transactions. There are no middlemen in crypto transactions. This feature allows players to enjoy their games without delay.
Exchanging crypto units is quick and efficient. Blockchain solves the problem for game developers. This means instant nano-payments for those trying to sell outside app stores. They receive prompt payment, overcoming challenges they often encounter.
Accessibility and Anonymity
Cryptocurrency helps gamers play globally with no security or exchange rate problems. They can play without giving personal info or email. It enables quick payment and withdrawal from any location without limitations.
Online games can put your personal info at risk. But crypto games are safe if you want to avoid sharing details. Crypto transactions are private since addresses change with each buy.
More Secure and Cost-Effective
When you buy things in online games, security is important. After all, some gaming websites are not trustworthy. Blockchain checks illegal trading, hacking, and key theft. It makes a secure record and prevents duplicate keys. Thus, players can trust the payment process.
Cryptocurrencies are cheaper than credit cards, PayPal, and bank transfers. There are no hidden fees, and transactions are instant. Using crypto coins in games cuts handling and exchange fees. It benefits players and developers by increasing value and profits.
Studies reveal that in 2020, 2.7 billion gamers would spend about $159.3 billion on online games. Furthermore, the gaming industry may exceed $200 billion by 2023. This creates a growth opportunity for cryptocurrencies in the gaming world.