Why Crypto Gaming Could Be the Future of the Global Gaming Industry

Why Crypto Gaming Could Be the Future of the Global Gaming Industry

Last Updated on January 20, 2020 by Editor Futurescope

The global gaming industry has faced an unbelievable expansion in recent years and evolved to over $143 billion in 2019. Everyone is playing, and that’s a reality you see everywhere around you. Recent studies show that around 69% of gamers used micropayment, and the average spending per individual reached $84 in 2019. Looking at the data, you can think there’s nothing more that can be done to develop this large industry. However, that’s where crypto and its never-ending benefits come into play. From improving the mobile gaming industry to building better and faster mobile games, cryptocurrency, and technology behind it can be a huge game-changer. 

The main Earning Models of Game Developers

To fully understand how crypto gaming like book of ra online can influence the entire industry, we need to take a look at the main earning models that existed in video game history for developers. At first, the developers made money using the “pay to play” system, meaning that gamers would pay for the entire game to access the title.

However, these past years introduced a change to this model. Mostly because games proved to be easy targets for crackers that made them available for free via torrents, the developers decided to split the game into multiple smaller parts. Users could then buy the pieces as they played using virtual currency, which, in turn, can be supplemented with real money.

Advantages and Disadvantages of Micropayments

Now that we’ve established how modern gaming is being conducted with the help of micropayments and downloadable content, let’s see what the upsides and downsides of this new way of delivering games are.

Famous names like FIFA or Fortnite are examples of how microtransactions can be used successfully. Even though Fortnite is free to play, it still gathered $2.4 billion in revenue. And also though these microtransactions got a lot of bad publicity online, they come with some advantages. For example, it allows users to unlock new skins and perks by merely playing the game longer, without having to pay extra. 

The downside, however, comes from the slippery slope that developers sometimes follow when it comes to these microtransactions. Sometimes they go too far, and the best example comes from a story around Star Wars Battlefront 2 in which a user had to pay an extra $80 to unlock Darth Vader.

Where Does Bitcoin Come In?

No matter if developers get it right or not, microtransactions have already made their way into everyday gaming. Even if you look at bitcoin gambling, you will see several examples of microtransactions that generate great rewards. So, instead of having to use a crypto exchange to transform your crypto into fiat currency, and then use it in games, you could directly pay in BTC and other cryptocurrencies. Steam and Twitch opened their doors to cryptocurrencies back in 2017. However, due to the volatility of crypto, they chose not to continue the project anymore. 

Bitcoin and other cryptocurrencies could become more stable in the future thanks to the halvings and extensive plans of big companies to use and invest crypto technology; though this subject can be revisited. 

In the meantime, there’s one section of the gaming industry that thrives over the use of cryptocurrency – online casinos. Through popular mobile games and many technological advances, online casinos managed to reach out to more and more users, and offer a more enjoyable and safe experience. 

Of course, this doesn’t mean that crypto does not leave any marks on traditional gaming. Blockchain technology is already being used in developing new games, and there are more and more ways crypto-related technology is reshaping the developing process. However, for now, microtransactions in crypto are on hold. 

Other Advantages Crypto Bring to the Gaming Industry

As we said, just because direct transactions in cryptocurrency are not yet a thing, it doesn’t mean that crypto doesn’t have a considerable influence. Blockchain comes with much more advantages except the one we mentioned, allowing developers to create better games and collaborate easier.

Blockchain can also help players securely store their in-game assets. Since hackers love centralized servers, having one permanent place where all the info related to that game is held, makes the big gaming servers vulnerable. Adding blockchain to the mix will mean that players can buy digital collectibles and store them in crypto wallets. So, if you get an infrequent item in a game, you won’t have to fear losing it due to cyber-attacks or anything like that. 

Final Thoughts

2020 already brings a lot of advances compared to the previous years, and it’s just a couple of days have passed. Where do you think this link between cryptocurrency and the gaming industry will lead? Is it a good idea to combine the two domains to create a super-structure, or are there any downsides at using more crypto in the gaming landscape? Share your thoughts in the comments section below! 

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