Cryptocurrency has taken the world by storm in recent years. Various industries have been reaping big from cryptocurrency, and one of them is the online gaming industry. A study revealed that three-quarters of the total gamers are interested in exchanging their virtual assets for a currency they can use on other platforms to buy or sell.
The currency allows gamers to collect and sell their virtual assets. They can exchange and trade worldwide, presenting the gaming industry with an easy and safe way to generate income.
It is a virtual asset that has been secured by cryptography. Its purpose is to leverage blockchain technology and ensure there is immutability, transparency, and decentralization. Generally, the currency is invulnerable to government interference.
How Cryptocurrency Works in Online Gaming
Players are capable of buying and selling cryptocurrencies through exchanges from their wallets. For instance, if one user intends to send cryptocurrency units to someone else, they will send it to the other user’s digital wallet.
As for online gaming, some of the adopted monetization strategies exist in referral marketing, in-app advertising, and in-app purchases. A player can buy some things directly in the game, namely custom characters, extra lives, and coins for in-app purchases. In online bitcoin gambling, gamers purchase items by purchasing crypto itself or using crypto.
When it comes to in-app advertising in online games, it is available in the form of watch video ads, filling surveys to get you cryptocurrencies, and rewarded ads after a player completes specific tasks.
As for the affiliate or referral marketing, it is still fresh in the market. Gamers are required to click referral links and banners to refer someone else, sign up for a free offer, and earn rewards. As we speak, numerous online bitcoins casinos have integrated payments in cryptocurrencies. Gamers are allowed to trade or play in digital assets.
Benefits of Cryptocurrency in Online Gaming
One of the primary reasons online games are integrating cryptocurrency is to solve gaming problems while gaming online. The major problem has been fraud and transaction-related issues.
The currency’s introduction has had multiple benefits, such as streamlining the payment mode, payment decentralization, the real player’s ownership, and cross-game compatibility.
Below, we look at some of the benefits witnessed after the cryptocurrency was introduced into online gaming.
- Fast transaction
Players can enjoy their favorite games in real-time without being bothered by the bureaucracy’s authority since cryptocurrency eliminates intermediaries from the process. It has ensured that exchanging crypto units between players is fast and efficient.
Another major problem gaming developers encounter being able to sell their software on many platforms. The introduction of Blockchain technology has made it possible for the developers to process nano-payment and get their dues instantly.
- Players can play from anywhere
Due to the integration of cryptocurrency to online gaming, gamers can play internationally without worrying about security and exchange rate troubles. Gamers do not have to confirm their email or identity. A gamer can deposit and withdraw funds anywhere globally without being restricted.
- Safe and secure
There are lots of trust issues surrounding some online gaming websites. On the other hand, security is one of the major concerns to all gamers globally. One has to be assured of their safety before they make purchases in online games.
The invention of Blockchain technology is one of the best things that has helped solve the trust issues that have been in existence for years between the players and the house. Blockchain prevents illegal trading of digital assets. It also does away with the stealing and hacking keys by coming up with an immutable ledger making duplication of keys impossible.
It helps players remain confident regarding their smart contracts since they are assured that their payments are safe and secured.
- Value for your money
When you compare other popular payment methods such as PayPal, bank transfers, and credit cards to cryptocurrency, it emerges top since it is more cost-effective. Using bitcoins involves transparent transactions meaning there are no hidden charges, and you don’t have to wait to see your money move.
The middlemen have been eliminated; hence there are no exchange fees and handling fees since the transaction is peer-to-peer between the users. The model becomes more viable for game developers and gamers. Players get value for their money, and developers augment their profits.
- Hide your identity
Gamers taking part in online games, sometimes your money could be safe, but your data is insecure. For players who are not interested in sharing their personal information online, opt for cryptocurrency. Remember, purchases are discrete unless one voluntarily shares their transaction history.
According to a study, online gaming with cryptocurrency is expected to keep growing since most gamers opt for it. Blockchain technology and crypto games may seem technical, but the advantages for developers and gamers are apparent.