The nexus between cryptocurrency and gaming : Dawn of a new age?
Cryptocurrency is just over fifteen years old yet its impact is that of a sector that has existed for decades. It took a while for this to show but the financial and technological mainstream has gradually accepted that the industry is here to stay. Gaming is one of these sectors that experiences high levels of cryptocurrency usage.
Such usage is a triumph for cryptocurrency enthusiasts. It is a world away from the humble beginnings of cryptocurrency as a fringe internet phenomenon. In the past few years, several games have launched with payments entirely in cryptocurrency. Let’s find out why these sectors are a natural fit.
Cryptocurrency and gaming
Bitcoin usage was heavily reliant on its popularity with internet users. Incidentally, gaming enthusiasts happen to be a demographic that is always online. Integration of cryptocurrency with gaming goes back to the early days of crypto but has really taken off in the past few years.
At the most basic level, crypto is a currency. It presents an alternative payment mode for users online. For gamers, this possibility means that they could accept peer-to-peer crypto payments and, with time, purchase in-game items using crypto. You’d be surprised at how seriously gamers take these items, be they character skins or other items.
Cryptocurrency is low-cost, fast, and mostly pseudonymous. These characteristics made the asset popular with gamers, especially when exchanging items with each other. Additionally, its global nature means that a gamer from anywhere can make fast payments without the constraints of centralized currency processes.
With time, game creators saw the need for integrating crypto payments in new games. Hundreds of crypto-themed games have emerged in recent years to capitalize on crypto popularity. The games showcase the diversity of developers’ imaginations but mostly rely on the community participation aspect that is a signature of all blockchain platforms.
Admittedly, some traditional gaming studios still stick to banks and debit cards. Nonetheless, cryptocurrency shall continue to become a greater fixture in all gaming aspects in the future.
Specific usage in gaming Item ownership and trading
One aspect of crypto usage in gaming that has gained prominence is applicability as in-game rewards. Game developers have taken up cryptocurrency rewards for in-game activities to incentivize players. The advantage of cryptocurrency rewards is that it is real money and not gaming points or items that are only useful within the game.
The emergence of Non-Fungible tokens has elevated cryptocurrency usage within games even further. They are unique cryptocurrency tokens that cannot be interchanged with other units and can track ownership of an item effectively. Game developers like Appxplore (Icandy) have taken this course with the anticipated release of the NFT Game CryptantCrab Prime. The game features an NFT collection (Primordials) that gives users exclusive collectibles from their gameplay. The NFTs will be revealed on April 19th.
Gamers can trade NFTs among themselves and monetize their gameplay. The perks also include rewards for achievements, special tournaments, token airdrops and other unique incentives for participation. The cumulative effect is the creation of an authentic and valuable gaming ecosystem for players.
Greater control of in-game items is more than just a marketing tool. Players can feel a greater sense of ownership and recognition for their efforts. Gaming is an intensive and interactive activity. Allowing players to have greater say in this industry is only right and fair to their great contribution.
A future of increased collaboration
Cryptocurrency usage in gaming emerged through organic usage and shared goals. Games like CryptantCrab Prime represent the next stage of evolution where game creators actively seek to leverage the uniqueness of cryptocurrency to elevate the gaming experience. There are many areas where crypto payments can improve the gaming industry and the recent developments are only a glimpse of what is possible.
