Role Of Crypto Currency In Gaming
As Cryptocurrencies continue to be a global phenomenon in recent years, the number of industries that are benefiting from its convenience is increasing too. The gaming industry isn’t an exception. To add strength to this notion, Wax reports suggested that around 75% of online game players want to buy and sell on gaming platforms using their virtual assets for a currency. Game outsourcing companies like RubixQ are ensuring the safety and convenience of this crypto integration.
Unlike real assets like properties and printed money, a cryptocurrency is a form of digital asset secured by cryptography. It is based on a network that is distributed across a large number of computers across the world in a decentralized structure, immune to the control of governments and central authorities. This blockchain technology is relatively faster to transfer, easy to keep track and insusceptible to collapse.
Several online games use cryptocurrency as their in-game currency to purchase game assets, collect and trade. Video game players can exchange and trade them across anywhere in the world. Game developers can employ the same for their monetization strategies in the form of in-app purchases, in-app advertising, and affiliate marketing. For example, there are games like Crop Bytes, EtherRockets, and other Bitcoin Casinos that use payments in cryptocurrencies.
Apart from being the next logical advancement in the gaming world, cryptocurrencies also offer a lot of advantages. It solved several fraud and transaction-related problems, streamlined the payment system and gave games the much important cross-game compatibility. The use of cryptocurrency in video gaming allows video game players to play with fellow players across the world without any security and exchange rate problems. It allows gamers to pay and withdraw funds instantly and efficiently from anywhere in the world with no restrictions.
No matter how advantageous a technology, it’s the safety and security that decides the fate of its longevity and sustainability, especially when it involves money. In that aspect, cryptocurrencies excel the most as Blockchain technology is immune to illegal trading of digital assets. Cryptocurrency is a peer-to-peer transaction with no handling fees and exchange fees, unlike credit cards. Players don’t need to share their personal information as the purchases and transactions are discrete. It prevents any possibility of hacking and eliminates the duplication and stealing of keys with an immutable ledger.
Players can hold their digital assets called NFTs with a specific value in the game and can be sold at the same value. They can be swords, costumes, horses, bikes, etc. For example, in the Axie Infinity game, each creature is minted as an NFT and players can battle with their NFTs for their crypto rewards. They are unforgeable, uncopyable and unhackable, making them a revolution in the gaming industry with a play-to-earn model, interoperability of assets, financial rewards, and many more.
Blockchain technology in games is still in a nascent stage, but the future is certainly fascinating. Even one of the industry leaders, Ubisoft, released their collection of limited edition non-fungible tokens (NFTs) inside their military shooter game Ghost Recon Breakpoint. Major companies from EA Sports to Zynga are also looking at blockchain as a new breakthrough of fresh revenue in the global gaming industry. As a matter of fact, gaming-related NFTs generated $4.8 billion of revenue in 2021, as per research by DappRadar. Thanks to the efforts and innovations of video game outsourcing companies like RubixQ, Blockchain technology is sure to change the way games are created, managed, and played in the future.