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How Crypto Is Impacting the Video Gaming Industry

Cryptocurrencies and Blockchain technology have (now and in the future) a huge impact on the way we play games. True, the changes are not yet readily available for everyone to see them. But, video gaming developers look forward to having them implemented on a large scale. First, we should highlight that, to game developers and gamers, the idea of a virtual coin is not new. After all, most games allow players to earn and collect virtual gold (or other currencies) that they can use to buy virtual goods (skins, weapons, skills, and so on).

Furthermore, with the development of new technologies and the improvement of smartphones, the video game industry made full use of the term ‘freeware’.  This gives players access to almost all games for free, but if they want to progress faster or get better equipment, they have to pay.  As a result, most players end up paying in one year, a lot more than they would have if they had bought the game.

But with cryptocurrencies, players can give up paying money on their virtual goods and use cryptocurrencies like Bitcoin and others. However, this is not the only way cryptocurrencies have impacted the gaming industry. The true change comes from Blockchain technology and below you can learn why and how.

Safer Virtual Worlds

You have to be a gamer to understand the pain and frustration you feel over losing an online account in which you invested hours of your life! Even though the goods you purchase or earn are virtual, they have value to you, and it’s only natural to feel robbed and mistreated if something happens to them.

Sadly, as we all know, you can’t report such problems to the police, but with Blockchain technology, you may not have to. Encrypted Blockchain ledgers are extremely difficult to break into, and the process is so time-consuming and tedious that the prize is not worth it. So, as long as your virtual goods are in the Blockchain, no one can touch them.

The good news is that Blockchain will be available to most game developers, so both indie games (such as Stickman Rope) and big names in the industry can benefit.

Broader Reach

How would you like your characters from Fortnite to cross to another universe like PUBG? Or maybe you would like to use some of the weapons and items you’ve earned in one game while discovering another one?

Blockchain may finally put an end to video games division and open portals between our most favorite virtual universes. This way, gamers won’t have to build characters from the ground up in every game.

The technology can create a smart contract, where your data is verified, and the characters and items mentioned in this contract are considered legit. Of course, the smart contract won’t work over all the virtual universes, but it opens the door for gaming companies who want to collaborate on interlinking their most popular titles, to create a bigger, more challenging universe.

Blockchain-Enabled Gaming Tournaments

The gaming industry is quite well-developed, and it may seem there is no more room for improvement. After all, there are games for literally anyone! From easy designs, you can play in the browser to kill off time (such as Short Ride) to the ones you invest time, money and love int (such as World of Warcraft and others).

So what else could we have?

As it turns out, the blockchain technology can make gaming tournaments a hotter thing than eSports! You won’t need a special event to have teams of players compete against each other. Also, it won’t matter what their favorite universe is because they already have a representative character that can cross over.

Wrap Up

The ideas mentioned above are only a few of the ways cryptocurrencies can change gaming as we know it. Who knows? Maybe we’ll get to put actual value over the virtual items we invest so much time and effort to gain! However, one thing is certain: there will be changes and most of them will be positive.

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About the author

Tirupati Gumpula

Hi, I'm a Tech Enthusiastic and founder of Way to Hunt. Need any help? Email [email protected]

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