Crypto Gaming: the future of the gaming industry
Cryptocurrencies and blockchain technologies have been rallying the world since the mid-2000s. They have been refurbishing and in some cases, even demolishing the old ‘real estate’.
The disruptive nature and novelty of the technologies have been raising brows and sometimes excitement all over the tech circles.
Some industries need crypto adoption more than the others, and each has its reasons. For example, online casino operators have been more open to experimenting with crypto. The reason is the practical need for fast and safe transactions. The gaming industry, on the other hand, is a frontrunner in blockchain innovation.
Jordan Carry, an expert in crypto gaming, joined us today to discuss the future of the gaming industry during the rise of crypto technologies.
Revolutionise In-Game Asset Ownership
It’s true that video games have evolved, quite a bit, but most changes have been cosmetic. The graphics boost leaves gamers speechless nowadays. But the transactions and currencies within the games leave space for improvement.
For those of you who love collecting, trading, selling and buying in-game assets, blockchain can be the best thing to ever happen in recent years. It’s not news that people love spending money on games. Shiny weapons, skins, power-ups and other gameplay improvements are attractive for any gamer.
Buying pixels for real money might improve the gameplay. But from the ownership perspective, the player doesn’t control the asset. The game developer still owns all the purchased items.
Crypto gaming comes to revolutionise this reality. If you make an in-app purchase in a crypto-based game, the asset gets linked directly to your key in the ledger. This means that in all technical sense, you own it.
This setting leads to democratisation and decentralisation of the industry.
Another exciting aspect of gaming is that a tiny percentage (1%) of gamers have managed to monetise the game itself (playing on Twitch and asking patrons to donate doesn’t count). Gaming with crypto makes way for peer-to-peer, shared and monetisable gaming experience.
Playground for Innovative Ideas
It might be the end of an era when a sports team changes a mascot, but it’s a new beginning when novel technologies appear. New ideas come along, and the space for creativity and innovation expands.
Crypto video games are a relatively new concept. The industry started booming after CryptoKitties went viral in 2017. Many companies started investing in blockchain-based games.
Crypto gaming offers entries in any genre imaginable. The most popular games today base the gameplay on collectables or trainable heroes. You buy an asset, make it better in some way, and sell on the platform’s marketplace.
Forgotten Artifacts, Blockchain Cuties, Splinterlands and My Crypto Heroes are but a few of the bunch.
Crypto casino games are another area for experimentation: decentralisation in online casinos is worth exploring. The developers can include crypto technology in the usual casino games for increased fairness and fast payments.
Enlarge the Mainstream User Base
The younger generation might not realise, but some older people are still cautious about ATMs. No wonder that after all these years crypto still manages to scare people. There are several reasons why crypto hasn’t gone mainstream yet. The main one is the steep learning curve.
Picking the safest wallet, registering an account and going through your first transaction may be overwhelming. Although there are guides and YouTube channels dedicated to breaking down the process, crypto still stays in its niche.
Some games are there to help you learn more about using cryptocurrencies. Altcoin Fantasy, for example, is a platform where you can build a portfolio out of 140 cryptocurrencies and start trading. During the simulation, you pick up real-life skills for better trading strategy.
Bitcoin Flip is also an app that tries to gamify the trading process. It provides a safe environment for getting comfortable with Bitcoin.
Conclusion
Blockchain in gaming has been an exciting playground for a niche market up to date. Moreover, recent years saw steady growth in the percentage of crypto gamers.
While the crypto game creation is at its infancy, the developers promise us a better world with decentralised and fair gaming. Some researchers predict that more and more mainstream users will be attracted to crypto gaming in the future.