Crypto is having a huge impact on the gaming industry. While it hasn’t gripped quite as hard as the more traditional video game industry (since many of those gamers are steering clear of crypto, for some reason), it has had a positive impact on the gambling industry.
On this page, we want to give you an overview of how crypto has had a positive effect on the gaming industry. We’ll be looking at this, mostly, from a gambling perspective. However, we doubt it’ll be long before crypto starts to get a grip on the more traditional gaming scene too. We’re just waiting for developers to take that leap, and for more traditional gamers to go along with it.
Play to earn currency
When most people think cryptocurrency, they think of currencies like Bitcoin, Ethereum etc. However, these aren’t the only cryptocurrencies out there. There are thousands of them, with new ones launching all the time. It isn’t that hard to develop a cryptocurrency, and even gaming platforms have been doing it.
In recent years, a number of game developers have started to toy with the idea of allowing their games to create cryptocurrencies that players can trade. Granted, these cryptocurrencies rarely have any value unless the game takes off properly. So far, no game that has used this method has been a huge hit, but it’s only a matter of time before one becomes successful. When it does, we reckon plenty of other games will follow suit.
If this takes off, then the blockchain may allow for easier trading of in-game assets and limited items that require proof of ownership. Cryptocurrencies utilized in games in this manner will create their own little worlds with tradable currencies and assets. We reckon that this is the sort of thing Facebook is aiming for with their metaverse (and yes, we know that Facebook is now called Meta, but you’ll be surprised at how few people are aware of that).
More payment methods
Most people just like the idea of cryptocurrency because it means more ways to pay for whatever they are buying online. Since a lot of people have bought cryptocurrency recently, thanks to the greater focus on it being used as a currency, a lot of laymen now have cryptocurrency sitting in their accounts that they are just waiting to spend.
We are now seeing multiple platforms accept cryptocurrency as a payment method. Take some of the sweepstakes casinos featured at WSN, for instance. Many of those platforms are now allowing people to deposit into their accounts using cryptocurrency. This gives value to the cryptocurrency, while also allowing people to deposit in a more unique way.
Companies producing these games love money, so they have no issues with providing more methods for people to deposit with them. This is having a positive impact on the finances of certain game publishers – not so much because they have provided more options for people to give them money, but because cryptocurrencies can potentially climb in value (some will fall, obviously). When a cryptocurrency climbs in value, game publishers may end up with more money than they expected, since they can sell off their crypto reserve. This is no doubt one of the main reasons why plenty of companies are looking to dabble with the idea of accepting cryptocurrency as a payment. If they had taken Bitcoin as a payment just a decade ago, they’d be rolling in the cash right now. Still, better late than never.
More secure deposits and withdrawals
We are not saying that traditional payment methods are not secure. They are. It is just that the nature of cryptocurrencies means that these payments are a lot more secure. It is hard to have your cash stolen from you, since the only person who can feasibly have access to your cryptocurrency wallet should be you. Nobody will see where the crypto is being sent (more on that soon), either.
While this is not something that is having a major impact on the gaming industry as a whole, people do love the idea of security in their financial transactions, particularly since we live in an age where hacking and snooping on data are more common than ever before. Secure your cryptocurrency wallet (there are plenty of guides online for that) and your crypto will remain safe. However, do make sure that if you’re paying using crypto that you send to the right account! Crypto cannot be retrieved once you’ve sent it.
More access to games for players
One of the major benefits of cryptocurrency is that it knows no borders. It is one of the main reasons why people love crypto. As you know, some countries might limit people’s access to games, or game developers who may not think a particular region is worth trading in, and thus do not come up with local payment options. The use of crypto in games has changed this quite dramatically. Players can now easily access games that they might not have been able to play before.
Gaming has become a whole lot more accessible to everybody. It’s a shame that not every developer is utilizing crypto as a payment option, but it’ll probably just be a matter of time.
Anonymity
Most crypto transactions are anonymous (if you’re gambling, you still need to prove your identity), which is beneficial in a multitude of ways – for example, nobody will know where you are spending your money. For the most part, somebody knowing where you’re spending your cash wouldn’t matter too much. Still, it is always wise to be as anonymous as possible when making financial transactions online, and crypto helps with this.
We believe a lot of gamers love the idea of being anonymous when gaming, so this is likely having a huge impact on how people make transactions in their games. We know that, for some, if crypto is available as a payment method, that will be their preference.
Final thoughts
As we said at the start, cryptocurrency is still fairly new to the gaming industry, and most games developers have yet to embrace the tech. However, we have noted ways that the use of cryptocurrency will impact the sector. It can allow for the easier trade of in-game assets and more anonymous purchases, and enable people to play the games they might not otherwise have had access to. Crypto is having a big impact on the business of gaming, and it’s only set to get bigger.
Leave a Reply