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Crypto in Game Play
Understanding the evolution of gaming was essential to perceiving the potential for cryptocurrency in game play. Online gamers aren’t satisfied with playing just for fun or entertainment for hours on end anymore. They want a ‘piece of the pie’, something back for their time - and gaming corporations need to evolve to cater for their changing audience or miss out. But how does cryptocurrency and game play work?
It’s important to understand that COVID-19 has accelerated an increased appetite for cryptocurrency-based games. The COVID-19 global pandemic left many people without an income as traditional employment dried up. Many turned to the blockchain and gaming to supplement their income and make use of their increased spare time:
“In 2020, The Philippines saw a huge number of non-traditional gamers migrate to crypto-based video games to earn income during the COVID-19 lockdowns. The country saw grandparents, single mothers, and taxi-drivers all turning to a video game to supplement income - playing, crafting and trading digital assets which they could then sell on public blockchain exchanges, to transfer into cash”
In addition to the current understanding of cryptocurrency, that being tokens, the application of NFTs in game play is only in its infancy. The non-fungible properties of NFTs create many opportunities for game play alignment in terms of characters, clothing and items. This can lead to the end of spending money for in game purchases only to see those profits go to the mega gaming corporations, because the player will be able to resell or cash back in on those items.
“The world is watching the current crypto and NFT hype and wondering what will happen in the next 12 months. In reality, smart investors and developers will be looking at 3-5 years, which will be the ‘make or break’ period for this technology, and the new business models that accompany them. Provided we see high quality games come to market, blockchain enabled open economies could become the fastest growing segment of what is approaching a $200 billion market.”