Crypto and Gaming - A Marriage Made in Heaven?
There is no doubt that cryptocurrency and gaming represent huge individual industries, with the former boasting a total market capitalisation of $655.83 billion.
As for the global gaming market, this was valued at $151.55 billion as recently as 2019, while its forecast to peak at an impressive $256.97 billion by the year 2025.
With these points in mind, it should come as no surprise that game developers are increasingly keen to harness the power of cryptocurrency in order to reach a wider market. But how is this endeavour going, and what will the future relationship look like between these two entities?
Is Gaming Key to Mass Crypto Adoption?
While developers may be keen on the notion of incorporating crypto tokens (particularly as part of their in-play payment options), those who work in the latter industry also see gaming as a way of driving mass adoption across the globe.
More specifically, it's thought that gaming could promote cryptocurrency payments and transactions amongst a far wider audience, while introducing it into the mainstream and helping to remove many of the existing barriers to entry.
As such, there has been significant efforts to create crypto gaming apps and platforms, particularly in the lucrative iGaming niche.
Make no mistake; we've seen a growing range of Bitcoin and Ethereum casinos emerge online during the digital age, with the latter providing to be particularly popular in the industry. In fact, this has helped to drive a significant increase in the value of Ethereum in 2020, to a peak of £486.23 per single token.
In terms of video gaming, the most obvious implementation would see franchises and developers offer various crypto tokens as potential in-play payment methods.
The potential here is huge; with gamers spending an average of $85 each on the hugely popular freemium game Fortnite, with this generating up to $300 million per month for its creators.
By claiming a growing share of this market, crypto tokens can trigger huge increases in their value while reaching out to a wider and more diverse audience.
Appraising the Future for Gaming and Cryptocurrency
In the world of financial market trading, we know that cryptocurrency has already become incredibly accessible to investors, particularly through mobile apps such as the now iconic MetaTrader 4.
With mobile and app-based gaming also on the rise, there's a clear window of opportunity for developers to create new and unique titles that are based on one or more cryptocurrencies.
Take Splinterlands, for example, which is a simple, free to access card game that has multiplayer capability and enables individuals to collect cards through in-app purchases. This game allows you to utilise a variety of reputable tokens, with Bitcoin at the head of this queue.
Altcoin Fantasy is a similar entity, and one that follows a now familiar trend of targeting beginners and introducing digital currencies to a motivated mass market.
Interestingly, this is effectively a game that replicates Bitcoin trading, as you look to compete with other players and monitor the type of real-world prices that you'd find on an exchange.
This type of vehicle definitely represents the future of cryptocurrency gaming, blurring the boundaries between these two entities and enabling them both to grow through the process of collaboration.