Gaming and Cryptocurrencies: Why do they work so well together?
The gaming sector have witnessed exponential growth and popularity over the last two decades. With the advancements of tech devices including mobile phones, smart pads and gaming consoles, the gaming industry has thrived; which has opened up room for collaborations across industries.
The last few years have witnessed the launch of a number of gaming based cryptocurrencies including blockchain systems. According to a recent report, the global gaming industry will be worth $143 billion by the year 2020 and both blockchain including cryptocurrencies will impact the sector in a major way.
Technically speaking, dedicated gamers around the world, have always been aware of cryptocurrencies, for the past decade at least.
Virtual currencies have existed within the gaming industry for years. Let’s take the game ‘World of Warcraft’, for example…Gamers are required to buy “digital gold”. Using the currency, gamers can purchase assets such as dragons. However, acquiring digital gold in itself was a time consuming process, which is precisely why they used fiat or real currency to purchase the gaming assets. This enabled gaming organizations to generate higher revenues for their business.
A number of blockchain oriented games have been launched recently; this kind of technology allows gamers to utilize cryptocurrencies for trading gaming products with each. Also, using cryptocurrencies in gaming allows gamers ownership with regard to the in-game items. They get to own their own digital assets in their game, that only belongs to them.
This is because blockchain oriented games ensure tokenization of all the items. Hence, after a gamer has acquired assets or items, they continue to remain in his/her possession inside the digital wallets until the gamer decides to sell or trade the assets that have been tokenized. This of course is in a manner similar to other cryptocurrenices. As a result, gamers are not required to pay fiat money for purchasing items from game development companies directly.
There’s a number of games taking advantage of this type of technology:
An eSports reward as well as challenge based platform, FirstBlood helps in preventing fraud as well as allowing players to earn prize money on their adventures.
The platform allows players to challenge one another and win attractive rewards too. The platform is linked to a blockchain system where all of the match related information is appropriately recorded. Smart contracts on the system ensures that the parties involved receive their payments.
Enjin (Enjin Coin)
Based in Singapore, Enjin recently launched its own Ether backed cryptocurrency known as Enjin Coin. The token functions as a smart crypto token for gaming. Enjin allows gamers to manage, distribute as well as trade virtual items. Thus, gamers have the option of trading their preferred assets from one game to another or between communities which expands their digital wallets even as they go about playing.
Allows for in-game payment currency for the gamers. The game utilizes a peer-to-peer open source cryptocurrency over a transparent blockchain where both developers and gamers can receive payouts. GameCredits was launched in 2015 and was originally known as GamersCoin (GMC) but later rebranded to GameCredits (GAME).
The gaming industry has certainly welcomed cryptocurrencies in a big way and adopted blockchain technology. Do you trade cryptocurrencies when you game? Let us know.
Want to buy Bitcoins? It’s never been more convenient with Cryptopay. We’ll take you through every step of the way. Find out more here.