It is not a secret that bitcoin is the most influential and popular cryptocurrency out there. Yet, some individuals still believe common myths that cryptos and blockchain have no real monetary value. However, cryptocurrencies and blockchain are simply not tricky. Blockchain is a ledger that is distributed that ensures transparency and security. While it is the core of Bitcoin, there are several other cryptocurrencies. Our focus in this article will be on how Bitcoin got established in the gaming sector. Not only can this technology transform the world of trading, but it can also transform the world at large, and the gaming industry is not an exception.
After the development of the crypto sector, it has become very popular and commonly used in various sectors. One of the markets that cryptocurrencies such as Bitcoin are making waves in is the gaming industry. Seen as many gaming platforms are driven to adopt cryptos on their platforms. Reports have also indicated that the global gaming community is one of the major contributors to the economy of cryptos.
Blockchain evolution in the gaming industry
From consoles through PC and mobile gaming to virtual reality, arcade games, and motion-based gaming, the gaming industry is quickly growing and is believed to reach more than $180 billion next year. One thing that is worth noting is the fact that the gaming industry is constantly changing, clearly seen in how graphics have changed over the years. Even for those who don’t play video games, it goes without saying that the development of graphics in the gaming industry is absolutely astounding.
Having said that, there is no denying the massive presence of cryptos in the gaming industry. According to experts, the reason for this is because of its liquidity and also because gamers were already versed with the use of tokens, thus, implementing cryptocurrencies was an easy task. Also, since many games already allowed in-game purchases with both fiat and virtual currency, implementing cryptocurrencies was just as easy, and blockchain also helps in regulating such trades. There is no doubt that the possibilities for growth in the gaming sector with blockchain are endless. From providing safety in gaming, more control and satisfaction, change in the nature of in-game assets, to ease of use, and much more.
When BTC first got introduced to the eSports scene, there was the issue of convincing players and big companies to see how beneficial it was for them, especially because bitcoin was considered a perfect match for the eSports industry, it caused so much uproar. And for months gamers were curious about one particular platform. Everybody was asking, is Luckbox scam real? Was this platform truly offering crypto deposits? But soon after getting past this event, crypto offerings on eSports bets became a staple.
How Bitcoin is making its mark on the gaming industry
Unlike popular belief, the gaming industry is worth more than the movie and music industry. Video games have been amassing huge amounts of money for many years, and with more technological innovations, video games have developed into a perfect mix of recreation, entertainment, and socialization. According to a recent survey, more than 1.2 billion individuals play video games globally with over 700 million of them playing online. With many more people playing games online, it is hardly surprising that cryptos such as Bitcoin play a huge role.
Despite the video gaming world and digital currencies seems to be a perfect match, only a handful of companies have integrated Bitcoin into their gaming platforms to promote an excellent user-experience. Here are a few ways through which bitcoin and blockchain could change the gaming world.
Crypto funded games
There are many startup game developers who are contemplating joining the crypto bandwagon to finance the development of their games. One of such companies is the Reality Gaming Group, which secured $3.5 million through ICO to work on its mobile augmented reality game, called Reality Cash. And these funds were sourced by selling virtual currency prior to the launching of the game. This makes the future for cryptos and video gaming look more promising.
Player experience could be improved through blockchain
Although many people are of the opinion that blockchain is meant for financial processes and pillar of Bitcoin and other cryptocurrencies, it has developed to be an essential technology that provides lasting solutions, improvements, and disruptions to almost all sectors and gaming inclusive. Many organizations are using the technology to create new platforms to revolutionize and improve all that the gaming industry encompasses. A good example is seen with companies such as Game Protocol, which is decentralized like blockchain and is driven by rare cryptocurrencies called Game Protocol Token and are using blockchain to develop a gamer community, security, empower developers, and to improve user experience.
Popular gaming companies in the gaming industry are starting to accept Bitcoin and process their services through BitPay. The gaming industry is much more than video games and Bitcoin reaching out to the other sectors of the industry, such as the Gaming industry.