How Cryptocurrencies Are Shaping Blockchain Gaming
When you hear the word cryptocurrency, what comes to mind? Think of it as a digital currency that serves as a payment method. Crypto, unlike traditional currency, is based on algorithms and circulates without monetary authority. Now imagine how lovely it would be to earn cryptocurrency simply from playing your favorite games!
Cryptocurrency once dubbed elitist and esoteric, is gradually becoming commonplace and is carving a niche in world affairs, by shaping the way we do some basic things and revolutionizing our use of the internet to even the gaming world! Some examples of popular cryptocurrencies are Bitcoin, Ethereum, BNB, BUSD, etc.
Blockchain technology is the backbone of the crypto sphere, and it has stretched its ambit into the world of gaming, and why not? Instead of just playing games for fun, gamers can earn NFTs and cryptocurrencies by playing and winning games. As reported by Forbes, blockchain games will grow a whooping $10 billion by the end of 2022! We would never see gaming the same way we used to; blockchain technology and cryptocurrencies are changing the narrative.
Trendy as they might seem, cryptocurrencies are relatively new, and as such, there is a major adoption problem because according to a recent survey, 98% of people do not understand basic crypto concepts. This can be attributed to the fact that the market for these digital currencies is quite unstable, and considered to be a risky form of investment for many. Another technical part for many crypto newbies in playing blockchain games involves setting up a cryptocurrency wallet that they could use to receive their winnings or tokens.
The adoption of cryptocurrencies in blockchain gaming is a giant step, not necessarily to compete with the traditional gaming platforms but to create an alternate and profitable platform with ease and decentralization for players and developers alike.
Blockchain games are birthed by blockchain technology which is equally the same technology behind cryptocurrency. In effect, they are sons of the same mother!
Cryptocurrencies Promote/Market Blockchain Games
Since Blockchain games adopt the P2E model, the crypto of the game can be used as the in-game currency to buy weapons, tools, or whatever is instrumental to a player’s progress in the game. And by doing so, players can earn crypto upon completion of tasks or tournaments.
Cryptocurrency fuels blockchain gaming. For crypto enthusiasts, blockchain gaming reinforces their passion for cryptocurrencies as blockchain games are incentivized with play-to-earn features where tokens can be earned alongside the fun derived from playing their favorite games.
Blockchain games do not just provide an alternative to traditional games with their features such as incentivization and decentralization, cryptocurrencies also fuel them. For instance, the popularity of a coin or token attached to a particular game can determine the success of the blockchain game. If you can gain, say, some bitcoin from a particular gaming platform, the success of the game is already telling as bitcoin is presently the top cryptocurrency.
In essence, cryptocurrencies are indeed shaping and redefining blockchain games by serving as key promoters that ensure the popularity of such games. When you know you can earn some tokens (cryptocurrency) from playing a said game, your interest is piqued, and you will engage with such a game and the community of gamers.
Crypto enthusiasts are ever thrilled by the idea of combining blockchain technology in entertainment, gaming in this case, since it comes with the adoption of cryptocurrencies. While collecting coins, holding, trading, and so on, they are also having fun playing interesting games. It reinforces their passion for cryptocurrency and further bolsters their crypto evangelism, thereby bringing in major investors and big partnerships into the blockchain gaming world.
Blockchain games also serve as a gateway for many looking to get into the cryptoverse, and this is so because of the incentivized nature of blockchain games. Tokens and coins (cryptocurrencies) can be easily earned whilst playing a game or performing a task.
Beyond enabling gamers and developers to earn, cryptocurrencies guarantee players of increased security, convenience in gameplay, instant transactions, and transparency.
Funding, crypto is the currency!
As stated earlier, cryptocurrencies fuel blockchain gaming as the base currency with the concept of incentivization linked to blockchain games. Blockchain thrives on decentralization and community, and so does blockchain gaming. Despite being new and having its development dependent on creative minds, there are already teams, investors, developers, and key players who allocate special funds for supporting such projects.
In recent times, a couple of such sponsorships have been witnessed in sports, an example is the FTX Crypto cup for Chess professionals which is duly sponsored by FTX. Although Chess is not a blockchain game, it has been well adopted into the crypto sphere. Chess tournaments can be held online and tokens are won by the participants of the tournament. This is just one such situation where cryptocurrency funds gaming. In 2018, Tron announced the creation of the Tron arcade with a $100 million grant for game developers.
Other crypto companies have also funded developers and contributors to blockchain games. These funds enhance blockchain game developers, creators, and contributors to implement their ideas, create amazing content for the blockchain ecosystem, and build a body of content that is consumer-centric. By extension, this creates an alliance when these giant crypto companies invest and fund blockchain gaming, creating an ecosystem where decentralization exists.
WAM, a hyper-casual gaming platform with a mission to ignite mass crypto adoption is making crypto fun with its easy user experience and skill-based, casual games playable as tournaments where people win crypto rewards in $WAM coins and NFTs.
Cryptocurrencies either through collectible cards or NFTs have made blockchain gaming accessible and fun for crypto newbies and enthusiasts alike.
Cryptocurrencies have and are still shaping blockchain gaming by being a backbone to the creation and success of these games.
Daniel Tamas is the CEO and co-founder of WAM app, the world’s first hyper-casual gaming platform and internationally validated play-to-earn social gaming platform, reaching 1st place in the Top Charts of the App Stores. He’s also an entrepreneur, investor and founder of various companies, but most importantly a Frenchie lover and a hot sauce enthusiast
