Since 1975, the gaming industry has never stopped growing. Just in 2018, it has been estimated that around $138 billion has been spent in the industry. Although this is a big amount of money, the experts believe that it is nothing comparing to how much it will be spent with the collision of gaming and blockchain technology, which will make the outlay of the ever-expanding industry even bigger. Blockchain and crypto technology has already started penetrating the gaming industry, and as such already seen some further development and adjustments for these specific applications. Many companies want to use blockchain technology to allow players to trade skins and other in-app purchases. Most of the time, gamers do not really own the virtual items they pay for, because those are pixels which will disappear once they delete the game. This might seem tricky and unfair, so developers wanted to think of something which would be more appealing to the gamers. An idea many companies had was to turn those ephemeral items into assets, by using blockchain technology. There are numerous good features blockchain technology has to offer, and those include a decentralized asset exchange, verifiable scarcity of virtual objects and collectibles, fast and secure payment networks, and also the ability for developers to monetize their creations properly.
Mobile and online gaming are known for holding a major share in the gaming industry, indicating how accessibility is important to gamers. The advent of the use of cryptocurrencies looks to impact the gaming sector further, even though some big players in the market, such as betsafe.com/ca, are still hesitant about the adoption. It is unclear whether blockchain will prove the right fit for developers. The truth is that blockchain technology has struggled to find much practical use, not only because of technical occurrences but also because of the design of economic incentives and the way it would integrate with the real world. On the other hand, it is believed that the virtual world of games is the place where a lot of technical problems are resolved first. A lack of real-world considerations and tech participants are just perfect for blockchain technology to be tested and improved. The search for solutions to providing sustainable and fun blockchain-based games will continue to lead to innovations when it comes to blockchain technology.
More and more games are more multiplayer and co-operative in the internet age, so fairness and trust are in the main focus. Blockchain makes it possible for the players to be more in charge of everything, and that should lead to a fair environment in which cheating is prevented. Many players crave fairness and inclusivity which they can get thanks to the decentralized aspect of blockchain technology. However, some believe that centralized control of a game makes it easier to run and control, so why would any company want the decentralization.
Nevertheless, cryptocurrency in gaming has been getting more fame in the past few years and it’s promising that it will remain to do so in the following years. Some believe that it is only a matter of time before the gaming industry’s rise is meaningfully coupled with cryptocurrency payment systems and decentralized models.
Cryptocurrency as a tool for attracting New Players
You might have noticed that more online casino operators and game developers around the world are putting emphasis on attracting new users, more specifically, crypto users. They achieve this by making sure that these players receive additional bonuses for using crypto as their preferred way of payments, something new players are always looking forward to.
Today, the usage of crypto as a mode of payment is advantageous to both online betting providers and online players. It is mainly security and privacy that are the most attractive features of using crypto. Further, there’s no need for users to unveil their banking details every time they want to make a transaction using Bitcoins or other cryptocurrencies. Nevertheless, the dissimilarity is that cryptos are driven by blockchain technology.
Blockchain’s Decentralized Process Makes Transactions Quick and Secure
Transactions done with cryptos stay decentralized, big thanks to blockchain technology, making them both less of a stress and much faster. That is what online players required to make a deposit on betting accounts like the most. Comparing it to traditional banks, we know that the situation is much different. It would often take several business days for the withdrawal or deposit to reflect on the player’s bank account.
By using the blockchain technology, players often feel more confident in making deposits or paying for virtual items, as security is far more superior compared to credit card payments. Not only such transactions can’t be hacked or intercepted, but transparency and control are greater as well. The best thing about blockchain, however, is in the distribution, which relies on the usage of nodes.
Some countries have regulations that slow down the adoption of Blockchain in Online Gaming
Cryptocurrencies continue to find obstacles even after ten years of existence and widespread adoption in other industries. Virtual coins, even though they offer many benefits, still receive biased responses from governments and official financial institutions which are rigid and often slow to respond to new trends. Some industries like the online casino industry have a difficult time being accepted in general, but trying to adopt the blockchain payment solutions is bringing additional problems on its own. When we talk about the practicality of virtual currencies and all the benefits they offer, the industry itself is congested by stringent laws and guidelines, often unclear and inconsistent. Many governments around the world are placing absurd limits on casino deposits, and banning crypto payments based on the Anti-money laundering and counter-terrorist financing acts. Question is, how many of those laws are legitimately justified, and how many are used as an excuse to slow down the adoption of transparent and secure crypto payments in favor of trackable, traditional bank transfers?