Online gaming is a multi-billion dollar global industry. It is a phenomenon in itself that brought the world of entertainment to new heights. As such, technological innovation continues to disrupt the industry and provide new and exciting content as well as related services to improve the user experience. One of the latest innovation to create a buzz in the world of gaming is cryptocurrency. The introduction of blockchain aims to make online transactions faster, more secure and decentralized. Here is a detailed look at the role of cryptocurrency and its benefits to the gaming industry.
In-game purchases for free applications
Mobile gaming contributes to half of the revenue generated by the entire industry. Unlike traditional games played using consoles and computers, mobile games use a free-to-play model. Users can install and play any game they want, but progress is only possible when you buy in-game items. Because old-fashioned elbow grease is too time-consuming, billions are spent by users each year on in-app purchases.
Allowing users to pay using cryptos makes gaming accessible for international consumers. Companies that depend on an international market like casino.netbet.co.uk will have no trouble attracting consumers from anywhere around the world. Another benefit of cryptocurrency is that the user does not have to worry about exchange rates and payment processing charges when using other methods.
Nowadays, there are only a few games that accept cryptocurrency as payment. But as this option becomes more mainstream, perhaps a majority of app developers will take heed and consider offering crypto tokens as payment method.
Eliminating payment intermediaries
Cryptocurrency has the capability to allow players to transact with each other and buy or sell game assets. Removing the middlemen in these transactions will create a player-controlled marketplace. Not only will the process be cheaper, but also smoother to manage and complete. Since free games depend on in-game purchases, it only makes sense to make the purchase process more convenient and hassle-free for the player.
Enhanced player experience
Crypto transactions will not only improve the experience of players but also give gamer the opportunity to earn while they play. An ecosystem that capitalizes on blockchain creates a gaming ecosystem that connects individuals and players using the platform. A decentralized platform will not only reward players for their participation but viewers too.
Collectibles available through crypto-enabled games
Some games use blockchain and take advantage of innovative crypto technology to enable transactions within the game. Users can also collect one-of-a-kind graphics that some would consider digital art.
Digital asset ownership
Since cryptocurrency is decentralized, the owner of a game asset becomes the actual owner instead of the game publisher. Games that use a smart contract for purchases make all transactions public and auditable.
In conclusion, cryptocurrency has a significant niche in the gaming industry. There are many possibilities to explore which will not only give players another option to pay, but also ensure that these payments are safe, secure, and does not pass through intermediaries. With more control over their gaming activities, players are more confident to spend on in-game purchases; hence, benefiting the developer in the long run.