Cryptocurrency’s Potential in Gaming

| Publish date: 11/28/2019 (Last updated: November 28, 2019 11:14 AM)
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Cryptocurrency has a lot of potential in the gaming industry, and in many ways, the two seem like a perfect match. After all, gamers are used to living in digital worlds — so why would they not prefer to use a real digital currency for all of their online gaming needs? But besides being convenient, cryptocurrency can benefit gamers in other ways such as more confidential and secure payments, increased anonymity, no third-party interruptions or delays, low fees, and easy global usage.

Gamers and cryptocurrency are also a great pairing since gamers are generally adopters of the latest tech innovations. They’re more open-minded to testing out new technology and they’re not afraid of change. So it will be — and has been — a lot easier to get them on board with new cryptocurrencies and crypto platforms.

Below, we’ll examine two specific areas of the gaming industry that are already adopting cryptocurrency.

 

Casino Gaming

The casino industry has long embraced the latest tech innovations. When the internet was introduced, they expanded their offerings online. To continue to stay competitive, sites like PokerStars started to offer the latest games and technology to keep gamers interested and happy. To further enhance guests’ experiences offline, brick-and-mortar casinos have adopted smart technology in casinos and rooms. Additionally, casinos have begun to utilize smart facial recognition and RFID chips to improve security. So it should come as no surprise that the industry has been among the first to embrace cryptocurrency.

In particular, cryptocurrency has seen a lot of success in Las Vegas, Nevada. Many hotels in Vegas have started to accept cryptocurrency for room, meal, and gift shop purchases. One of the main reasons for this is its proximity to Silicon Valley in California, which is frequently seen as the world’s tech hub. Thus, cryptocurrency acceptance has helped Vegas to attract more individuals in the tech sector.

Additionally, many online casinos are starting to accept Bitcoin and other types of cryptocurrency. Over the coming years, the number of online casinos that will accept this type of payment will certainly increase due to its secure and confidential nature.

The eSports Industry

eSports and cryptocurrency are having a moment. For the eSports industry, cryptocurrency can offer gamers another way to pay for their favorite games, subscription services, and in-game purchases. But the future of cryptocurrency in gaming seems to be beyond accepting cryptocurrency and instead having game developers actually create their own currency for gamers to use. Many game developers are already creating their own cryptocurrencies, particularly for in-game purchases.

And if you think that gamers aren’t spending much money on in-game purchases, think again. Even the free-to-play game Fortnite brings in roughly $300 million per month from in-game purchases. So cryptocurrency has a lot of potential in this area, and it could soon be one of its biggest applications in the gaming industry.

Further, gamers could use cryptocurrency to buy and trade digital assets which would then have actual value in the real world. If this isn’t enough of an incentive for gamers, developers are considering rewarding gamers just for using their cryptocurrency, similar to downloading computer apps that allow you to earn Bitcoin rewards just for shopping at specific stores.

The Future of Gaming

The gaming industry is already taking over the world. It’s also becoming an increasingly borderless industry thanks to global gaming tournaments and events. Countries all over the world are investing in eSports by building new stadiums, hosting international fan events, and seeking out key investors to help the industry grow — and spark eSports tourism.

Cryptocurrency is the answer to the global gaming industry. It can be used anywhere, with no conversion needed. It’s secure, fast, and more confidential than traditional forms of payment. This will make international travel easier for gamers, which will, in turn, encourage them to do so more. Thankfully, the gaming industry is already starting to recognize cryptocurrency’s full potential and is starting to implement measures to make a future like this a reality.

 

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