The rise of Cryptocurrencies & the Gaming Industry — A New Saga

Shiny Shajil (Chickey Chik)

From the bartering of goods to going cashless and digital, the development of currencies and payment methods has evolved with the adoption of new technologies. However, the rise of cryptocurrencies was somewhat unexpected, yet it has had a substantial effect on the economy over the last decade.

The world of cryptocurrencies and blockchain technology seems quite complicated for people who are new to the industry. This causes uncertainty for many beginners. However, the core concepts are fascinating and simple. This article will help decode the world of crypto and its unison with a roaring industry.

The unparalleled success of the Gaming Industry

In the last couple of decades, video games have progressed significantly. In fact, the worldwide gaming industry is expecting to grow at a CAGR of 9.64 percent between 2021 and 2026, from USD 173.70 billion in 2020 to USD 314.40 billion by 2026. While other industries took a blow due to the COVID-19 havoc, the Gaming Industry met its fame.

However, the world of gaming also saw a much-needed evolution, from traditional games to the 2.0 version of gaming — Crypto Gaming — A saga we all saw coming…

Usage of cryptocurrencies allows payment and transfer across borders. These transfers do not need a central monetary authority such as a government or bank. Cryptocurrencies are usually generated by using cryptographic processes ( fancy term for secure communications). This allows users to make transactions in a secure way.

These currencies, like any other, are used to buy and sell goods and services. But they are most commonly employed as investment vehicles.

As cryptocurrencies continue to grow in popularity, businesses all over the world are seeking new ways to incorporate this innovative technology into their core goods and services. Online gaming, for instance, has become a powerhouse for innovative ideas in this domain.

What does this Saga promise?

It’s a long-gone history when game developers were the only ones benefiting financially. Gone are those times, when gamers won in-game items without earning a dime for their efforts.

Crypto games are challenging the traditional gaming business today. It lets gamers earn money as they play ( Play- to- Earn), thus rewarding their time and effort.

In-app purchases allow users to purchase stuff straight from the game, such as money, additional lives, custom characters, clothes, and accessories.

When it comes to crypto gaming, in-app transactions occur when consumers purchase products using Crypto or buy the cryptocurrency itself. Traditional games, on the other hand, often purchase components from a single developer-owned store, making only the developers wealthy and not the gamers.

Game developers are looking for creative ways to use cryptos to buy and sell in-game items, aesthetics, unlock characters, and more.

So how does this work?

As you would have gotten a fair idea by now, specific Wallets (just like digital wallets you have on your mobile) may be used to purchase and sell cryptocurrencies. When a person wishes to transfer cryptocurrency units to another user, he or she sends them to that user’s digital wallet.

Now when we incorporate crypto into the world of gaming, it facilitates In-app purchases, in-app advertising, and affiliate marketing.

In the concept of In-app purchases, it allows players to purchase items like money, extra lives, and custom characters directly in the game. Players buy products with cryptocurrency itself in online crypto games.

In-app advertising in online crypto games takes the form of incentivized adverts, in which players are paid with cryptocurrency for completing specified activities, watching video ads, and filling out surveys.

In the case of Affiliate Marketing strategy, a novel concept on the market of crypto gaming, players must click affiliate links and banners, suggest a friend, or sign up for a free offer.

Marching towards a bright future

The market of crypto gaming has expanded its reach to such a great extent that there are now online Bitcoin casinos that accept cryptocurrency payments and allow gamers to play or trade in digital assets.

Crypto gaming improves the experience for gamers while providing new income options for developers. From the ability to earn to the convenience of transactions, the capacity to play anytime, and the elevated levels of security and safety, crypto gaming enhances the overall gaming experience.

According to Newzoo’s Analytics Platforms, in 2020, 2.7 billion gamers would spend roughly US$159.3 billion on online gaming. According to estimates, the industry will exceed $200 billion by 2023. It’s a chance for crypto or bitcoin online gaming to flourish.

Several studios have jumped on the crypto gaming hype train in an attempt to profit from the current trend.

That said, the rise of the online gaming sector is something that crypto gaming should attempt to capitalize on, as it offers obvious advantages for both gamers and creators.

Cryptocurrency has definitely rug its bell of prosperity and has taken the gaming industry by a blizzard! Let the games begin!

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