How Cryptocurrency Is Shaping The World Of Gaming In 2020
Gaming has definitely evolved into more than just a hobby as it has become a full-time career for many esports professionals or gamers worldwide. Yes, it seems that a lot of people are not toying with the idea of gaming and are now taking it seriously.
Playing your favorite video games is now a sport and a full-time job or business even. You can say that this is a dream job for many casual gamers who used to play games for hours for free and are now paid for it.
Now, another hot topic in terms of technological advancements is the rise of cryptocurrencies and blockchain concepts. This has become incredibly popular especially for millennials who are actively engaged in cryptocurrency investments and trading.
Well, the generation Z happens to be both a fan of both cryptocurrencies and gaming – a great mix. In fact, a report from the Worldwide Asset Exchange states that around 75% of about 1,000 gamers express interest to use cryptocurrencies in gaming as this can also be used in wide platforms.
The Gaming Industry At Its Peak Levels
Gaming is dubbed to be on the highly profitable and scalable industries in the world. They have remained at a consistent pace for many years. In fact, the video games market is set to be a 90-billion dollar industry this 2020. The gaming industry has definitely come a long way from the black and white animated graphics to the cloud-based video games that many gamers are enjoying right now.
Cryptocurrencies and the blockchain concept is gradually being integrated into the esports or gaming industry as some blockchain-based companies like Play2Live have hosted esports tournaments with Level Up Coin (LUC) as a prize. Some other companies that offer tokens or cryptocurrencies as game assets or prize are Enjin, Big Bang, and Sgame Pro. This is said to be a game-changer and is transforming the face of gaming and cryptocurrency as a whole.
A decentralized or trusted network offered by a blockchain technology provides gamers security from data fraud. This provides a secure cryptographic system that takes accounts of transactions with game assets that are traded, sold, and bought in the game.
With the merger of cryptocurrency and gaming, gamers are now able to have full control of their game assets and enable easy exchange or trade of a variety of items in other platforms. Gamers who now play and earn with cryptocurrency can easily trade or exchange this into fiat money.
Cryptocurrency And Gaming Industry – An Uncanny Mix?
At a glance, cryptocurrency and gaming might be an uncanny mix. However, cryptocurrency and gaming now totally makes sense because of the convenience and security it provides gamers and investors alike as these game assets are convertible to fiat money or can be used to purchase anything from accessories, skins, and other items in the game.
Gaming is becoming a trend nowadays more than ever because it has trodden a different path or platform. You can now earn a full-time income or even surpass your day job pay while playing video games. Yes, you earn real-world money or cryptocurrency which provides not just sheer enjoyment for gamers but also a way to earn at the same time. It’s mostly a player-driven economy because of the integration of cryptocurrencies in the gaming industry. Gamers now get to call the shots in terms of their earnings.
Coins or tokens are easier and more secure to transfer as compared to fiat money which accounts for why many international gaming marketplaces are adopting blockchain technology and the use of cryptocurrencies. The transfer of value does not go through a central point or a third-party entity like a bank or any other financial institution out there.
What’s more, is that cryptocurrencies have the same value despite location, unlike fiat currency that changes per region or country. Trading now becomes very convenient even when gaming with international players. Users can now have their cryptocurrencies in any fiat currency desired whether it is in US dollars or Euro and any other currency in the world imaginable. The currency conversion fees can also be a pain and a mess which is what cryptocurrency is trying to revolutionize the gaming ecosphere.
The Takeover Is Real!
It’s definitely shaking boundaries. With cryptocurrency in the picture, in-game assets won’t need to be converted into US dollars or other currencies. This would then be the in-game currency which helps simplify and speed up valuation and transfer processes with zero or fewer scams when gaming. However, cryptocurrencies are also very volatile so its value changes every day. With cryptocurrencies like Bitcoin and others, there is no such thing as a fixed value but there is in-game value.
Is there a merger or takeover happening? Yes, there is and it’s bound to change the gaming industry for good and long-term. The Internet of Things has created a large impact and possibilities in the gaming arena as games have now transcended from consoles to other devices and even smartphones which enable more gamers to take their gaming while on the move. It has matched the very mobile generation today who happens to like gaming and are into cryptocurrency.
This has spurred excitement for many investors, users, and startups because gaming can now be blockchain-based which can be used to create games or gaming stores. There is never-ending potential to this merger of two worlds. In fact, there are now game-focused coins or cryptocurrencies that have invaded the mainstream – DigiByte, and GameCredits – which are bound to automate the gaming industry and money transactions.
This may seem like a futuristic venture but it is happening now. Gaming is a very popular industry and is now being targeted by many blockchain-based companies. Gamers can now buy newly released games, accessories, or upgrades with digital currencies and even get paid with digital coins. The versatility and security of cryptocurrencies is an advantage in the blockchain system and it seems that this weird mix actually does work after all.