The modern human looks at money in a different way now than few decades ago. From the good old days of using paper currency to the world of the cryptocurrency and blockchain, we sure have come a long way. But this transition has not been easy. There was a time when people had to be convinced to use debit/credit cards and they took their time to adopt this trend – now it is time to adopt again.
We are currently on the brink of a similar transition where things are being taken to another level by adopting a decentralized approach to money. The history is repeating itself, and this time people are slowly being convinced in the power of cryptocurrency. Gaming is said to be the most powerful way through which the importance of cryptocurrency has reached the masses. Like many other things, gaming has also changed. Thanks to the internet, gaming has now become a multiplayer platform where people from all over the world come together.
Certain games encourage players to form teams or clans and help build a community outside the game itself. This has allowed the gamers to launch onto different platforms where they make a free gaming clan website and connect to people worldwide. Another thing about these games is that they require online purchases. These purchases were often made with credit cards until now. Because of the introduction of cryptocurrency, the rules of the whole industry have changed. Online gamers have been introduced to an easy way out to continue making purchases without having a credit card.
How Games Helped Cryptocurrency?
Today, the use of blockchain is a fairly common practice when it comes to video games. But as we have discussed, things have changed for the good. Gamers now buy different tools, costumes and even killer dance moves through this form of currency. The concept was first introduced by a game named Dragon’s Tale. It revolved around the idea of allowing players to stake cryptocurrency at the outcome of different mini-games. After the introduction of blockchain to the gaming world, Ethereum was used to merge tokens into games and apps. It also followed a strict approach where each record was automatically kept on the blockchain.
All this has been possible because of the introduction of blockchain as it helped gamers to step things up a notch by allowing flexibility. Because of this ease, many entrepreneurs started to look into the world of monetary decentralization that resulted in great start-ups. For an example, a platform named Worldwide Asset Exchange provides a place to trade different kinds of game assets for digital currencies. Similarly, on the back-end of things, Enjin is empowering developers to add digital tokens in their games. On the other hand, there are some developers looking to establish their own sidechains. These are being called dAppchains, specially crafted for gaming projects.
That is why it is not a surprise that both gaming and cryptocurrency go hand in hand. 2013 was the year when the gaming world accepted the concept of blockchain, and things have only progressed since then. The games offering in-game collectibles often rely on people using cryptocurrency to make the purchase. There is, however, a basic hindrance that limits game developers to use blockchain in their games. Getting the collectibles from games through cryptocurrency is often seen as suspicious to gamers as the process can be complicated. Blockchain Licensing Marketplace or BLMP is an organization looking to rectify the issues involving the complexity of transactions in the digital market industry.
The Role of Generation Z
The future seems filled with potential for blockchain and cryptocurrency. Exactly ten years ago, 80% of the video games were sold through physical copies. Since then, things have changed dramatically, and gaming companies are changing the way its gamers are empowered. The games have become more interactive and easier to access. This contributed to the fact that people of the generation Z (people born from the mid-1990s to the early 2000s) adopt the trend of online purchasing since the transactions are easy.
Moreover, generation Z is known as the “Smartphone-Addict” generation and they are the ones making the most purchases when it comes to mobile gaming. There are crypto communities everywhere and according to speculations, the market cap has reached to more than $300 billion. If we look at the gaming market, its market cap is going to be $230 billion by 2022. This means that the future of blockchain, internet, and gaming combined is getting brighter than ever – thanks to the newest generation of gamers.
To look at some stats, more than 2.3 billion gamers spend a total of $137.9 billion on games last year. This spending is only going to increase, and the crypto and gaming industry needs to thank the GenZ gamers for this.
Games Where You Win Cryptocurrencies
To take things on a whole new level, gaming companies are now offering cryptocurrency to its players. All the current players of the market are focused on incorporating digital currency into their games. On the other hand, there are companies that are looking to jump into the next big trend for cryptocurrency in gaming and seemed to have cracked the code. To quote an example, a company named WAR FIELD launched their first-person shooter game where the players can win cryptocurrency. The other companies hurried to follow the example (for instance, game GameFaucet or SaruTobi). Now, you can find numerous online games, including mobile games that allow you to win cryptocurrencies. The most convenient of them, is probably PokemonGo based game Takara that pushes you explore your town to find your Bitcoins.
Although attaching money to games is not new but the use of cryptocurrency will surely get things going for them, as gamers who often use digital currency to make in-game purchases will most likely go for this option as well. The modern-day gamers offer a lot of great content and that is the reason why the younger generation is now moving towards spending on these games now more than ever.