Why the Gaming Industry Is Embracing Cryptocurrency?
Cryptocurrency is taking the gaming world by storm, from casino gaming to eSports gaming. Below are just a few reasons as to why the gaming industry is embracing cryptocurrency.
It Makes Sense for Gamers
Gamers are spending a lot of their time living and socializing online in digital worlds, so it makes more sense for them to switch to using a digital currency to match their digital lives. In fact, many gamers have been using some type of digital currency in gaming for the last decade in games like World of Warcraft. Gamers are comfortable with changes in technology, too, so they tend to be more likely than other groups of people to use cryptocurrency or take risks on new cryptocurrencies.
Cryptocurrency is also more anonymous and secure than the alternative, both of which are attractive to gamers. Plus, unlike the real world, the online world isn’t divided by borders. So cryptocurrency also makes more sense in this manner because it’s a global currency that’s easy to use anywhere. As gaming becomes increasingly global with international gaming events and tournaments, cryptocurrency will likely see increased adoption among gamers.
Additionally, cryptocurrency is easier for gamers to use because it cuts out the middleman, making it more streamlined. Gamers don’t need to worry about slow banks, additional fees, or taking multiple steps to transfer cash into currency that can be used in the game.
It’s Attractive for Gaming Brands
Gaming brands understand all of the reasons that cryptocurrency is attractive to gamers — but it’s also appealing for their brands. They see adopting cryptocurrency as a win-win: They’re providing gamers with the cryptocurrency capabilities they desire while also growing their brand and their brand’s revenue.
At the moment, there are two main ways that gaming brands are utilizing cryptocurrency. First, they’re offering cryptocurrencies like Bitcoin as a form of payment for subscription services, in-game purchases, and buying games. Second, many brands are starting to create their own cryptocurrencies for in-game use.
For massive multiplayer online games, a gaming brand could seriously bump up their revenue from creating their own cryptocurrency. At the moment, brand-made cryptocurrency is mostly for in-game use. But some brands are allowing gamers to buy and trade digital assets that have actual real-world value. (Are you ready, Player One?)
To ease gamers into brand-made cryptocurrency, or to offer them an incentive to use it if it’s not mandatory, many brands are also rewarding gamers for using their cryptocurrency in the game. Gamers might earn small cryptocurrency rewards (with real-world value) or in-game rewards that will benefit gameplay.
Cryptocurrency Attracts More Gamers to Casinos
Casinos have long embraced the latest technologies, from the creation of online gaming sites like PokerStars, to virtual reality casino gaming, to smart technology in casinos and hotel rooms, to RFID chips and facial recognition technology. Now, many brick-and-mortar casinos and online casinos are accepting cryptocurrency as a form of payment to attract more gamers.
For example, many casinos in Las Vegas have started to accept cryptocurrency payments for hotel rooms, restaurant meals, and gift shop purchases. Some casinos like The D and the Golden Gate offer Bitcoin ATMs for converting bitcoins into cash. At the moment, no casinos accept Bitcoin on the gaming floor, but this will likely change in the near future. For now, gamers should stick to online gaming if they want to use Bitcoin in that capacity.
Nonetheless, cryptocurrency adoption in Vegas also brings in more tech-savvy gamers who want to seek out places they can use their cryptocurrency in the real world (which isn’t many yet). And with Vegas’s proximity to Silicon Valley in California, cryptocurrency adoption is an even more attractive choice for Vegas casinos because it brings in more of the tech crowd.
Gaming brands are betting big on cryptocurrency all around, and are trying out many creative ways for gamers to use cryptocurrencies both online and in person.