Blockchain technology is booming today, and cryptocurrencies become more popular. Many people know about crypto and how it is used for making certain payments or simply investing, but not everyone is familiar with crypto gaming. Even gamers often do not know that there is such a thing as using crypto for video games or even playing on a blockchain. This is definitely a young sphere in gaming, but its potential is endless. Here is how crypto and gaming work together.
Cryptocurrencies are virtual currencies that exist on blockchains. Blockchain is a special kind of database shared across many computers. Blockchain delivers secure and mostly anonymous solutions, which allow using digital currencies safely. Cryptocurrencies do not exist in the physical world, although you can buy physical items and services with them. Some of the most popular cryptos are Bitcoin, Ethereum, Dogecoin, etc., but in reality, there are more than 18,000 virtual currencies in existence, and new ones emerge every day.
Gaming cryptos are special coins developed for in-game purchases and other interactions with video games. Incorporating such virtual currencies in games has many benefits, such as making easier and faster transactions, allowing secure payments, and more.
Using digital currencies in gaming is a relatively new phenomenon, and there is much room for development. Here are five facts about cryptocurrency gaming that we know.
Earning money while playing – blockchain technology allows for creating not only cryptocurrencies but also video games. There are a few blockchain-based games available already, and they also allow for generating coins or tokens. For example, one of the blockchain games is called Axie Infinity. It allows the players to purchase and evolve characters, battle with others, and win native crypto tokens.
Owning crypto – while not all gamers know and use blockchain gaming solutions, many of them own cryptocurrency tokens. More than 40 million players are crypto owners as well. This means that expanding the crypto market in the gaming sector has great prospects.
Gaming tokens – there are more than 400 gaming cryptocurrencies in circulation right now. They are incorporated in blockchain-based titles and classic video games alike, allowing players to buy weapons, clothes, armor, treasures, collectibles, and more.
Crypto gaming revenue – as of today, the biggest segment producing crypto revenue is mobile gaming. Almost 130 million dollars have been generated through mobile games. Console gaming goes second.
Money saving – as crypto gaming develops, blockchain solutions are expected to help gamers with saving money. It is possible thanks to transactions without intermediaries, saving cash by eliminating unnecessary fees, etc. It also means that earning money while gaming will also be more beneficial. Withdrawing tokens from your accounts will be possible without extra fees.
Crypto solutions are the future of many industries. It is especially true for technology and gaming. Video games are often the first to incorporate the latest technological advancements, and digital currencies are expected to change gaming as we know it.