In the last few years, cryptocurrency has turned into a global phenomenon. Many sectors are leveraging cryptocurrencies convenience including online gaming. According to a survey, more than 72% of online gamers desire to exchange and trade virtual assets with cryptocurrencies on any platform or anywhere around the world. Hence, cryptocurrency offers the gaming sector an easy and safe medium to earn money.
Cryptocurrency is a cryptography-secured virtual asset that leverages blockchain technology. This ensures transparency, decentralization, and immutability. It even means cryptocurrencies are invulnerable to Government regulations, interferences, and manipulations. There are no central authority or control issues with cryptos. People can anonymously or discreetly play crypto games as there is no need to share bank or personal details.
Cryptocurrency and online gaming – How do they work?
Cryptocurrencies can be bought and sold on the crypto exchanges from wallets. Wallets are essential to store, send and receive cryptocurrency units. It means when you want to transfer cryptocurrency to another user then send it to their digital wallets. The user will share their wallet address, which is similar to a bank account number or email address.
Today, you will find myriads of online casinos accepting cryptocurrency payments, where you can easily trade or play with digital assets. On clovr.com, you can learn a lot about different kinds of cryptocurrencies. The review sites even display, which online crypto casino sites offer the best betting experience.
Is cryptocurrency online gaming’s future?
Crypto introduced user-generated content to online gaming. It is a feature designed to enhance the gaming experience. The crypto games have incentivized the user-generated assets with financial opportunities the games can afford, for example, Decentraland. Users create different assets ranging from buildings to clothes to interactive environment. You can purchase these assets or use them to generate profit. It offers the user a way to benefit financially from their passion. It can be transferred to users in fiat currency or they can use it in the Decentraland ecosystem.
Online gamers are fantasizing about experiences beyond the game, in which they can engage. Multiple channels are consistently evolving in the community. Crypto gaming offers this immersive experience along with offering financial incentives.
A surprising fact…..
In the past making profit from playing video games was not possible, but today crypto gaming has made this possible. The online gaming sector has a safe and easy medium to earn money. It offers a great way for unemployed people to earn some income. They feel productive and needed as they perform their daily tasks.
The monetization strategies implemented in online gaming are in different forms.
- In-app purchases – It allows players to buy things directly within the game like custom characters, extra lives, and coins. In bitcoin games, items [including cryptocurrency] are purchased using crypto.
- In-app advertising – Advertisements are displayed as rewarded ads, where players need to watch ad videos or complete a survey or task to earn cryptos.
- Affiliate [referral] marketing – The players click on the affiliate banners or links to earn rewards, refer a friend or free offer sign up.
According to estimation, the online gaming market will overtake $200 Billion [US dollars] by 2023. The future seems bright!