Blockchain has always been associated with money-related industries like banking and finance. However, there’s actually a huge potential for it when it comes to gaming. In fact, before Fortnite was temporarily beaten by Apex Legends as the number one most watched game on Twitch, its developers were busy integrating a new form of cryptocurrency called Monero into their official merchandise store.
This is because the biggest advantage to using cryptocurrencies is the independence from authorities and transparency when it comes to purchases. It’s advantageous for companies due to the lack of compliance, while gamers get to enjoy its security, among other things.
In-game transactions are present in some of the most popular games — from Fortnite to Candy Crush. While many mobile games are free to download, certain features are unavailable until you purchase. As online transactions have become a key part of gaming, platforms have started to welcome new payment avenues, namely virtual currencies. In 2017, Twitch and Steam became the first mainstream sites to let users purchase using cryptocurrencies. Because it eliminates the need for third parties, it has the potential to reduce transaction costs significantly. Furthermore, cryptocurrencies are much more secure than traditional credit card payments — a welcome measure at a time when cybercrime is rife.
When it comes to digital assets, it’s often hard to claim full ownership of it, but crypto is blurring the lines between games. Now, it’s possible to exchange assets from one game to another. This also transfers monetisation to in-game assets. One example is none other than Fortnite, which stemmed from the trend of free-to-play games with in-game purchases. With crypto, we are able to move towards a completely integrated and decentralised game ecosystem.
In the general gaming industry, prohibitive regulations continue to be a barrier. For instance, several states in the US do not allow lotteries, and the same can be said for esports betting. But thanks to its decentralised nature, cryptocurrencies are opening up betting across the world. In fact, Lottoland even introduced the first Bitcoin lottery. Not only was it a success, but it is a sign that the public is now accepting crypto on a larger scale.
On the other hand, esports organiser Fujian eGaming Tournament Group also recently launched an entire tournament via cryptocurrencies. With crypto, users may even skip the prerequisite of a bank account altogether.
Gamifying Real Life
If you’ve ever dreamed about making money from doing everyday things, then you’ll be pleased to know that this fantasy isn’t so farfetched. Experience Points (XP) is an actual cryptocurrency you can earn for completing everyday tasks like getting an A in your Maths test or shooting a bull’s eye in your local archery club. For RPG players, this innovation really hits close to home, and it’s another testament to the innovation that cryptocurrency brings.
With all that said, it cannot be denied that cryptocurrency and blockchain have been disrupting gaming as we know it. And as the gaming world continues to expand alongside it, this technology is truly opening new doors to monetise games and contribute to a thriving industry.