How Cryptocurrency Is Redefining the Future of Online Gaming
Many sectors in the economy are adopting cryptocurrency, and the online gaming industry is the latest to join the bandwagon. Before delving any further, here are a few facts about the gaming industry you should know: In 2020, the number of gamers globally stood at 2.7 billion, in the U.S.A, 45% of the gamers are women, and the most popular online game is League of Legends
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With organizations ditching fiat currencies for digital currencies such as Crypto, it is officially the alt season in 2021. This is because the latter is readily available, isn’t governed by strict government regulations, and requires no intermediaries.
Most industries use cryptocurrency to purchase and sell goods and services. With digital currency, instant and secure online payment is possible. Optimistically, the gaming industry is now going the Crypto way.
How to Use Cryptocurrency in Online Gaming
There is the idea of Crypto wallets. It is possible to make purchases or sales of Cryptocurrencies through exchanges from these wallets. For instance, if you wish to send Cryptocurrency units to another user, all you have to do is send them to that particular user’s digital wallet.
When it comes to online gaming, the monetization strategies adopted take the following forms:
In-app Advertising
This strategy exists in the form of rewarded ads. If you are a player, you will need to complete some surveys, tasks, or watch video ads before being awarded Cryptocurrencies.
In-app Purchases
It allows players to make direct purchases in the game. You could buy extra lives, coins, or custom characters. In online Bitcoin games, you have the option of purchasing items using Crypto or buying Crypto itself.
Affiliate/ Referral Marketing
Referral marketing is the newest strategy in the book. Here, players need to click banners and affiliate links to refer friends, earn rewards or sign up for free offers.
Experts advise that cryptocurrency is the future of online gaming, and it is only a matter of time before it takes the industry by storm. Here are some of the reasons why they believe this to be true.
Instant Transactions
As previously mentioned, cryptocurrency has managed to evade the government’s rigid policies and eliminate the need for intermediaries. This way, you can enjoy your favourite games without worries.
Exchanging crypto units in gaming is fast and efficient, thanks to cryptocurrency. Most gaming developers usually encounter difficulties in selling their software outside app stores. Blockchain comes through for them by allowing these developers to process nano-payments to receive instant payment.
You Can Play Anywhere
No matter your location globally, you can enjoy games without worrying about exchange rates and security issues.
Cryptocurrency also gives you an option of playing while concealing your email or identity; thus, you get all the privacy you want. What’s more? With Crypto, gamers all over the world can make payments and withdraw funds anywhere.
Safety
Many online gaming sites have trust issues, so security is paramount, particularly when making multiple purchases. Blockchain technology prevents any illegal dealings of digital assets. In addition, it also terminates stealing of keys by eliminating their duplication. When it comes to hacking, the technology remedies the situation by creating an immutable ledger.
When it comes to making and receiving payments, players want to know that their safety is assured. Cryptocurrency offers just this and much more.
Although Blockchain technology and crypto games may seem like technical terminologies, the benefits they have for developers and gamers are evident even to the blindest of eyes. There are a lot of Bitcoin games that players can try out. Players get improved gaming experiences, and developers bag their profits, so it is a win-win situation.