Did you know that every three seconds a new Bitcoin-related post pops up on social media? Crypto is growing – and so is the world of crypto gaming.
As crypto games increase in popularity, more and more people get curious about them. You might be wondering what crypto games are, if they are worth your time, and if they are financially safe.
We are here to help!
In this article, we share vital information for anyone interested in crypto games, from earn-to-play games to crypto gambling sites. We will take you through:
- What are crypto-based games;
- What is the role of blockchain in crypto gaming;
- What is the controversy around this topic;
- If crypto games are worth your time.
What Are Crypto Games
Crypto-based games are decentralized gaming systems that use blockchain technology based on cryptography. You can consider these an investment, rather than a simple form of entertainment because gamers earn cryptocurrency and non-fungible tokens – NFTs – that can then be traded for traditional currency.
Examples of crypto-based games include Lightnite, in which players earn Bitcoin by shooting virtual opponents, and crypto gambling sites, such as BetFury, that allow gamers to earn tokens and cryptocurrency as well as tokenized rakeback. Trading card games, like Gods Unchained, are also included.
Remember the word blockchain we used above? That might have made you blurt out, “what?” so let’s break down blockchain technology and understand why it is indispensable in crypto gaming.
Blockchain is a decentralized, immutable, and shared database or ledger (a transaction record). It does not need a central authority – instead, it is distributed across a network of computers.
The information is saved in encrypted blocks that are linked. They are impossible to tamper with due – if someone tries to alter the content of one block, they ruin the following blocks, which would ruin the sequentiality.
Blockchain makes crypto games possible not only for its role as a crypto transactional ledger but also as a chain to build applications on. Plus, it makes gaming secure by keeping the records of transactions transparent.
Online crypto casinos can benefit from blockchain technology in many ways – and so can the players. Here are the main perks of playing at a crypto casino:
- Your Data is Secure, and You Can Remain Anonymous
Blockchain helps crypto gambling sites store information safely across the network, keeping your financial data secure and your identity secret.
- You Can Make Larger Profits
Blockchain allows gamblers to receive significant returns from their bets because there are no intermediaries. Since the platform is decentralized, crypto gambling sites afford lower house edges.
- Your Digital Assets Literally Belong to You
The player has ownership over in-gaming digital assets. That means that the assets belong entirely to the gamer, not the developing company, and they can be traded for cryptocurrency or exchanged in the form of NFTs. You keep those assets in a crypto wallet, and you can sell, auction, or exchange them regardless of the game’s status.
- You Can Transfer Your Digital Assets Across Games
How cool would it be to carry your NFT-based weapons or skins around? Boast your rare cards throughout the metaverse? Pretty neat if you ask us. Developers are yet to solve some technical challenges around this feature, but rest assured that playing blockchain games supports the teams that make these dope upgrades possible.
But Crypto Gambling Sites Are Controversial – Why?
Now that you know how blockchain has improved crypto gambling sites, you’re probably wondering: what’s up with the controversy around iGaming? Why are companies trying to implement NFTs and getting such poor reactions?
For starters, gamers fear that game developers might start focusing a bit too much on the profit and not enough on the user experience. Indeed, some games are so packed with microtransactions and high entry fees that even the most distracted gamer can see through the intention. If you’re here, it is probably because you like games so you know that the joy of playing is just as important as the money you might make playing.
Without joy, it is just like… a job! Crypto games should always be enjoyable, and some gamers feel that this feature is at risk because of crypto and NFTs.
Security breaches are also a significant issue for users. The latest controversy regarding Axie Infinity got gamers in a sweat. At its peak as a blockchain, play-to-earn game, the game’s ledger got hacked, and Axie Infinity lost about $620 million worth of cryptocurrency.
Along with the issues we’ve talked about, there are environmental, social, and political concerns associated with crypto and NFTs, as well as a brief but significant history of money laundering using games.
The Good in Crypto Games
Despite the dark cloud hovering over the crypto games, they can benefit players and allow them to make some life upgrades.
Let’s look at the story of John Aaron Ramos, a 22-year-old Filipino gamer who managed to buy two houses with his Axie Infinity earnings. By playing two to three hours per day, Ramos became a high-level player, earned native cryptocurrency, and traded it for real-world money. This is the rule, but it’s a cool exception worth chasing!
Besides having the capacity to be profitable, crypto games come with a range of other perks:
Security is of paramount importance in iGaming. Despite past incidents, your personal and payment data are secure on crypto gambling sites. The proper structure of the blockchain and smart contracts make it extremely hard to intercept players’ private information.
Every game, every stake, and every trade are registered in the public ledger and are accessible to any gamer who wishes to consult it. That promotes much-needed trust in the online gambling industry,
- Rapid Transactions at Low Fees
In some games (sports betting, we’re looking at you), the clock seems to tick faster. Don’t want to miss out? Bet on crypto transactions. They are quicker and cheaper than bank transfers because they don’t rely on time-consuming and costly processes.
- Crypto Games Can Help Developing Countries
Crypto games come with risks and their fair share of mistrust, but this activity helps people supplement their income or earn some money while unemployed by selling in-game earnings.
Crypto gambling sites are still somewhat of a novelty, but with all this information at hand, you’re more than ready to start navigating these digital seas. You might find land, maybe you won’t–but you’ll surely have fun.