While there has been no end of hyperbole about the world-saving powers of cryptocurrencies, there is little denying the fact that blockchain technologies are having a big impact on the gaming world.
The past few years have seen many different aspects of cryptocurrencies entering the video game industry. From play-to-earn crypto games that give you rewards for your gaming to a wave of gambling sites that accept cryptocurrencies, it seems that the gaming world and blockchain technology were made for each other.
Much of this is down to the fact that blockchain technology allows virtual currencies to be traded across borders and platforms. Rather than being tied to using a currency of a single country, players can send and receive cryptocurrencies to play games in a truly international setting.
Plus there’s the benefit that a cryptocurrency earned on one game could then be used to make purchases on an entirely different game. All of which has meant that things are just getting started with the crypto gaming revolution.
Cryptocurrencies enter the casino gaming realm
The above benefits can be seen on cryptogmblr.com where a range of casino bonuses can be picked up and games can be played across borders thanks to the frictionless payment solutions offered by cryptocurrencies.
Being able to play with cryptocurrencies and make deposits with the likes of Bitcoin, Ethereum and LiteCoin mean that gamers can play at such casino sites without having the approval of their bank or card provider. Such traditional financial firms can be notoriously fussy about allowing their services to be used at online gambling sites and cryptocurrencies offer a way around this.
Plus blockchain technology has also given rise to a unique strain of crypto casino games that look very different from the standard slots and table games. Instead of this, crypto casino games could require the gamer to make predictions about where a rocket could randomly explode. It may offer a different approach to the standard casino game, but these crypto casino games have proven to be no less enthralling.
Crypto games pioneering the play-to-earn revolution
It’s not just crypto casino games that are paying out. There’s been a remarkable rise of play-to-earn crypto games over the past few years. These come in a variety of forms but they share the same concept of letting players earn in-game assets that can then be traded for real-world value.
Play-to-earn games like Axie Infinity might not offer too much new in terms of gaming innovation, but they have paved the way for a new generation of games that pay people to play rather than the other way around.
Many of the rewards of these crypto games come in the form of NFTs which are basically tokens that can be traded, bought, and sold. These NFTs have no intrinsic value in themselves, but rather their value is entirely demand-based.
What’s remarkable is that many of these NFTs are proving to be hugely popular. Recently there was a $2.43 million acquisition of a plot of digital real estate in the fashion district of the Decentraland game. There have been similarly large NFT purchases in other crypto games like Axie Infinity, Cryptokitties, and Gods Unchained.
Of course, skeptics will say that paying such a large amount of money for virtual items makes little financial sense. But anyone who has charted the unstoppable rise in the value of Bitcoin will understand that the very nature of cryptocurrencies defies traditional market values. So while the crypto gaming revolution is just getting started, it’s looking like it could be here to stay.