The gaming world is moving faster than almost any other industry, constantly evolving and adopting new technology as quickly as ever. This innovation is changing the way people play and interact with others online, improving the user experience and resulting in more well-rounded gameplay.
One of these key innovations is the integration of cryptocurrencies into online games, especially about how players can make payments. This has the potential to propel the world into a new era of gaming, one that’s far more connected than ever before, providing greater financial independence, security, and immersion.
This article will explore how cryptocurrency payments enhance the gaming experience.
The Rise of Cryptocurrency in Gaming
Using cryptocurrencies like Bitcoin and Ethereum has become very common in recent years, and this has gone hand-in-hand with the growing popularity of cryptocurrency payments in gaming sectors. These online coins have continued to infiltrate various sections of the market, impacting digital payments, vending machines, and in-store registers.
However, this impact is arguably most prominent in the gaming space, where players have been quick to adopt this new technology because of the benefits it can have. Read on to learn how crypto can enhance the gaming experience.
1. True Ownership of In-Game Assets
This is a key area, as players rarely ‘own’ what they purchase online, particularly regarding microtransactions. While something might be collectable, its value is incredibly limited if it can’t be owned outside of the game. With the rise of blockchain currency and NFTs, players have a better chance of being able to own the items they purchase or win online — their ownership will be verified via blockchain technology, and this record will last forever. So, if the player wins a legendary skin or a rare weapon that other players would want to buy, their ownership can be authenticated, and they have much more protection against theft.
2. Microtransactions and Efficiency
Microtransactions have become a mainstay in games. While they get a lot of hate online, it’s easy to see why they have become so popular. They allow players to purchase in-game items directly instead of spending hours playing and working on specific missions or objectives. Cryptocurrencies enable quicker payments, which is ideal for players who expect efficiency and speed. At the same time, these payments can also come with lower transaction fees because they aren’t typically linked to traditional banks or payment facilitators.
3. Decentralised Virtual Economies
Virtual economies have become an area of interest for game developers in recent years, but they are notoriously hard to implement. EVE Online is an example of a player-driven economy that exists solely in the digital realm. In 2014, its online economy was estimated to have a total value of US$18 million based on trading the in-game currency. For all of its benefits and realism, fraud and deception can still be an issue in these online economies. Blockchain technology could help players have greater peace of mind, improving the user experience simultaneously.
4. Enhanced Security and Fraud Prevention
For people who play online, security will always be a concern, and for good reason – it’s incredibly easy to have your possessions stolen because of fraud or hacking. Cryptocurrencies are particularly safe because of end-to-end encryption and blockchain-backed ledgers, reducing the risk of players being targeted online. If a player’s possessions are recorded online, and it clearly states that they belong to them, a simple theft would be much less likely. At the same time, education about fraud can help mitigate the chances of people being tricked into handing their items over willingly.
5. Rewarding Player Loyalty
While players were historically rewarded with in-game items that might have looked cool but had little value, developers can now reward players for their loyalty by giving them digital coins. These coins have real-world value, which can change daily, so what might seem like a small gesture could turn into a sizable nest egg after a short period, depending on how the market behaves. This improves the bond between players and game developers, incentivising them to continue interacting.
The Future of Gaming With Cryptocurrencies
The continued integration of cryptocurrency payments and rewards into gaming could have a lasting impact on how people play and pay online. The gaming industry will keep evolving and adopting new technology quickly, so it’s crucial to keep an open mind, as things can change instantly. Moving forward, it’s likely that many more creative applications of cryptocurrencies will emerge in the gaming space, improving the user experience and creating more engaging spaces that will keep players interested and incentivised.
