Could Crypto Revolutionise Gaming?
Over the past few years, crypto has been making headlines across the world. This exciting new technology looks set to usher in a new dawn of payment processing and promises to make our lives easier and more convenient.
While crypto is usually linked with the fintech and ecommerce sectors, we’re seeing the technology used more and more in the video games industry as well. What can crypto offer gamers and game developers, is it set to change the face of gaming as we know it? Find out here.
How Does Crypto Work?
To understand how crypto could revolutionise gaming, we first need to learn what crypto is and how it works.
Crypto is short for cryptocurrency, which is a kind of digital asset. These assets are often referred to as coins, with some popular examples including Bitcoin and Litecoin.
Cryptocurrencies are secured by cryptography, making them incredibly safe and protected. Transactions are recorded on a digital ledger called the blockchain, where records are validated by other crypto users on the network. This is called decentralization, it means that crypto does not require oversight by a governing body such as a bank or credit card company.
Traditional payment methods such as bank transfers and credit card payments can take a long time to process, especially for cross-border transactions. What’s more, these transactions can also incur fees and costs. With crypto, these problems are a thing of the past. Payments can be made instantly and without the charges incurred by banks and financial institutions.
Each transaction recorded on the blockchain is both permanent and transparent. This means that financial histories can be reviewed in detail, significantly reducing the risk of fraudulent activity.
Crypto was conceptualised and designed as an alternative payment method that individuals and companies could utilise and enjoy a number of benefits. From increased security to faster speeds, crypto can offer unprecedented levels of safety and convenience.
These benefits have seen crypto adopted by a number of companies, such as gambling companies which now allow players to deposit with crypto on betting sites.
This all sounds well and good, but what does it mean for gaming? Could crypto really revolutionise the gaming industry? Let’s find out.
In-Game Purchases
In the past, video games were standalone products, what you paid for was what you got. Games today are constantly connected to online services, which means that developers can create and add new products for players to buy in-game to enhance the experience.
These can include things like new characters, items, or entire new levels and storylines. These in-game transactions are massively lucrative, with developer Activision Blizzard generating $1.2 billion from them in just one financial quarter.
By integrating crypto, game developers can make the process of purchasing these in-game items far easier and more streamlined. Players’ payments will process instantly, and no additional costs will be charged to the player or the developer.
Crypto’s unique security attributes will also make players feel more comfortable about making in-game purchases. Cybercrime is an ever-present threat, if developers can offer players safer ways to make payments, they will see sales and revenue increase.
Play-to-Earn Gaming
While crypto will make the process of conducting in-game transactions easier, this can hardly be considered revolutionary. However, the technology is being used to develop and popularize an entirely new kind of gaming, known as play-to-earn.
Play-to-earn games are powered by blockchain networks and create a fully decentralised virtual environment where users can play games and interact. Completing objectives and achievements in these games will award players with digital assets such as crypto and NFTs. These assets can be used in games as new items, taken to other blockchain-based games, or even taken to dedicated marketplaces where they can be bought, sold, or traded.
Play-to-earn games are an entirely new gaming concept. By using the power of crypto and blockchain, players will now have the chance to profit from their progress and their skills. This will further incentivize new players to join these games and propel the industry to never-before-seen heights.
When used in combination with emerging tech like virtual reality and artificial intelligence, crypto looks set to be part of a true gaming revolution that will change the very face of the industry.
Conclusion
There’s never been a more exciting time to be involved with the video games industry. By integrating crypto and blockchain technology, developers can offer players a number of incredible benefits, and the tech looks set to turn the gaming world on its head through play-to-earn gaming titles.
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