Cryptocurrency and blockchain technology have been among the most exciting tech developments in recent history. They are transforming the financial world, and many expect they are set to usher in a new era. From Bitcoin to USDC, the crypto world is bigger than ever, and the technology’s influence has now extended beyond the finance industry. Let’s examine how crypto has and will impact gaming and discuss the effect it will have on the sector in the future.
In-Game Transactions
Games of the past were standalone products. Once you completed them, that was it; you could not get more from them unless you decided to play them again. Over time, developers added things to increase the lifespan of their games. Multiplayer modes were big, allowing players to join games with each other in competitive or cooperative situations.
One of the major developments in the video games industry has been the introduction of in-game transactions and downloadable content. Let’s take first-person shooters as an example. Players can pay to unlock new weapons, skins, and outfits to make their characters unique. With downloadable content, players can purchase new levels and single-player campaign elements.
When these features were first rolled out, players would have to use credit or debit cards. However, we’re now seeing options for crypto payments become more popular. What benefits does this offer?
Crypto payments are secured through cryptography, which is where the technology gets its name. This means that payments made using crypto are extremely safe and protected against potential interception or interference from hackers and cybercriminals.
In addition, crypto payments are incredibly fast. They are not subject to the same processing times or transaction fees as traditional payments, making them ideal for fast-paced in-game purchases.
Play to Earn Gaming
Crypto isn’t just used to make in-game transactions. The technology has also given rise to an entirely new gaming concept called play to earn. Games traditionally reward players for completing achievements with in-game items like weapons and outfits. While these are fun to collect, they have no use or impact outside of the game world itself.
For example, a player might unlock an achievement for completing a level within a specified period. Rather than just giving them a badge or a new in-game item, play to earn gaming will see that player receive a tangible award in the form of cryptocurrency. They can use this crypto to purchase more items in the game, or they can opt to withdraw and spend it elsewhere.
This has been a groundbreaking development in the video games industry, and it gives players a real financial incentive to spend time playing games and completing tasks.
Games Built on the Blockchain
To ease the transition into a crypto-powered gaming world, an increasing number of games are being built and hosted on blockchain platforms. Doing so can impact several key benefits. First and foremost, these games will benefit from the security capabilities of blockchain technology. They offer unparalleled anonymity, a key attribute given many people’s concern over their digital privacy.
Building games on the blockchain also makes it easier to implement crypto transactions and play-to-earn models. Players can buy crypto from connected marketplaces and then return to sell or trade any crypto or non-fungible tokens (NFTs) they have amassed through the play to earn mechanics.
In addition, blockchain games can interact with each other. For example, a player could take an item out of one game and sell it on a marketplace or trade it with a player from another game for items, crypto, or NFTs.
The Future of Crypto in Gaming
Crypto is rapidly transforming several industries, and the video games sector is certainly no exception. We’re seeing huge changes, with a focus on player rewards and interaction powered by crypto and blockchain tech.
The ability to earn financial rewards through gameplay will likely bring in huge numbers of new players. While this will undoubtedly be a positive for developers and game publishers, they must be prepared to handle these significant traffic spikes.
However, while crypto gaming creates a lot of buzz and excitement, some downsides exist. The biggest current drawback is that crypto and blockchain technology can be difficult to understand and even more challenging. This runs the risk of alienating ordinary players who do not have prior knowledge of and experience with cryptocurrencies and blockchain networks.
Overcoming this obstacle will involve education. Players must be taught how to use crypto games and blockchain platforms and be made aware of their unique benefits.
As cryptocurrencies become more integrated into our everyday lives through adoption by major brands and businesses, public knowledge of the tech should increase, accelerating the impact and popularity of crypto games.
Conclusion
The video games industry is famously forward-thinking, always looking for new ways to improve products. It seems we’re set to enter a revolutionary period for the sector with the adoption of cryptocurrency, and this technology will have a huge impact on games and players over the next few years.
