Video games have come a long way since the early days of Pong and Pacman. Games today have unprecedented levels of immersion and realism, and the medium is improving all time to offer even more incredible player experiences.
Video games rely on technology, so it will come as no surprise to learn that we’re seeing the industry increasingly integrated with cryptocurrency and associated tech. Unless you have prior industry knowledge and have been following things like the Zilliqa price closely, the idea of a relationship between crypto and gaming might seem a little strange. Read on to learn all about the relationship between gaming and crypto and why the two sectors are growing ever closer.
In the past, games were sold as they were. Once you’d completed a game, that was it. You’d either have to play it again or wait for a sequel. Things couldn’t be more different today; games are constantly updated; with players offered new items and even entire new maps and storylines.
Obviously, game development studios are businesses, which means these things are rarely offered for free. Players have to pay to access new in-game content, which they can purchase as they play in a process known as a microtransaction. Despite being a relatively new practice, microtransactions have proved incredibly successful. They are expected to generate over $68 billion in revenue by the end of this year.
Currently, the majority of microtransactions are conducted using traditional payment methods such as debit cards and credit cards. However, by accepting crypto as a payment method, this process can be streamlined to offer benefits for players and developers alike.
Crypto payments can process at rapid speeds and see far fewer delays and interruptions than traditional methods. What’s more, crypto payments incur fewer fees and charges, making for a far more cost-effective option.
In addition, crypto transactions are extremely safe, as they are secured using cryptography. This will reduce instances of cybercrime and make players feel much more comfortable making in-game purchases. Furthermore, this means developers can divert time and resources away from security systems and instead focus on further improving the player experience.
Video gaming is a fun hobby enjoyed by millions of people across the globe. Unless you are an esports star or a successful content creator, gaming will remain just that, a hobby, with no real opportunity to make money doing what you love.
That is until crypto arrived on the scene. Integration with crypto technology has given rise to the concept of play-to-earn gaming, which looks set to revolutionise the industry and change gaming as we know it forever.
In traditional games, players are awarded for completing tasks and unlocking achievements with in-game experience points or special prizes. However, these have no real function other than to give the player the satisfaction of knowing they have completed a particular task.
With play-to-earn gaming, players can instead be awarded with real assets such as crypto or even non-fungible tokens (NFTs). Players can use these assets to purchase in-game content or even take them out of the game and sell them on marketplaces, earning real cash rewards for playing games.
Play-to-earn gaming is one of the most exciting concepts in the industry today. Experts predict it will generate a massive influx of new players and further incentivise people to get in on the action.
Video games are full of different items and assets, including weapons, vehicles, clothing, and accessories. These are designed to enrich the gaming world, and modern titles offer players extensive customisation options.
However, these assets are based within the game world and offer little benefits beyond their in-game use. With crypto gaming, ownership of these assets can be transferred directly to the player, giving them much more control over what they do with them.
For example, say a player has unlocked a new car in a racing game. While they are free to continue using this car in the game, they can also take it to another game built on the same blockchain platform and use it there as well. This cross-game compatibility is a core principle of crypto gaming and will make the industry far more open and interconnected.
Asset ownership will also allow players to profit from the game assets they collect. They can be taken to dedicated marketplaces and sold or traded with other players, creating a fully functioning game economy managed entirely by the players themselves.
Improved Game Features
Crypto games are built on blockchain platforms, which are very different to the traditional tools and engines used to build games of the past. Blockchain platforms are open source, which means contributions and collaboration are encouraged at all times. This will give rise to incredible new games that are significantly different from anything we’ve seen before, while the advanced blockchain tech will make for improved performance and accessibility.
The relationship between gaming and crypto is growing at an exponential rate and given all the incredible benefits the partnership can offer, it’s easy to see why. Improved microtransaction processing, play-to-earn gaming, asset ownership, and better game features can all be expected as the crypto-gaming revolution continues to gain traction.