Cryptocurrencies in Gaming: The Past, Present, and the Future

Transparent, fair, and simple — crypto gaming has taken videogame aficionados by storm. Remember the good old days of playing Battlefield Play 4 Free where you could buy cool in-game stuff with real money?

Yes, it’s kind of like that except that it goes both ways!

As videogame adoption becomes more mainstream, the tech has evolved too. Today, you can spend crypto assets to upgrade your stats in online games and even earn NFTs while you’re at it!

So, what is all this fuss about online crypto gaming?

Let’s find out!

A Short History of In-Game Microtransactions

Before diving any deeper into where things are right now with crypto gaming, let’s jog through memory lane first.

Ah… The Good old days!

All the cool kids from the 90s will remember how Double Dragon 3: The Rosetta Stone allowed us to buy perks between stages. Back then, these microtransactions involved us putting more coins into the arcade machine.

This way, we’d have a better chance of fighting hordes of bad guys coming our way.

It was especially useful when you were low on health or felt like you’d need an extra punch to clear the next stage. This was the first time in gaming history that you could pay for perks and extras. Today, we know this as microtransactions or in-game purchases.

It took more than a decade for the concept to become popular. The second wave came with Nexon’s online free-to-play games that allowed you to pay for some extra features. And the rest is history. Today, videogame microtransactions, especially in free-to-play games, are as natural as the idea of videogaming itself.

It is hard to separate one from the other unless you go full retro.

And now, the idea has been further revolutionized by crypto gaming which allows us to not just purchase stuff but also earn crypto assets as we play!

Why Crypto Gaming Has Become So Popular for Players

Ever since the conception of Bitcoin in 2009, the idea of decentralized and truly transparent currency has gone a long way. Today, crypto is everywhere. All the big-shot finance gurus are talking about it, and you can use these tokens for real purchases too.

The same also goes for Bitcoin gaming!

For players, having crypto currencies in gaming is a win-win situation.

Not only can you make secure microtransactions through the blockchain, but can also win money for playing. In-game purchases are nothing new, but the integration of blockchain with videogames is.

But it is catching on quickly.

Already, we have a bunch of titles that accept these crypto-gaming payments and hand out rewards. Titles like Aviator, Plinko, Pikamoon, Ecoterra, Axie Infinity, and The Sandbox have garnered international acclaim for this model.

If you’re good at the game, you’ll earn money for it.

What’s not to like about that?

The best part is that the rewards are yours. You can spend these NFTs and crypto tokens outside the game too (for regular purchases and even in other games). This level of ownership for in-game rewards is new.

Plus, if the token gains value, you’ll have made more money for the same effort!

Why Crypto Gaming Matters for Game Developers

We can see that it’s all good for the players, but why does it matter to the game developers? Well, most of these games are free to play. This means that they attract a much larger audience than paid-for games.

With in-game purchases, the developers can earn much more in the long run than they would if they were to sell the game to players. Think of it like this: cryptocurrencies, NFTs, and GameFi tokens have gained a ton of value over the past years.

This means that all the revenue generated can multiply over time even if it starts small. For small teams, this new stream of revenue also allows them to continue working on their project and make their product more refined.

Good for the players, good for the developers!

Bottom Line

While the prospect of earning crypto assets for videogaming is still very welcoming, you must also factor in the volatility of the crypto market. If the value dips, you lose money, just as the same as you’d gain it the other way around.

But short of that, increased transparency, true ownership over one’s winnings, and the ability to monetize one’s hobby should keep gamers hooked. Let’s hope that as the crypto gaming community grows, the tech also scales up to support them.

Photo Credit: https://unsplash.com/photos/NaKg7I9iSnY