The trading of cryptocurrency online has grown so much within the last few years that it was almost inevitable that the gaming industry soon adopted the trend. The gaming industry is well-known for spotting trends and incorporating them into their platforms, so it was only a matter of time before game providers and developers started to embrace the crypto craze.
Cryptocurrency, which began with the launch of Bitcoin in 2009,is a decentralised digital asset using a blockchain network and is used to trade online. Though still a relatively new and unfamiliar concept to many people, there are now thousands of different cryptocurrencies on the market, with new ones emerging all the time.
As far as gaming goes, many online platforms have incorporated crypto as their in-game currency. These might take the form of Non-Fungible Tokens (NFTs) . For example, players might use the game’s cryptocurrency or tokens for buying certain features, such as characters, lives, rewards, or weapons. Many of these platforms have adopted a play-to-earn model, whereby users can earn the game’s crypto by completing certain tasks.
Online casinos and betting sites have also endorsed the crypto trend, with many now accepting Bitcoin and other digital tokens as viable payment options. But how exactly has the use of cryptocurrency online impacted the world of gaming overall?
Crypto-themed games
Not only is crypto now an accepted form of payment within games, it has impacted the industry in a more unexpected way. Bitcoin, for instance, has inspired game creators to develop new titles based on the digital asset’s blockchain technology.
These include Bitcoin Hero, a game that teaches players the basics of buying and selling on the virtual market, and Bitcoin Blast, where players have to match symbols in order to win points and potentially some digital currency. There is also Altcoin Fantasy, which has a similar format to Bitcoin Hero in that it simulates market trading, except this game allows for the use of other cryptocurrencies also.
eSports
As sports clubs, teams, and authorities strive to keep ahead in the digital age, it should come as no surprise that crypto has been acknowledged in the world of eSports with the incorporation of NFTs as a method of transactions.
This trend is particularly notable within the world of football, where a Fan Token, a form of NFT, is used to give fans access to numerous membership benefits, including team merchandise, digital matches, unique experiences, voting rights on club decisions, and others.
Gaming experience
It could be argued that the use of cryptocurrency has improved the gaming experience for many players. The gaming sites that allow cryptocurrency as a payment method enable much more streamlined processes, so it’s unsurprising that many gamers are looking to purchase BTC Bitcoin to use online.
When crypto is used as a payment method within a blockchain gaming application, it provides a better transaction experience for users by offering more banking possibilities. Platforms, such as Twitch and Steam, have realised this for some time and have been experimenting with cryptocurrencies for several years. Could this suggest that there is a future for crypto in video games? The fact that two of the largest video gaming companies have a substantial history of dabbling with crypto certainly insinuates that it’s a possibility.
Not only does the blockchain technology of crypto offer another level of payment option for gamers, it also allows for faster processing of transactions. Since crypto is a flat currency that’s unrestricted by a central controlling body, there is no need for authorisation and validation procedures that often slow down the payment process when using traditional banking methods. This is perhaps why cryptocurrency is becoming an attractive option within online casinos, not only for the operator but for the customer. Crypto transactions are faster and more secure, but also offer a level of anonymity for players, whereby they can avoid inputting their personal banking information. This leads on to our next point.
Security and privacy
Cryptocurrency has helped to boost the security of the gaming market. Blockchain’s data encryption methods and its decentralisation make it a difficult target for hackers. Subsequently, this makes cryptocurrency particularly secure for game providers and developers, thereby boosting productivity. As there are no servers to damage, cybercriminals would hence be unable to take down a decentralised blockchain network.
Data breach incidents within the online gaming world have been reported in the media, questioning the security of gaming platforms for customers. Entrusting gaming platforms with personal information, such as banking details, can be risky and there is always the possibility of data breach, regardless of the site’s reputation and credibility. However, if using cryptocurrency, then this is much less likely to happen.
Because the cryptocurrency digital ledgers record all transactions, the very nature of blockchain technology adds an extra layer of security for users. This prevents illegal trading of digital currencies, decreasing the risk of payment duplication and hacking. It also reduces the risk of chargeback fraud since crypto transactions cannot be reversed once they have been authorised. This helps to prevent fraud and account tampering, as well as other criminal misuse.
Conclusion
The inbuilt features of blockchain technology coupled with crypto’s decentralisation, means that it is incredibly secure and offers anonymity for users. For gaming, this is ideal for both provider and customer. It can therefore be expected that cryptocurrency will soon become the norm within gaming platforms.