Finances

How Cryptocurrency Will Transform The Online Gaming Industry 

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Written by Quentin Hack

Cryptocurrency is entering nearly every sector at a slow but continuous pace. As of 2020, the total worth of the global gaming industry is about $152.1 billion, and cryptocurrency is one of the primary reasons for the increase in its revenue. A few experts have said that gamers, in specific, know cryptocurrencies because virtual digital money has become an aspect of gaming for the past ten years.

In the next coming years, there are high chances for cryptocurrency to completely replace fiat currency. In addition to that, cryptocurrency enables gamers to buy upgrades and reward in-game achievements as well. Besides that, the gaming industry also helps in rebranding cryptocurrency.

Cryptocurrency, in the financial sector, has been facing problems of customer assurance because of its highly volatile nature. However, there is a change in the public understanding because of its popularity in the gaming industry. Many people are thinking about how cryptocurrency can alter the online gaming industry. If that is the case with you, scroll down to find the reasons how cryptocurrency is associated with the gaming industry.

Explaining How Cryptocurrency Transforms The Online Gaming Industry

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  1. Cryptocurrency Makes In-game Purchases Easy

Gamers can easily buy in-game properties with the help of cryptocurrencies. Because of that, gamers no longer have to wait for third-party payment service providers to monitor their fiat money transactions. Plus, they do not need to pay the payment provider fees. Some gaming companies have inaugurated a framework for game creators and try to carry blockchain technology into the video game industry.

  1. Blockchain Gives A Safe And Secure Setting For Game Creators

Blockchains utilize significant data encryption techniques such as public keys and private keys to protect crypto coin transactions. As the blockchain network is decentralized with no available server, even cyber pirates can not eliminate it. Blockchains have been using “Proof of Work” (POW) and different consensus algorithms to enhance network safety.

  1. Blockchain Assists In Secure Purchasing And Selling In-game Properties

Due to the high involvement in cryptocurrency, purchasing and selling in-game assets became much easier. If gamers can protect their private keys, the transactions will become safe. But, it is crucial to keep a high-end strategy for their computer safety, for instance, carry back-ups regularly, curb dangerous websites, and stop maintaining plenty of crypto coins in web wallets or mobile wallets.

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  1. Blockchain In Gaming Allows Interoperability Profiles Of Users

Both cryptocurrency investors and traders are aware that they can utilize crypto coins to make transactions on various blockchain networks. By building games based on the blockchain, users can send their specific public addresses between different games. Hence, the players can transact between the games using the crypto-coins from the same public address.

  1. Blockchain Stimulates The Prediction Of Value On Metaphysical Assets In Gaming

By creating a fascinating game on the crypto blockchain, users can launch physical value on metaphysical digital possessions. The only thing to keep in mind is to develop a fun and player-engaging game.

  1. Blockchain Curbs Cheating

Like we said previously, new crypto and consensus algorithms safeguard blockchain networks from cyber attacks. It is better to code the smart contracts while building a new game on the blockchain. A totally open ledger will assist in deterring crimes.

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  1. Blockchain Allows Users To Safely Store In-game Properties

If users buy digital possessions in the blockchain-based game, it is possible to stock them safely in their own crypto wallets. Some crypto-based games maintain specific wallets so that the game users can protect their in-game investments. It is one of the primary advantages of blockchain in the online gaming industry.

  1. Blockchain Games Enables Users To Completely Own Their In-game Possessions

Another benefit of blockchain in the gaming industry is that users can control and secure their own assets. Blockchain-based games utilize smart contracts to regulate transactions. Smart contracts will be enforced automatically after fulfilling the conditions coded in them, and the outcome can not be reversed. These smart contracts will give entire transparency, and each user can perceive the associated rules.

Smart contract enactment outcomes are listed in a decentralized blockchain. Keep in mind that these records are unchangeable. It is not possible for any centralized agent to alter the public address where the investments are stored. Due to that, no one can shift the ownership of the in-game possessions.

  1. Blockchain Authorize Users To Get Incredible Control Over Their Special Games

Many gaming creators and entrepreneurs will accept the Decentralized App (DApp) route to inaugurate a game based on blockchain. Though the front-end code can exist in any language, the DApp should retain smart contracts like its backend code. The DApp games should operate on a decentralized blockchain. Besides that, the DApp needs to utilize crypto coins that are created with a typical cryptographic algorithm.

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  1. Blockchain In Gaming Industry Unlocks New Territory For Game Creators

You can understand how to create a DApp game through various resources. For instance, the Loom Network formulated a class for inaugurating your own DApp blockchain-based game. In addition to that, it is possible to develop your blockchain game from the start by using the required tools.

  1. Blockchain Enables Users To Work Together With Game Creators To Enhance A Game

By allowing open communication services between users and game creators, cryptocurrency blockchain networks are altering the game industry. The improvements in blockchain apps are run by a community consensus. For instance, the users or other game creators can think of new ways to improve the game. Those changes can be performed if the community approves.

Bottom Line

With thorough research, we have created this post which contains all the potential reasons on how cryptocurrency is changing the gaming sector. In the upcoming years, gamers might fully use various cryptocurrencies for their game purchases instead of fiat money.

About the author

Quentin Hack