Is there anything that cryptocurrencies are not disrupting these days? Cryptos are making headlines, and not for the best reasons. Bitcoin is in freefall, as crypto miners begin to tumble, and even stablecoins don’t seem so “stable” anymore. Nonetheless, cryptos are still around and being embraced by everyone, from small cafes to entire nations. How does this payment method affect the gaming industry? Learn more here.
Cryptocurrencies are fantastic for online purchases, especially in-game purchases. It’s instant, easy to use, and players don’t have to leave the game for an external online payment page. This payment method is also excellent for microtransactions, which abound in the world of iGaming. Some cryptocurrencies can be minted, and others are very cheap.
Anonymity and privacy are other big advantages for those who play online games. You can now play online casino games with real money without disclosing any banking information. In addition, withdrawals are free and almost instantaneous for those who use this type of currency on online gambling platforms.
Some online gambling sites have only adopted this currency, imposing tight caps on transactions. Meanwhile, new platforms are tackling this trend, supporting unlimited transactions in Bitcoin, Ethereum, Litecoin and others.
Blockchains receive far less attention from the general public than its vociferous tenant, Bitcoin. Blockchain and Bitcoin were born on the same day, with enormous disruptive capacity. From bitcoin Pizza Day, 12 years ago, the global economy will never be the same. Cryptocurrencies cannot exist without blockchain. Still, blockchain has proven to be a more versatile technology.
It goes way beyond a simple digital ledger or digital wallet. It makes it possible to store and analyze large volumes of information. Thus, it has become an indispensable tool for everyone from the food supply chain to military industries. Blockchains are also playing a vital role in transforming the esports scenario.
While it’s true that microtransactions aren’t new to gamers, blockchain opens up a whole new world of possibilities. A new model of blockchain-based microtransactionscalled “play-to-earn”, uses NFTs to create real ownership in the digital world.
If you’ve ever played mobile games, you know what we’re talking about. You buy a new game from the app store, which has a lot of in-game items to buy. You decide to spend a little more money and buy a few. Once you get bored of the game and stop playing it, there is no way to get back the money you spent on buying things.
Thanks to NFTs, players can resell their items when they no longer wish to play a game. Even better, blockchains and NFTs allow players to actually “invest” in in-game items and earn tokens that can be redeemed for real money. The possibility of earning real money just by playing games is heating up the industry and attracting dozens of new users daily.
Money is never free, however. While some games offer legitimate ways to earn money by playing, most have a purchase price; it’s not always cheap. Consider the game Axie Infinity, for example. In this Pokémon-like fighting game, new players must purchase three creatures to start the game. Each creature can cost from $70, which means an initial “investment” of $210.
While the new possibilities are indeed exciting, there is still plenty of room for improvement. Developers need to create items that have value in secondary markets.
The “play to win” mentality gives everyone a fighting chance. Meanwhile, “pay-to-win” games reward players with the deepest pockets, not the most skilled or the most dedicated. Either way, cryptos and blockchain have changed the online gaming environment forever.
CaptainAltcoin writers and guest authors may or may not have a vested interest in any of the projects and ventures mentioned. None of CaptainAltcoin’s content is investment advice or a substitute for advice from a certified financial planner. The opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com