Over the last seven years, cryptocurrency has grown from strength to strength. It continues to increase in popularity (and notoriety), with the rise of Non-Fungible Tokens (NFTs) and its use of GPUs. It’s clear that the world is divided about cryptocurrency, but there’s no denying that a lot of money has circulated as a result of it. That is likely the major reason why cryptocurrency has begun to break into the world of gaming.
And that’s most likely the reason why cryptocurrency is starting to break into the gaming industry as well. Even though crypto gaming is not in the world of regular gaming, rapid change seems to be on its way. This article will discuss cryptocurrency and its venture into the world of gaming.
Cryptocurrency in a nutshell
Cryptocurrency can be defined as a virtual currency on a decentralized network. Due to its connection with blockchain technology, it exists without control from central governments or authorities. This means it is immune to any sort of manipulation from large institutions. As well as Bitcoin, there are other cryptocurrencies. These include Ethereum, Litecoin, EOS, Cardano, Peercoin and Namecoin.
How has cryptocurrency affected the gaming industry?
As an industry, gaming has become a fast-growing venture. It has had to evolve with the improvement in technology. A lot of gamers are comfortable with cryptocurrencies entering the gaming world. It is not lost on them that virtual money is a feature of gaming – and has been for many years. If you’re one of the skeptics, there’s no need to be too scared as cryptocurrencies won’t necessarily affect your video games, your gaming PCs or your 32 inch gaming monitors.
Cryptocurrency has impacted the gaming industry in different ways. Some of them are:
1. Co-creator reward
During blockchain and cryptocurrency’s early days, there really wasn’t a way that gamers could be rewarded for their help in co-creating games. Luckily, proper models for rewarding gamers can now be created. Developers can use co-creator rewards platform to provide awareness and tangible rewards for the efforts of third-party co-creators. This will go a long way in improving the overall quality of work.
2. Breaking borders
With cryptocurrency transactions, gaming companies will be able to hire developers anywhere in the world. This also applies to virtually any company as they are exposed to a larger pool of talent.
It can be hard to find developers because of the number of technology companies searching for them. With the help of cryptocurrency as a payment method, these companies can look over the world for developers and pay them by this means.
3. The casino industry
The casino industry has been majorly impacted by cryptocurrencies. There has been a rise in the number of casinos adopting crypto iGaming. One of the advantages of casinos accepting cryptocurrency as a payment method is the privacy it assures. Online casinos can be accessed with as much anonymity as possible.
4. Crypto gaming
Crypto gaming is incredibly similar to other video games. However, it is created with cryptographic technology. It allows users and gamers to own parts of the game (e.g. characters, weapons, skins or even the coding). For crypto gaming, gamers will be able to transfer their rewards and purchased items from one game to another.