With Bitcoin and its alternatives rising to power over the last 12 years a lot has changed in the cryptocurrency space. From new projects and ecosystems to new concepts like NFTs boiling over into popular conscience, there has never been a time when the world was quite so interested in cryptocurrencies.
This is especially true for gamers who, on the tech savvy-side of things, are among the strongest supporters of blockchain technologies and our decentralised future.
But with the rise of many gaming-centric blockchain projects, we need to ask are we asking the right question here?
Why Gamers Love Cryptocurrency, or Why Cryptocurrencies Love Gamers?
Many have argued that gaming may be the tipping point when it comes to the mass adoption of blockchain technologies.
Sure, there are millions of crypto traders and miners across the world, but many of these fanatics stay firmly within the cryptocurrency ecosystem.
Gamers, on the other hand, offer an opportunity for cryptocurrencies and blockchains to be used by huge portions of the globe in order to facilitate entertainment.
This crypto-gaming revolution comes in a number of different flavours:
To say blockchain games are a new phenomenon in the 2020s would be a lie.
Throughout the 2010s there were a number of experiments with games which utilised blockchain technology.
The most popular of these was (and still is) undoubtedly CryptoKitties.
This cat-breeding game sees player purchase, collect and breed adorable (virtual) furry friends in the hope of creating incredibly rare versions.
While this resembles many games of yesteryear, the integration of the blockchain meant that these CryptoKitties could not be hacked, deleted or moved around against a players will.
Instead, the unique kitties created ended up accruing a lot of value.
If you visit the site today you may be blown away by some of these virtual kitties being worth $500— but if you look for the most expensive there are many up for sale for over one million dollars… yes, we mean it.
Go check it out.
This creation of unique kitties on the blockchain may sound very familiar given the recent explosion of a certain three-letter acronym, and that’s because they are exactly that – NFTs!
Throughout 2020 and 2021, the world has seemingly gone NFT mad with an incredibly number of Non-Fungible-Tokens sprouting up ranging from digital art and live sports moments to tweets and internet memes.
Although NFT-mania may be calming down, that does not mean that NFTs have lost their usefulness—especially for gaming.
Many games have started to introduce NFTs into their ecosystem, while others have founded their entire model around them.
One example of this is Lost Relics—a relatively traditional dungeon crawler game where you accumulate obscene amounts of loot by hacking and slashing.
However, the unique selling point of Lost Relics is that each item you obtain is an NFT.
This means that if you grind your way through end-game zones you have the chance to obtain some ultra-rare (1 of 1) NFTs which are worth real money.
Such NFTs can then be sold to other players either through in-game systems or through larger ecosystems such as Enjin in order to earn, more often than not, cryptocurrencies.
The Benefits of Cryptocurrency Integration within Games
More and more gaming projects are finding themselves dipping their toes into cryptocurrencies, and such integrations offer a lot to players.
These benefits can be summed up in five key points:
- Instant transactions: removing the bureaucracy of using financial intermediaries, reducing the number of blocked payments, and the like.
- P(l)ay Anywhere: As cryptocurrencies are difficult to censor, they offer people from all over the world the option to pay for certain gaming experiences.
- Secure Payments: Security is among the most important reasons why the world embraces cryptocurrencies. Using blockchain technology allows for players to remain confident in their purchases without needing a middleman.
- More Bang for your Buck: As cryptocurrencies (generally) have low transaction fees, especially for international transactions, they offer a far more cost-effective method for gamers to pay for their favourite services.
- Anonymity: It’s no secret that blockchains don’t need to be tied to a person’s name or national identification number. In such a way, blockchains allow gamers to hide their identity if they do not wish to share personal information.
The Future Currency of Games
Be it adding value to virtual items by making them into NFTs or adding a multitude of benefits to payment models, cryptocurrencies provide a whole host of bonuses for gamers.
These bonuses even mean that skilled gamers can earn a living through playing particular games, making the age of play even more appealing for many.
If you’re already a crypto-head gamer, you’re in luck as Eldorado is now accepting payment in cryptocurrency!
So, in the end, it turns out that while cryptocurrencies and blockchain certainly love gamers, fortunately that affection is mutual.
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