Rant

Is It Time for Gaming to Finally Embrace Cryptocurrency and Blockchain?

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Cryptocurrency

Cryptocurrency has been the buzzword and symbolism of the fourth industrial revolution for some time now. While many are still unsure as to how it could benefit, others are desperate to see it further implemented in the world of gaming. There has already been somewhat of a marriage between cryptocurrency and the gaming industry as we have covered at https://www.gamengadgets.com/cryptocurrency/, so developing blockchain capabilities for the sector isn’t too surprising. But how would the gaming industry benefit players and developers alike if they embraced cryptocurrency and blockchain technology?

 

Crypto for Microtransactions

The spending habits on a game such as Fortnite are a prime example of how useful cryptocurrency could be to the gaming industry going forwards. The average player spends around $85 on the free-to-play battle royale game. They do this through microtransactions, which the cryptocurrency industry is suggesting might be well-suited to using their financial methods.

The main pull for game developers is that currently, microtransactions are based on using external payment methods. But if the developers use existing blockchain and crypto technology to create their own in-house method of microtransaction payment, they could have greater control over it. Buying items in-game is where cryptocurrency and blockchain could fully be utilized to work in favor of the gamers and developers. The permanence and origin record of the blockchain means that if a player spends money on an expensive item, it can’t be removed or lost in the game code.

Some go further and suggest that if two games were to share the same blockchain or cryptocurrency provision for their microtransactions, outfits or items could be shared between them. So, you could buy a skin for one game and potentially use it on another.

The disagreement between Apple and Epic Games – who resent having to pay 30% of their app revenue to Apple just to host it on the App Store – spans from the fact that developers and game creators are often at the mercy of other parties.

 

Could It Lead to Professional Gaming?

Some suggest that games could then work like jobs – with money being paid for completing things in-game. The growth of eSports and the payout for those who are successful in the industry show that there is money to be made in gaming. This has helped legitimize the idea that cryptocurrency in games could pay.

The smartphone app Sweatco.in allows players to gain digital money through walking. The phone’s pedometer rewards app users through points which can be redeemed against vouchers. The more steps you take with the app active, the better rewarded you are. So, the technology could work when attached to completing mini-games or succeeding at in-game tasks.

 

How Can Players Warm to the Idea?

Existing Blockchain Games

The collectible game CryptoKitties shows how the functionality of blockchain may work for gamers and has helped broach the crypto subject with skeptical gamers. The ‘game’ involves players adopting a unique blockchain-based cyber pet (like Tamagotchi or Nintendogs) and then trading, breeding, and using the ledger of blockchain as a gaming platform. This has helped introduce the concept in a way that gamers can understand and shown some of the inherent benefits of the immutable ledger basis, which could be further extrapolated to help the gaming community at large.

 

Alternative Payment Methods

The online casino industry is already embracing alternative payment methods, which is the gateway to cryptocurrency. According to https://www.vegasslotsonline.com/deposit-methods/, the addition of alternative payment methods – such as e-wallets like Skrill and Neteller – could further help a customer make their decision, as well as the welcome bonus.

 

Greater Blockchain Adoption

A Japanese cryptocurrency firm has launched a new platform that helps content creators benefit from the immutable blockchain ledger. The idea of permanently owning gaming assets was suggested by developers of Go Base, which launched in May 2020, to attract those in the gaming industry. This greater adoption of blockchain technology in action will help players warm to the idea, which will help see a greater proliferation of the technology in gaming.

Gaming and cryptocurrency could be a match made in heaven. There are already uses for technology and some companies have begun to see how this technology works and what can be done. The next step will be having a huge gaming company incorporate them, and, if successful, this will likely lead to many more following.

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