Home Finance The Impact of Cryptocurrency to the Gaming Industry

The Impact of Cryptocurrency to the Gaming Industry

by Elsa Stringer

Cryptocurrencies are a big game-changer in almost every professional field, and the games are not an exception, especially when it comes to e-sports. There are so many ways how the crypto world is affecting the gaming industry, no matter what type of game we are talking about. For example, blockchain technology is not exclusively used for Bitcoins, but it also can be implemented in arts, markets, stores, hospitals, and of course, games.

According to forevergeek.com, the developers are always trying to increase the whole experience, and it’s not weird if they try to bring these currencies into it, so the gaming revenue would be even better.

source:blockchainbully.org

As we all know, you can deposit real money so you can use them for a different type of games, but since the crypto money exist, it’s expected that they will become an important part of the game prizes, and people can pay and receive them in Bitcoins, or any other type of digital coins they prefer. Don’t you ever forget that every time you pay something online, you should check if the connection between you and the receiver is encrypted, so you can avoid scams?

The games are creating a fictional world of wins and fail, earning and losing, getting addicted to them, and at the same time, we can’t really hold a Bitcoin in our hands. When two virtual worlds merge, the chances of damage are very big, especially when it’s not controlled by some high instances from the authorities. Anyhow, that helps to increase the gaming economy in a few ways.

How cryptocurrencies are affecting the game economy?

source:pxhere.com

The players play these games so they can make their spare time more interesting. But, if they come with the possibility of financial benefit, they are becoming even more attractive for a wider range of potential players. When you want to improve your character or get a better result, the first thing you think about is if you can pay for some advanced features that will help you win. In a case of that, the developers should include at least two paying methods, or even more if needed. That means they will have to adapt to a whole new approach when creating new games, or upgrading the old ones. Also, they have to invent a new economic system for every game they create.

The players should have many payment options, and the crypto money is not an exception. Some games go that further so they offer different features if you use Bitcoins. Also, that opens a breach for the fraudsters who want to earn money without having to dedicate to the game or steal the virtual gear from those who paid for it. So, the developers should consider taking the security aspect to a very high level, so there won’t be scams and frauds.

Some different approaches to the gaming industry

source:digitaltokens.io

Safety and security are the biggest problems when it comes to online gaming, and the providers are trying to do everything they can, so the players are always protected. Blockchain is using safe and encrypted channels, and also security tokens, and crypto keys. The developers can use some of these ideas, so they can improve their product. But, on the other hand, this can be very tricky, because no player wants to confirm their identity every now and then. Also, for the first time, it would be extremely difficult to implement this technology into multiplayer action games, and we all know that the puzzles are not a challenge for the people.

Mining and blockchain technology may mess with the storyline of the video games, but that doesn’t mean it’s impossible to use the same principle. The biggest problem, in this case, is how people will accept it, and will they be able to adapt to the situation. But, if the situations stay as it’s now, the chances that blockchain may affect the quality of the game are huge.

The items and characters worth

source:pxhere.com

When you play a game, you are getting a basic free version that you can upgrade by paying for special items, or character improvements. But, be aware that if two economy systems meet in one game, the one will define the price, and sometimes, converting from one currency to another can be very “cruel”, which means if the fiat money is a basic payment method, the crypto items may be extremely more expensive, and vice versa.

More opportunities for the gamers

If theoretically, the problem with multicurrency payments can be solved without any damage, the players will have a lot of options and choices in every means of gaming. They will be able to buy the full version of the game using Bitcoins, get their prizes in fiat money, install some special updates, and take part in important tournaments or championships. Integrating the crypto money into the gaming system is not impossible, but it requires a lot of time and money. But if somehow happens to successfully work out, it will be great for both the gamers and the companies that provide these games.

Creating new digital currencies

source:cointelegraph.com

Everyone can invent a cryptocurrency and create a network that works together with them. So, the idea of developing digital currencies from a game is also good, and the players that own some pile of these coins can easily benefit while they play. These coins may not be much worth on the whole crypto market, but their value will be important while you play.

Cryptocurrencies, especially the most popular Bitcoins, Ethereum, Litecoins, Bitcoin Cash, Tether, and so on, have the great developing potential for the almost whole global economy. But, their usage is still controversial in so many countries, because many governments still have huge control over the people’s money. Games are not an exception. Implementing the cryptos into their code will take a lot of time, money, and human resources, and still be unsuccessful, so the risk can’t be ignored. But if done properly, both the crypto market and the gaming industry may benefit from each other in so many ways.

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