Effort Economy
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Effort Economy

Gamers Are the Best Crypto HODLers

Hold on for dear life, or HODL — a mantra most people in the crypto space live by. As an investing strategy, HODL has become a trading approach that disregards the technical indicators behind bear markets, and banks on the long-term potential growth of the cryptocurrencies. Generally, market players use different strategies to hold cryptocurrencies. But if I were to create a profile of the best holders, I would say that gamers are the best crypto holders.

Pandemic and Gaming

In the tech world, the COVID-19 pandemic has made one thing clear: the gaming industry is booming. With quarantine restrictions being placed in different parts of the world, a lot of people turned to games to effectively pass their time. Interestingly, statistics from different gaming platforms showed that the pandemic resulted to a huge boost in video game sales, in-game sales, and new players.

Pre-Bitcoin Quasi-crypto Technology in Gaming

If you think about it, the gaming industry has been using quasi-crypto technologies even before Bitcoin and the blockchain were even developed. Take your favorite online game for example. Does your favorite game offer in-game purchases for resources that you can use only in the game? Are you able to use these in-game purchases and trade it with other players in some way? In essence, your fiat money is translated into in-game resources. In-game currencies are essentially the same as cryptocurrencies, only without the decentralization and transparency. This proves that even before the blockchain, the gaming industry has been employing the same economy as Bitcoin and cryptocurrencies.

Tokenization Will Continue to Push Forward the Gaming Industry

In the current mainstream gaming industry, different games have different economies operating within their own worlds. While the current scenario still works, the idea of tokenization through the blockchain could greatly improve and redefine the gaming industry as we know it.

Tokenized Merchandise and Rewards

Aside from purchasing tokens for in-game use, tokens can also be offered by the game developers as rewards to certain achievements both real-world and in-game. Incentives like these encourage players and entice non-players to also get into the game. Tokens can be exchanged for real-world merchandise or in-game rewards.

Token Trading

Because of the blockchain technology, tokens can be tradable both in-game and through virtual wallets. This capability can give players the option to either trade, use, or hold their tokens for possible future appreciation in market value.

These three things are already working concepts in the current gaming industry. The application of the blockchain technology to games can create a more revolutionized gaming experience comparable to the Metaverse. So yes, gamers are the best crypto holders — they have been engaged in the same economy as cryptocurrencies, (though arguably less secure), even before cryptocurrencies were even developed.

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Troy S

Troy S

Creating as many earning opportunities in Web 3.0 || Founder of Effort Economy