The online gaming world has expanded significantly in recent years, in which new and innovative technologies have paved the way for mass industry expansion. From cloud technology to Big Data, AI and Virtual Reality, the gaming industry has been one of the quickest to adopt these new technologies and is now creating a next level user experience on the back of them.
However, one technology has had a particularly strong impact in the online gaming world and that’s crypto gambling. Operating on blockchain technology, crypto based game play has created a wealth of opportunities for both online game providers and online gamers, but the volatility of the market has shaken the foundations of success.
In the below article, we’ll take a look at how crypto technology has impacted the gaming world and whether it will remain mainstream.
The growth of crypto gaming
Just a decade ago, cryptocurrencies were virtually unheard of in the mainstream world, with only a select few having the knowledge and wealth to be able to invest in such technology. Even today, general cryptocurrency knowledge remains relatively low, with only 6% of people being very familiar with how cryptocurrencies work.
However, as cryptocurrencies have become more mainstream, more and more people have been able to invest in the technology, especially Millennials and Generation Z. Knowing that the crypto market is an incredibly volatile place, some investors who invested in mainstream cryptocurrencies like Bitcoin have made a considerable profit, while others haven’t been so lucky as their newer cryptocurrencies have never recovered from market dips.
One well known cryptocurrency investor, Dogecoin Millionaire, who invested in Doge coin has made over $1 million in just over 2 months after investing his life savings of $180,000. This type of growth has encouraged the gaming market to incorporate crypto gaming into their offerings, while creating exclusive crypto platforms for users to take advantage of.
What kind of crypto trends are we seeing in gaming?
One of the major ways in which crypto technology has changed the gaming and gambling industries is through online payment methods. Now, when players want to engage in online sports betting, traditional online games and more, they are able to use crypto currency as a method of payment with many vendors.
This has many benefits for theplayers, some of which we’ll take a look at below.
- Instant transactions – Cryptocurrencies are not operated by any form of central banking authority, and as such, any intermediary bodies are removed from the process which significantly speeds up transactions as they don’t need to be approved.
- Added anonymity – With traditional transactions, not only are you sharing your payment details but often personal information including your name and address. With crypto payments, this isn’t the case. When paying with cryptocurrency, an anonymous user address is created and changed for each transaction the person makes.
- More for your money – While cryptocurrencies can be highly volatile, users also get more for their money as there’s no hidden interest fees or additional charges for international transactions. Cryptocurrencies eliminate handler fees as they are simply peer-to-peer transactions.
- Play from anywhere – The nature of online games venues mean that they are usually based offshore and involve an international transaction fee. However, when paying with cryptocurrencies, users don’t need to worry about the different exchange rates or going through extra checks with the bank to make an international transaction.
Crashes in the crypto market
This year has seen the Bitcoin currencyfall to its lowest ever value as the cryptocurrency market grapples with volatile ups and downs. In addition, the overall crypto market has lost over 60 billion US dollars in just a week, indicating an all-time low for the industry.
These market crashes have been fueled by recent uncertainty around the world, including the recent Russian and Ukraine war, as well as the global market volatility caused by the Covid-19 pandemic.
While cryptocurrencies like Bitcoin remain extremely volatile, there are stablecoins where the value is tied to that of another currency, commodity or financial instrument. As such, these currencies are a good option for those continuing to look at using cryptocurrency in the gaming world.
What kind of crypto trends are we seeing in gaming?
While the crypto market is currently experiencing a series of lows, there continues to be crypto innovation within the gaming world. New crypto trends we are seeing in the industry include:
- Play to earn gaming – Play to earn gaming offers players the option of purchasing in-game assets and items that can advance their gameplay. Players can compete, build and exchange goods through the title’s various levels.
- Reality chain gaming – This uses blockchain technology to allow players to mix their social and gaming lives through a combination of non-immersive, multiplayer, 2D and 3D experiences.
Overall, while the crypto market has become increasingly volatile in relation to current world events, there remains to be innovations within the gaming market, and we can continue to expect to see crypto technologies be mainstream within the global gaming industry.
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