Every business wants to stand out from the crowd of competitors and adapting to the latest technology is the best way to do so. Especially, technologies that offer best user experience and satisfaction, such as blockchain, artificial intelligence, and more must be adopted by businesses today. These technologies are not only taking control of the world baking system but also preparing the gaming industry to be a huge force for cryptocurrency and blockchain.
Over the past few years, the gaming industry has been creating quite a buzz with its new and impressive innovations. Global gaming is a massive industry with an expected investment of $128 billion in 2020.
The advanced games of today are a major attraction for a whole new base of players as well as gamers. Thus, the union of the video games and cryptocurrency will further improve the crypto economy. As compared to others, gamers are likely to adopt latest technologies faster and are even considered as more tech-savvy. This is because gamers always welcome new technology and ideas.
What are the effects cryptocurrency has on the gaming industry?
Needless to say, Cryptocurrency and Blockchain are the two constantly evolving technologies in the world right now. Nearly $6.2 billion have been invested within 875 crypto startups by investors. It’s quite obvious that the impact of this technology is stronger than ever.
The gamers across the globe are switching to cryptocurrency-based games because they offer them experience equal to PayPal and any other bank transactions along with enjoying the games. These days, this advanced technology plays an important role in every aspect of our lives and the gaming industry is no exception. As a result, most crypto game developers around the world have started using digital currency such as Bitcoin for payment methods. This is because it offers them the safest and fastest transaction than other payment platforms.
- Enhanced gaming experience
The use of cryptocurrency with the gaming platform has proven to be successful for several gaming industry leaders. One of the prominent industry leaders “Sony” is planning to invest in online cryptocurrency gaming by releasing a game for “Play Station 4”.
On the other hand, Epic Games has come up with a new way to combine blockchain technology with gaming platforms to enhance gamers’ experience like never before.
- Non-fungible tokens pave the way
The non-fungible token technology has been paving a way for the gaming sectors and gamers to avail numerous benefits. This is because gaming and cryptocurrency tokens allow companies to take advantage of in-game digital assets on both private and public blockchain. Thus, the gaming sector is considered as one the leading contributors in cryptocurrency.
- Tokenization of game assets
Many gaming sectors provide the gamers with in-game currency that they can use to buy, spend and earn while playing the game. This digital currency is available to gamers in the form of fiat cash or gift cards. All this is usually available to the gamers within the gaming platforms, so that they can spend a penny to make more purchases such as weapons, attire and more.
If the gaming sector starts developing more games integrated with Cryptocurrency, more players will get involved in these gaming platforms and eventually the use of digital currency will also increase.
This way, gamers who are not aware of cryptocurrency can own a balance of tokens. As a result, they can leverage advanced levels of their favorite game. Thus, it can be said that cryptocurrency is the future gaming industry.