Benefits of Using Cryptocurrencies in Gaming

ChainPlay

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2 months ago

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The dynamic nature of the online gaming system became more interesting when the GameFi ecosystem started integrating cryptocurrencies and blockchain technology as legal tenders. Without any doubt, the introduction of the crypto element has made huge contributions to the advancement of gaming and has enhanced the gameplay experiences.

Today, the benefits of using digital assets in gaming are too numerous to mention and more and more people stand to gain from crypto gaming in the near future. This is especially true when you consider the fact that gamers make up 1/3rd of the world’s populace and by 2020, over 42 million of this demographic already own cryptocurrencies.

The Benefits of Using Crypto in the GameFi Ecosystem

The use of digital assets in the Gamefi Ecosystem has done a lot of good in the industry.

The Decentralization of Blockchain Technology Impacts Gaming

The centralized nature of crypto and blockchain technology eradicates centralization and bureaucracy from all spheres of the gaming landscape, including the crypto casinos which gamers leverage to place bets online. With the intermediaries eliminated, players gain total control of the game including their in-game assets, making the overall gameplay seamless, convenient, and hassle-free.

A Crypto GameFi Ecosystem Empowers Gamers To Own In-Game Assets

Studies have revealed that almost 3/4th of the population of online players prefer to exchange their accumulated virtual assets for fiat or other currencies that can be accepted on other platforms. With cryptocurrencies, players are empowered to collect crypto assets which can also be traded or exchanged anywhere around the globe.

When video games started running on crypto networks with a partially or completely distributed ledger architecture, players were empowered with verifiable ownership of their in-game virtual products. After these virtual products are traded for cryptocurrencies, they can in turn be traded for fiat.

Democratization of Gaming

Among the most notable benefits of integrating crypto payments in the gaming scene is the democratization of gaming. This has returned the control of the gaming benefits and gaming experience back to the gamer community and has succeeded in breaking the domination of the bookies (game operators and gaming platforms)

New Revenue Streams

After control and ownership of in-game assets like characters and land were returned to gamers, crypto gaming became a profitable venture, not only for bookies but for the participants. Once a gamer purchases an in-game asset through play-to-earn models, the procurement boosts the value of the overall game economy which includes the player. Besides, the gaming landscape has witnessed the rise of platforms that permit gamers to earn money through virtual products in order to accomplish their in-game objectives.

Also, there are platforms that leverage cryptocurrencies as rewards to deserving players. These recompenses can be given for filling out surveys, watching videos, gameplay, and more. When you decide to trade your in-game items, it presents you with new opportunities for monetization and also creates a fresh marketplace for digital assets where gamers are permitted to sell, buy, and trade their stuff with real-world value. In regions with limited job opportunities, play-to-earn models can aid in redistributing wealth more equitably, especially in the gaming landscape.

Crypto Gaming Boosts Privacy and Anonymity

Mainstream international payments and trade methods are plagued with exchange rate and security issues but leveraging borderless cryptocurrencies like Bitcoin in gaming has reduced these issues to the barest minimum. Now, gamers can play in total anonymity as there is no need to reveal their personal information like email id. Needless to say, this keeps people’s identities less vulnerable. Being less identity-sensitive and borderless, crypto gaming makes funds withdrawal very fast and completely devoid of restrictions no matter the location.

Enhanced Security With Crypto Gaming

Two crucial issues in the online gaming landscape are security and safety and blockchain technology has gained a lot of popularity for its superior security. Its tamper-proof manner of conducting transactions in games minimizes the risk of hacking, chargebacks, and fraud. Through the immutable ledger technology of blockchain, illegal trading of virtual assets is prevented and the risk of hacking people’s wallets to steal keys is mitigated. Key duplication is also eliminated.

Needless to say, the security level of crypto gaming far exceeds what the traditional gaming platforms have to offer which has challenged and frustrated the efforts of cyber criminals who have been seeking ways to exploit the system. When players’ digital assets are kept under the protection of blockchain technology, they tend to have more confidence and trust in the reliability of the overall in-game economy. They also offer an easy and safe medium of earning revenue.

Crypto Gaming Improves Financial Inclusion

Promoting financial inclusion is one of the best features of crypto gaming which allows gamers from every location on the globe to take part in the virtual economy. In the absence of traditional financial services, people can trade, sell, and buy in-game assets with cryptocurrencies irrespective of their countries of origin, or residence. Your country’s fiat currency has no impact on this kind of transaction, thanks to the borderless nature of crypto and blockchain technology. This opens new opportunities for both social mobility and economic empowerment.

Transparency Is Among the Benefits of Crypto Gaming

The immutability and transparency of blockchain technology impact gaming transactions positively. There are no incidences of maintenance charges or hidden fees that have been witnessed in the use of bank transfers, credit cards, or any other traditional mode of payment. Apart from being cost-efficient, transactions with crypto are faster and more transparent as everything is captured on the blockchain public ledger for future reference. What’s more, this ledger is unalterable. Thanks to this, gamers are able to track the history and ownership of their in-game assets as well as verify them. This helps in preventing disputes and scams in gaming.

All the mentioned benefits of crypto in the gaming landscape have shown that digital assets can actually revolutionize the industry and offer bookies, gamers, and companies new opportunities to create innovative gameplay mechanisms, transparent in-game transactions, and virtual economies. Through cryptocurrencies and blockchain technology, the game industry is better equipped to create new streams of revenue, improve security and anonymity, and boost player engagement. Crypto gaming has also done a lot in promoting financial inclusion.