Cryptocurrencies are on track to dominate online video gaming — and here are the numbers that show it
Did you know that 55% of millenial gamers own cryptocurrency, compared to just 5% of all millenials? Results from a new study showcase gamers’ pent up demand for using cryptocurrency to enhance their gaming experience.
The Worldwide Asset eXchange™ surveyed 1,000 gamers in the United States who have previously purchased, sold or traded virtual items online.
The study found that 75% of respondents said they wish they could exchange their virtual goods for currency that they could use to buy/sell on other platforms (this will be possible on the WAX platform once the final version is complete, expected in Q4 2018).
Around 5 percent of millennials have invested in various cryptocurrencies, according to a recent London Block Exchange report. WAX found that an incredible 55 percent of millennial gamers have already used cryptocurrencies.
WAX found that greater than 50 percent of gamers of all ages in the U.S. already own cryptocurrency. However, 87 percent have not used it in gaming before and 80 percent are interested in using cryptocurrency to make transactions within gaming. Close to two-thirds wish there were more opportunities to do so. The global nature of the online gaming community coupled with the tech-savviness of the millennial generation means the adoption rate of cryptocurrencies within gaming should only increase with time.
“The widespread usage of cryptocurrency in online video gaming is imminent,” said William Quigley, CEO of WAX Token. “Video gamers are tech-savvy members of a global community with the desire to make frequent, small transactions across borders. The results of the study could not be clearer: video gamers want to be able to use cryptocurrency to make low cost gaming-related transactions.”
The virtual gaming items market is plagued by high fees and exchange rates, inefficient intermediaries, and slow transaction times — issues that could be solved by the widespread adoption of a purpose-built cryptocurrency.
Gamers see many potential benefits to be gained from using cryptocurrency in gaming, with over 75 percent of gamers citing increased ease of use as a major benefit. Additionally, 66 percent expressed interest in the heightened security and 49 percent would enjoy the faster processing speeds. Furthermore, 42 percent like how cryptocurrency radically reduces exchange rates and 44 percent desire lower transaction fees.
Other interesting facts include:
- 75 percent wish they could exchange their virtual goods into currency they could use to buy/sell on other platforms
- Over 69 percent are interested in converting their virtual goods into tokens they could then exchange for other cryptocurrencies
- Around 64 percent of gamers believe the current methods of buying, selling and/or trading online gaming items need improvement
WAX is a functional utility token that supports a decentralized platform, enabling anyone to operate a fully functioning virtual marketplace with zero investment in security, infrastructure or payment processing. Developed by the founders of OPSkins, the world’s leading marketplace for online video game assets, WAX is designed to serve the 400+ million online players who already collect and trade video game assets and crypto collectibles. With the inclusion of the WAX simple exchange widget, gamers will have access to a worldwide market with blockchain trust and transaction verification. For more information, please visit https://wax.io.
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