Cryptocurrency and Online Games: Is It the Best Duo?

With gamers of this generation spending an average of $85 each on the (free-to-play) games like Fortnite, it is a force to be reckoned with. They contribute over $300 million a month to the game creator’s revenue, and the crypto industry wants a piece of that taste.

The exploding popularity of online gaming and esports has also led to the creation of in-game digital currencies, which could be hugely beneficial for the virtual economies of modern online games. Online gamers face real-time issues on the use of real currencies like delay in transactions, forgery, and many more; cryptocurrencies have been very helpful in mitigating these issues in various pilot programs, and in cases of formal adaptation by various gaming agencies.

According to a report by the digital asset exchange, WAX, 75% of gamers surveyed expressed their wish to exchange their virtual goods for a digital currency that can be transacted on other platforms.

Additionally, 50% of the surveyed gamers owned up to owning cryptocurrencies, and over 80% of the gamers declared that they had not used digital currencies before but were willing to use them to make in-game transactions.

The CEO of WAX Token, William Quigley, stated,

The widespread usage of cryptocurrency in online video gaming is imminent. Video gamers are tech-savvy members of a global community with the desire to make frequent, small transactions across borders. The results of the study could not be clearer: video gamers want to be able to use cryptocurrency to make low-cost gaming-related transactions.

Cryptocurrencies running on decentralized technology creates a more secure platform for gamers, and by eliminating middlemen, reduces transaction fees considerably.

The digital in-game pieces market is plagued by high exchange rates and transaction fees, slow transaction speeds, and inefficient intermediaries. These issues could be resolved by employing high-speed and low-cost digital currencies such as Dash, Stellar Lumens, or Dogecoin, and many more. There are also some sites like Bitcoin faucet, which are basically giving away free money and so they have become extremely popular. Otherwise, game-specific cryptocurrencies, for in-game payments as well as for payouts to gamers and game developers could also be deployed to ensure tamper-free transactions.