In the early days of cryptocurrencies, when a guy needed 11,000 BTC and quite a lot of convincing just to buy two pizzas. It’s been 14 years since, and cryptocurrencies now can be used in pretty much any online transaction. That’s why cryptos are gaining traction among gamers worldwide. Here’s what you need to know about crypto gaming before you toss your digital coins around.
What I Expect From The Future
Cryptocurrencies are already widely used for online shopping. You can buy items from Microsoft, Shopify, and even Starbucks, but there are hundreds of companies accepting crypto payments. Amazon doesn’t support crypto payments, but you can manage it by paying with cryptos via Purse.io.
The online entertainment industry welcomed cryptos warmly a while ago. Now, it’s used as a payment method in countless games where crypto gambling is legal. Here are some changes brought by this payment method.
Decentralised Development
Blockchain technology allows for collaboration among a limitless number of developers simultaneously, including gamers. Traditional game development can take years to deliver the final product. In contrast, decentralised game development creates new games much faster and by many hands. More importantly, gamers are directly involved in the development process, which usually results in a more gamer-centric experience.
More Transparency
Blockchain-based games are much more transparent since all transactions are stored in public ledgers. Gamers can check the information stored in their game’s blockchain and suggest modifications. That’s why blockchain technology is widely used in the financial market and many other industries.
In-Game Purchases
Cryptocurrencies offer a few advantages for micro-in-game purchases. It’s possible to buy items instantly while enjoying lower transaction fees. Many people use cryptos to buy items, in-game money, skins, etc.
Digital assets have opened the door for seamless cross-border transactions since no conversion is required.
Tokenisation of Everything
Tokenisation changed this market drastically, and NFTs are now everywhere. Unlike traditional in-game items, NFTs are unique and can also be extremely valuable. Players store their in-game NFTs on blockchains and trade them in digital marketplaces for cryptocurrencies or cash.
New Options for Monetisation
Digital assets expanded monetisation options. Thanks to play-to-earn models and tokenisation of in-game assets, I can generate income with gaming achievements and skills. Play-to-earn games are widely popular since they offer crypto rewards for the most dedicated players. Developers are now catering to an ever-growing audience, using multiple monetisation tactics.
How To Avoid Nasty Surprises
Using digital assets also involves risks, even for those who aren’t big-time investors. Cryptos are among the most volatile assets out there. While small-time users aren’t likely to lose much with market turmoil, there are other issues these gamers should consider. Read about them below.
Frauds and Scams
Never share your wallet information, such as passphrases, with anyone. Scandals like the “Anirand” game in 2022, when about USD 500,000 was taken from investors, are a stark reminder that crypto gamers should play off-guard. That’s why it’s advisable to keep an eye on the news and don’t get over-excited about new hypes.
Wrong Wallets
Sending funds to the wrong wallet might sound like a silly mistake, but it’s costly and less obvious than it seems. When playing on multiple blockchains, one should always double-check recipients. It’s easy to mix up recipients across different blockchains carelessly, and it’s impossible to retrieve funds that were sent to the wrong wallet.
Legal Issues
Crypto games are still prohibited in many regions. Additionally, regulations may vary greatly even across crypto-friendly countries.
Therefore, you must check your local legislation before playing them.
Next Level
The online gaming community has plenty of excellent reasons to embrace cryptocurrencies and their technologies. Traditional games aren’t going anywhere, but the impact of cryptos on the gaming industry is undeniable and long-lasting.
