Crypto Gaming is a new and improved form of traditional online games, developed on a secure blockchain and played using cryptocurrency tokens. The gaming industry and blockchain first came into contact a few years ago, and further convergence was inevitable. Billions of dollars rotate in gaming and the crypto industry. There are millions of users, and some are interested in both directions.
The usage of cryptocurrencies allows players to make payments and transfers across borders without the approval of a central monetary authority. That is the main reason businesses all over the world are seeking new ways to use cryptocurrencies.
Now players can enjoy crypto games. This topic is worth understanding because gaming is actively shifting to the crypto industry. Crypto games allow gamers to earn money as they play (Play-to-earn). You can earn cryptocurrency (Bitcoin, EOS, Ethereum, etc.) and sell the crypto on the stock exchange for real money by playing crypto games. You can also get valuable items and sell them to another player for cryptocurrency.
Today the crypto gaming industry is more exciting than ever. Do you like crypto games? Have you played any crypto games, or is this a new topic?
Continue to read and find out everything you need to know about the phenomenon of crypto games!
What are crypto games?
Crypto games have appeared on the gaming market quite recently. Therefore, even for avid gamers, crypto games can be unfamiliar territory. Of course, to participate in crypto games, you need to have a cryptocurrency balance. Specific wallets may be used to purchase and sell cryptocurrencies. If you wish to transfer cryptocurrency units to another user, you should send them to their digital wallet.
An increasing number of online players are paying attention to cryptocurrency to solve the problems associated with fraud and transactions that they exposed players to in online games. A decentralized system of cryptocurrency games helps increase transparency and the level of players. Orderly payments also improve compatibility between games.
Online gamers use monetization strategies, such as in-app purchasing, advertising, and affiliate marketing. In-app purchases allow players to make purchases directly in the game, including coins, characters, and extra lives. According to Newzoo’s Analytics Platforms, the online gambling industry will exceed $200 billion by 2023. It’s an excellent chance for crypto or bitcoin online gaming to thrive.
NFT stands for Non-Fungible Token. The system marks each token with a unique “electronic tag” containing information about the transaction, authorship, or other data.
NFC became the most widespread in 2021 when non-interchangeable tokens began to be used for marking works of art, pictures, videos, and even memes. This protects copyrighted content from illegal use and determines whether, for example, in-game content in NFT games belongs to a particular player.
Such revolution games as CryptoKitties (which allow users to buy, sell, and create different virtual kittens in NFTs) and Axis Infinity (blockchain game inspired by Pokemon and Tamagotchi) have gained high popularity. If in the first game you can create and cross seals, and rare specimens put up for sale, then Axie Infinity added standard mobile game mechanics – characters fight with each other in unique arenas, earn in-game currency, and then can exchange it for other cryptocurrencies. NFC tags, which are created automatically in the game, confirm the uniqueness of the player’s creatures. The current trends show that NFTs will remain the critical element of crypto-gaming for some time.
Play-to-earn emphasizes two methods of generating liquidity–buying and selling in-game NFTs or playing to earn in-game cryptocurrencies. 2021 proved that crypto games supported by the P2E movement would not disappear. In the third quarter of 2021, the number of new unique active wallets (UAW) connected to decentralized gaming applications (dApps) reached 754,000, which is almost half of the industry’s activity.
Most analysts predict that other new genres possible to play only through NFT technology will appear shortly. NFT is a great tool to prove ownership for various functions in the game–that is possible to program different game items and characters as a non-fungible token. Play-to-earn and NFTs models will continue to be dominant.
Metaverse is one of the fascinating concepts in blockchain gaming. That is a network of virtual environments where players can freely move valuables and data without having to change their online identity. The importance of Metaverse virtual worlds is growing exponentially as they strive to become a place where people from communities to create, play, trade, and communicate. We already heard something about virtual spaces, but crypto games will become a catalyst for our digital life on multiple platforms, forever changing the paradigm of the virtual community.
How to make money playing crypto games?
Although you can also mine tokens in some games, most of those games allow you to convert the accumulated values into crypto assets that are stored on the blockchain. Ideally, each player should research and store their crypto assets in a secure wallet, preferably online, to ensure maximum security. The tokens earned in this way entirely belong to the player, and the player can exchange them for other cryptocurrency assets or keep them and withdraw them in fiat currencies.
Currently, the blockchain gaming space is expanding. 2021 was probably the most crucial year in the history of crypto gaming. The Play-to-earn movement flourished, while the number of UAW connected to games accounts is almost half of the unique active wallets of the entire blockchain industry.
The world of crypto games has a huge potential to change and improve the entire gaming experience. However, it is essential to remember that we are still in the first generation of crypto games. Most of the games are still in alpha and beta testing, so we have yet to see the best of them. There are still a lot of details related to the legislative regulation of cryptocurrencies. But the prospects for the transformation of video games are worth solving all these problems.
By becoming an avid crypto gamer, you can help the crypto gaming community and developers to evaluate the best way to grow and develop. User feedback will help them decide which features they need to improve and which to omit entirely. Therefore, more attractive genres and themes are likely to appear as the industry develops.
We can define crypto gaming as fun, income, building, and community. Today, crypto games can attract a lot of players who are eager to spend their spare time in the virtual world and earn some crypto!