How the Gaming Industry is Adopting Cryptocurrency

Despite being two ideas borne out of digital technology, gaming and cryptocurrencies two terms that don’t usually get along well. However, with the advent of younger generations, the gaming industry has seen a shift. Cryptocurrency in gaming is now on the rise thanks in part to Millennials (or even younger generations); their fondness for virtual currency has opened a new market partition for the gaming industry.

It makes sense when you think about it, cryptocurrency investments or virtual currencies are something most young adults these days can grasp easily; also, it just so happens that one of the most common hobbies of younger generations these days is gaming. It was only a matter of time before cryptocurrency and video games find common ground apart from the hardware they use.

This sort of marriage between two completely different industries works when developers tokenize in-game assets and integrate them into the blockchain network. In addition to allowing players to trade, buy, and sell tokenized video game assets, they can now also use the in-game currencies as cryptocurrencies. In a way, it counts as potentially earning money while playing video games, depending on how savvy the individual.

One of the most noteworthy examples of such fluid integration is the game Augmentors. It’s similar to Pokemon GO where players collect fantasy creatures and battle it out. Each creature has a different rarity and can be traded with others. This is where cryptocurrency in gaming comes in; as players can use them for game asset transactions.

These assets can be anything from character and weapon skins, accessories, mounts, emotes, and other rarity-based in-game items.

Work and play are now mixed

The type of cryptocurrency one can earn can vary per video game or developer. This might sound like financial and security dangers but you can mitigate those risks by using proper cryptocurrency repositories such as Coinbase, Trezor, Luno bitcoin wallet, and more. This ensures that whichever you worked hard earning in a video game is safe.

With such a seamless integration of player effort and real-world monetary rewards, the gaming industry just might open up another way for people to earn in gaming other than the oversaturated video game streaming market.

Unlike streaming, the players directly earn money that’s directly proportionate to the time they spend on the game earning tradeable items. Moreover, the real-world value of cryptocurrency in gaming has immediate value. Depending on the game, moderators, or the community, cryptocurrency in gaming can also be a player-driven economy. It’s similar to those seen in massively multiplayer online roleplaying games (MMORPGs).

Work in progress

Meanwhile, there are also other games that don’t directly integrate but are popular enough to warrant such systems. Games like Fortnite and Clash Royale come to mind and their lack of such integration in cryptocurrency in gaming can be a big missed opportunity. That’s why certain groups like ClanPlay exist. They allow players of clan-based games to earn a cryptocurrency called “Good Game” which also doubles as in-game currency; this allows players to both trade outside the games as well as earn legitimate income while playing. It’s all within legal boundaries.

Other younger game developers have also taken a liking to such integration and are embracing cryptocurrency rewards for their video games. Augmentors, as mentioned before, is already set up for this. Other games like Age of Rust, CryptoSpaceX, and Lara Croft: Temples and Tombs are among them.

Even heavyweight eSports titles such as Gods Unchained have proven that blockchain gaming in a competitive and widespread scene is very much viable. Hence, it would be reasonable to expect certain popular AAA titles to also adopt this paradigm shift in video games. It’s essentially creating a whole new digital economy from scratch– one that is ripe for opportunities.

Bit developers are certainly seeing the potential of such an opportunity. Back in July, Refereum, a blockchain-based company, has partnered with PUBG Corporation. This essentially connects PUBG players to blockchain technology, giving their players more incentives to play longer and be more competitive.

Cryptocurrency in gaming in the future

All this sounds promising and you’ve probably even seen glimpses of it in pop culture or in Hollywood movies, particularly in Ready Player One where in-game currency can also be used as real-world money. Of course, that isn’t to say we’ll reach that level of dystopia just because of blockchain gaming. That premise is rather far-fetched fiction, after all.

In any case, cryptocurrency in gaming will surely open new doors for many people; it even might become the next big thing after video game streaming. All in all, the future is looking bright for people who love to play video games thanks to blockchain gaming. Earning money while playing video games has never this much fun or available to everyone.

RELATED: How Cryptocurrency Is Changing Gaming

Have something to tell us about this article?
Let us know

or Comment Below

Gaming Trailers

Got a tip?

Let us know