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Impact of Cryptos On the Gaming Industry

Impact of Cryptos On the Gaming Industry

October 14, 2020 | 

JOHN K MWANIKI |  0 Comments| 

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Every business is always looking for the best way to beat the competition. They are willing to involve cutting-edge technology to make them stand out. The same applies to the impact of cryptos on the gaming industry. It is always looking to attract more users and increase earning potential. For this, it has to ensure user experience and satisfaction. 

The gaming industry has been the leader in embracing the latest technology. It employs technology for the best experience. 

The blockchain technology is the new entrant in inventions. Here are some of the ways it will benefit the gaming industry;

The Impact of Cryptos On the Gaming Industry - Ease of In-Game Purchasing 

The gaming world resonates with digital currencies. Virtual money has been part of the gaming world for over a decade. 
Most online games provide for in-game purchases. They allow gamers to unlock the gaming gold, which they then use for the purchases. 

Unlocking these golds take time. The gamers then resort to fiat currency to buy the assets. This has made the gaming industry so lucrative. The industry is worth $259 billion in 2020. It will grow further due to the expanding mobile access.

Using the fiat currency during gaming is a little hectic. It requires the gamer to set up several accounts. The accounts require verification documents, which takes time. That is where the cryptocurrencies come in. The blockchain games support cryptos for buying in-game assets. 

Using cryptocurrencies also eliminates the need for third-party payment processors. Gamers get to save a lot on the transaction fees. 

Most games are incorporating trading wallets and SDKs. They also have game plug-ins to enable the payment gateways.

Improved Fantasy Gaming Experience 

Even though the gaming industry has been operating well, some sectors need improvement. The fantasy gaming is one of the sectors that will gain from the blockchain technology. MyDFS, a top fantasy gaming platform, is employing blockchain technology to improve transparency. 

The technology provides for digital ledgers and smart contracts. These tools allow for easy monitoring of scores and gaming movements. 

The tokenization in the technology also supports faster payouts on winnings. 

The blockchain use will also open up the fantasy gaming to more users. It has, for a long time, been a reserve of the elite few, as the registration and verification process is quite complicated. The new technology makes the virtual currency more transparent and easier to use. 

Impact of Cryptos on the Gaming Industry: Safety and Security 

The blockchain technology has invested in security. The technology has high-end data encryptions for a safe gaming environment. It protects users from hacking and unauthorized access to the gamers' profile. 

The blockchain's decentralized and anonymous nature also works best for the industry. It allows gamers to create a profile and transact without risking sensitive details. All the details are in a ledger. Nobody else can access the ledger unless with express authorization. The gamer also decides the information they are willing to reveal. 

There have been concerns about the possible hacking using bugs in the blockchain. Still, the cryptographic technology ensures easy detection of any hacks. The entire community also has access to the transactions on the ledger. They get to detect any anomalies. 

The systems also provide for money refund options in case of identified fraud or hacks.

Impact of Cryptos on the Gaming Industry: More Power to the gamers 

The traditional gaming industry operates such that the developer has the final word. The developer would decide everything from the player profiles to the payment system. The blockchain is opening the industry up to more collaboration. 

The communication between gamers and developers is opening up. The new technology provides for consensus where anyone can take part. Both sides can provide ideas on how to improve the gaming environment. Also, an idea gets into effect only when the whole community has deliberated. 

Cryptocurrencies decentralization means it relies on no single authority. This enhances community-based development, which is ideal for everybody. The platform will work such that no single person is the one calling shots. 

Most of the development is also about improving the gaming experience. Several top gaming platforms like Sony are incorporating cryptocurrencies in their traditional games. They, for example, have included virtual currencies in PlayStation 5

The gamers don't have to relinquish previous resources to enjoy the crypto benefits. The existing platforms are finding ways to incorporate blockchain technology. 

Impact of Cryptos on the Gaming Industry: Increased Investments 

With the gaming community attracting more blockchain-based facilities, investors are taking the cue. Venture capitalists' firms and other investors are looking to gain from the development. 

Top investors like Frank Fu, from Meitu, a gaming platform, have already joined the fray. He has invested $2million to help MyDFS develop more blockchain-based fantasy games.

Mangrove Capital Partners, a European venture firm, has invested in Dream Team. The company has invested in several other successful ventures like Wix and Skype. Joining the gaming world is a sign of future improvements. 

My Time has also announced the completion of their ICO. The team received $3.5million from private investors. This shows investors are willing to support the teams developing crypto-based gaming platforms. 

Impact of Cryptos On the Gaming Industry: Final Thoughts 

The blockchain technology is one of the best developments ever for the gaming world. It is opening up the gaming world to some of the best opportunities ever. It allows for the incorporation of more manageable payments and collaboration. 

The blockchain technology employs ledgers for security. It also protects the gamers' identity through its anonymous nature. It protects against hacking and provides for refunds in case of a successful breach. 

Still, the new technology can be the accelerator of gaming development. It has pushed several venture firms to look at the gaming way. As long as Bitcoin becomes useful, the gaming world will keep developing. 

The gaming industry's adoption of blockchain also means a lot to the digital currency world. It increased the demand for digital currencies. Like other products, cryptos work on the premise of demand and supply laws. An increase in demand for cryptos will see its value improve. 

Cryptocurrencies like Ethereum, which provide gaming development platforms, will be the top winners. Payment options like Bitcoin will also have a good run. The top cryptos improving will impact the whole crypto market.

Because of the Impact of Cryptos on the Gaming Industry, both the gaming and cryptocurrency worlds will gain. 

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