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Crypto and the game industry – how it works

by Betty Mrunde
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Crypto and the Game Industry

Gamers now account for over a third of the world’s population, putting increased pressure on game developments. The impact of cryptocurrencies on the gaming business cannot be overstated. We’ll look at the demographics of crypto gamers and how large gaming firms are using bitcoin to expand their market.

Cryptocurrencies are something that almost everyone has heard of. However, it’s the present trend that’s causing financial markets all over the world to change. Because it’s a new trend, it’s no surprise that the gaming industry has already adopted it. The industry is well-known for keeping an eye on trends and incorporating them into its goods, which has resulted in millions of gamers being happy around the world.

Cryptocurrency is accepted as a form of payment at several online gaming sites, but it has impacted the business in other ways as well. In reality, Bitcoin is one of the most critical factors in the development and growth of the crypto gaming industry. Game creators were inspired by blockchain technology, which underpins Bitcoin, and created some Bitcoin games. They come in a range of genres and will keep you entertained for hours. Moreover, other similar titles are already available, all of which have received positive reviews from the general public.

Numerous exciting crypto-related innovations are taking place in traditional gaming. Two examples are the creation of blockchain gaming networks and the use of digital assets for in-game transactions. A blockchain gaming network is precisely what it says on the tin. It’s a place where game developers may create and distribute stuff for gamers to enjoy, all using blockchain technology and with the potential for crypto transactions. In other situations, developers may release blockchain games on their own that may be purchased with a single coin or a combination of cryptos.

Because the database created by blockchain isn’t stored in a single, central location, it’s unique and intriguing. The blockchain database is disseminated to every peer in the network, making it entirely decentralized. A new “block” is created for each transaction. Blocks are unchangeable. Because of its decentralization, every transaction on the blockchain is permanent, public, and immune to manipulation. Hackers can’t target a single place and alter the data because every transaction is saved everywhere at the same time. To properly influence the system, you’d need enough computational power to take control of millions of machines simultaneously hosting the database. Every transaction is also accessible to anyone with access to the internet. As a result, it’s possible to see who took part in which transactions. It’s easy to see how this would be beneficial in the cryptocurrency world.

In some cases, a game developer, team, or company may issue new cryptocurrencies that prospective gamers can purchase to help support game development. Overall, it’s not unreasonable to believe that these possibilities are spawning a new video game economy and environment.

In terms of in-game transactions, we’re likely to see the most dramatic changes in the form of NFTs in what we may consider traditional video games. For those unfamiliar with the concept, an NFT is essentially a way of establishing ownership of a unique digital object while simultaneously allowing that ownership to be transferred.

This effectively means that a gamer may obtain a one-of-a-kind item within a video game — a stolen briefcase in a Grand Theft Auto game, a discovered treasure in Far Cry, a golden coin in Super Mario, and so on — and then sell that item for real money online. It’s an intriguing concept and one that some regard as a foregone conclusion in the game industry now that NFTs have arrived. So it’s easy to understand how cryptocurrencies could go through a similar progression.

This is where the concept gets even more enjoyable. Developers might create games set in the same universe and allow objects from one game to appear in another. For example, a weapon may be yours, and you could use it in various games. It’s similar to the crossover from one game to the next, such as Mass Effect, where you may bring your character over to the following chapter. But instead of being part of the same series, it would be a brand new game. As developers and cryptocurrency inventors get more creative in realizing the full potential of cryptocurrencies and blockchain, new ideas continue to flow in.

It’s difficult to predict where this will lead. Cryptocurrencies are still adjusting to the rest of the world. It’s nothing like any other trading system we’ve used in the past. People are still trying to figure it out. However, creative ideas are starting to emerge. We discussed mixed-world items, adventures, and storylines, which may have sparked some interesting Ready Player One ideas in your head. When will we all be living in virtual reality? Isn’t it time we had our own Oasis? Is it possible that we’re already in one?  

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