The gaming industry is a multi-billion dollar industry that accounts for more than the music and movie industries combined, as of today.
In addition to the revenue that the industry generates, there are indications that cryptocurrencies can further boost its growth by becoming an integral part of gaming while enabling access to crypto for millions of gamers.
In this article, we will be discussing cryptocurrencies as the future of gaming and how this will have an impact in the growth of both industries.
Before now, gamers used to win games and earn in-game tokens that amounted to nothing.
Video games were spread throughout many devices, with many titles presenting a built-in economy fuelled by the game currency used for buying and selling in-game items (with most of the economic value created by players ending up in the platform).
However, since the advent of cryptocurrencies, gamers can earn prizes and rewards because cryptocurrencies have the power to expand revenue sources for game houses and at the same time, offer players a way for monetizing their skills.
Currently, cryptocurrencies like Bitcoin and Ethereum can be transacted in-game and can serve as reward mechanisms for gamers.
There are games that are already testing the business model where players can earn satoshi, which is Bitcoin’s smallest unit, to make winning more rewarding.
Apart from the transaction possibility of combining gaming with cryptocurrency, NFTs can leverage gaming.
Gaming platforms can monetize their artistry since NFTs cover a wide range of items that can be found in these games. The owner of an NFT can even decide to use it inside a game or sell it.
Finally, cryptocurrencies will allow the e-sports and live streaming platforms audience to engage and interact with the game and create a new type of gaming experience that will involve the audience and boost the revenues of the game houses.
Thanks to the blockchain networks, cryptocurrencies and gaming can be integrated to provide gamers, traders and investors with fantastic opportunities.
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