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Why Crypto Gaming Could be the Future of the Global Gaming Industry

The global gaming industry is continuously growing. Last year, this market already reached a revenue of over 130 billion US dollars. Mobile gaming accounts to over half of this market and this could be because of how more and more people are starting own smartphones these days.
The mobile gaming industry alone is now worth over 70 billion US dollars. By 2021, it is expected to be worth more than a hundred billion dollars. Mobile gaming alone is set to dominate all sectors of the global gaming industry.
One of the popular mobile games downloaded by players worldwide is Fortnite. In fact, it has over 250 million players worldwide. This is why it’s not surprising that this game from Epic Games is making around 300 million US dollars a month.
Fortnite is one of the mobile games that you can download for free but has in-app purchases. These purchases are made through microtransactions. A microtransaction is basically the purchase of virtual goods with micropayments.
Microtransactions are widely used on mobile apps but some PC and console games may also require such purchases too. About 69% of purchases made by players with the game that they have were made through microtransactions.
For Fortnite, it was found that its serious players have spent an average of at least $84.67. When it comes to how much all its players are spending, the average is $58.25. Its players were spending money on skins, tools, emotes, and gliders.
The amount that players have spent on Fortnite alone is a great proof that more and more people are just now keener to spend on money on such games.
Now, there are a few ways that micro-transactions can be made. App services like The App Store and Google Play Store enable their users to pay for app and in-app purchases typically by credit and debit cards. Sometimes, such purchases can also be charged to the player’s phone bill.
But where do cryptocurrencies come in? While players may not really see cryptos as an option yet to make in-app purchases through their app store provider, it may not take long before this change.
Crypto  gaming is now also on the rise. This has started in 2017 when cryptos, particularly Bitcoin, was on fire. A Bitcoin was worth around 20,000 US dollars at some point during that year. This was mainly why many businesses found ways to include cryptos in what they do.
There’s also really more into why cryptocurrencies are now widely used aside from how much they are valued. There is actually convenience when it comes to its use. Paying with Bitcoin or other cryptocurrencies like Ethereum is also safer than paying with your bank accounts.
The thing about using cryptos is that fraud is hard to come by. Users of cryptos don’t have to share their information whenever they make their payments through this. What they only need is their Bitcoin ID to complete a transaction.
Most transactions are also real-time. This is different from how it is with bank transactions that could take days. Transactions with cryptos are simply faster and ideal for players who would like to remain anonymous.
Bitcoin gambling is also on the rise because of how beneficial it is to punters. Anonymity is one thing, but it’s also mainly because of the legislation the concern this currency. Most countries don’t have legislation about cryptos and so it’s easier for punters who are traveling to use this.
Now, many people are just really seeing the future may consist of crypto gaming. In fact, one of the reasons why Ethereum was created is because of World of Warcraft. Vitalik Buterin created it to nerf some of his in games items.
Crypto games were also made like Crypto Kitties. It is a game that allows its players to breed cats and sell them for Ethereum. Other popular crypto games or blockchain-based games are World of Ether, EOS Knights, MegaCryptoPolis, and Everdragons.
People actually enjoy such games. Last year, around half a billion dollars were generated in crypto games. Of course, if more games are made that accept cryptos, this is just set to explode.
Cryptocurrencies may only be currently seen as a mode of payment by many as of this moment, but with how these virtual currencies work, using them for trading game items can also be a great thing. Players will be in control of how much their items are valued.



November 8th, 2019


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