How can crypto solve transactions within the gaming industry? They can make them cheaper and safer. Read on to find out more.
Gaming has come on leaps and bounds over the last decade. From the quality of the graphics to online gaming, the improvements are easy to spot. One other change is the number of money gamers are spending on their game after making the initial purchase.
One study has discovered that 69% of 1000 gamers who played a game between 6 and 10 hours were likely to spend money within the game and the average payment total was above $80.
For these reasons, a bitcoin experience may be beneficial to gamers to help them be safer online and cut costs. Read on to uncover why gamers should be considering a bitcoin wallet and exchange offered by the likes of Luno.
What Are Microtransaction?
Games and apps today offer users the chance to unlock hidden levels, new weaponry or even new characters – but this comes at a small price. To get a more powerful gun or to style your avatar with a new haircut, players are required to pay a small fee.
Every time one of these small fees is executed, the bank, Visa or Mastercard takes a third-party cut for verifying the payment. This means that players who make repeat microtransactions can rack up a larger bill just for using their debit or credit card. One young FIFA player spent more than £3000 on in-game purchases.
Microtransactions can certainly add more to the gaming experience, but due to the potential costs – and some labeling some of these purchases as a form of gambling – they have not gone without scrutiny.
How Crypto Solves the Problem
Cryptocurrency cannot solve the debate asking if some types of microtransactions are a form of gambling and it cannot stop addiction to paying for in-game bonuses, but it can make those transactions cheaper.
Because cryptocurrency does not require a central authority or card issuer to verify the payment (that is done through mining), any third-party fee would not need to be paid and could, therefore, reduce the cost of microtransactions – in theory.
Some Other Benefits
There is another benefit of making microtransactions with cryptocurrencies. Using crypto means players will not need to enter sensitive information and card details to the game server. Without entering card details, the chances of being a victim of financial fraud are eradicated.
There is also the chance that crypto payments can stop younger players from spending money from parents’ bank accounts. The story about the young FIFA player spending money from his parents’ bank accounts only occurred because the bank details were already stored on the game from a previous purchase. This could have also been avoided if paying with cryptocurrency.
Another Victory for Crypto
There is a real opportunity for crypto to secure transactions within the gaming industry, whether they be microtransactions or otherwise. Cryptocurrency and blockchain technology both have the ability to make different industries safer and cheaper for consumers, thankfully the gaming industry is one of them.