These days Cryptocurrency is becoming a worldwide phenomenon. Online gaming is one of the growing industries that ultimately benefit from the convenience of Cryptocurrency. Cryptocurrencies allow players to collect and trade virtual assets that can be exchanged and traded anywhere in the world. Consequently, the gaming industry makes money simply and safely.
Role Of Cryptocurrency In Online Gaming
Online gaming monetization strategies include in-app purchases, affiliate or referral marketing, and rewarded ads. Players buy games with crypto, purchase different games, or even Cryptocurrency itself in online trade.
Due to the increasing popularity of Cryptocurrency, game developers have created several games that allow you to earn Cryptocurrency by playing them, for example, Axie Infinity, Crypto Kitties, and Splinterlands. On the other hand, some gaming websites now enable players to pay for games with Cryptocurrency. A popular game similar to this is World of Warcraft download for pc.
Limiting Illicit Practices
Online fraud has always been the most severe threat to the gaming industry. As a result, the industry is always looking for methods to save lost revenue. By eliminating all opportunities for fraud, blockchain has the potential to save billions of dollars.
· Instant Mode Of Transaction
When paying with Cryptocurrency, online players can instantly access their favorite games. Cryptocurrency technology enables them to process nano-payments, receiving payments almost immediately.
· Play From Anywhere
Online gamers can play their favorite game from anywhere by using Cryptocurrency, which eliminates the need to worry about exchange rates or security. Cryptocurrency enables players to play without verifying their email addresses or showing their identity.
- Easy Payment Method
Users can pay quickly to play any online game, and it is not as complicated as other payment systems requiring so many compliances. It also offers an easy and secure payment method for the online gaming industry. This is how Cryptocurrency can benefit the industry.
- Low Cost And Easy Mode Of Transaction
Cryptocurrency is a pretty advanced and risk-free method of withdrawal. People are not required to visit any banks or payment portals to make a withdrawal request. Cryptocurrency is significantly less expensive and more accessible than other forms of transaction cost.
- More Value To Your Money
Credit cards, bank transfers, and PayPal are more expensive than cryptocurrencies. There are no hidden fees when using crypto, and there is no waiting for your money to move. Because it is a peer-to-peer transaction between users, using cryptocurrencies in online games eliminates handling fees and exchange fees. It improves the model’s viability for both players and game developers. Players get more value for their money, while developers increase their profits.
We have seen the benefits of using Cryptocurrency to play online games or make online purchases for games. We can easily see the rising trend of cryptocurrency use. Blockchain technology has opened up vast opportunities in every industry. The online gaming industry is also thriving as a result of Cryptocurrency. Gaming has rewards as a key motivator, but it is not required to be transparent and fair. Blockchain has the potential to bring about fairness and transparency.