As cryptocurrencies continue to be a global phenomenon, industries around the world are looking for more ways to incorporate this revolutionary technology into their core products and services. Online gaming in particular has become a hotbed for exciting innovations in this field. Developers are inventing new ways to use cryptocurrencies to buy and trade in-game goods, cosmetics, character unlocks, and more. The convergence of the virtual and the real, our metaverse, has never looked so good.
While 2020 saw several economies shut down as a direct result of the Covid-19 pandemic, the video game industry was one of the few sectors to experience an unexpected boom. As various nations imposed lockdowns across the country, people naturally turned to find entertainment in their homes during successive rounds of restrictions.
Several major game publishers have claimed massive sales revenue growth and active user bases in 2020, including Activision Blizzard, Epic Games, and Electronic Arts. The increase in active users was also reflected in the increase in in-game purchases.
With the advances in PC and mobile gaming, the gaming industry’s interest in cryptocurrencies has increased significantly. Without a doubt, cryptocurrency games are now disrupting the traditional gambling market by allowing players to earn while playing, rewarding their time and effort.
Over 75% of online gamers would like to exchange their virtual assets for a currency that would be used across multiple platforms. Cryptocurrency games have grown in popularity in large part because they allow players to collect and trade virtual assets that can be traded and traded anywhere. in the world. It has also proven to be a safe and easy way for the gambling industry to make money.
Crypto games are, at their core, video games that run on a cryptocurrency network and contain a fully or partially distributed ledger architecture that gives players verifiable ownership of the virtual goods contained in the games. As a result, players can exchange virtual goods for cryptocurrencies that can be exchanged for real money.
Meanwhile, only game developers or game studios made a profit from virtual currencies sold to gamers or users because these assets had only vanity value for them. This meant that almost everything that could be bought in a game (e.g. skins, armour, upgrades, etc.) was of limited value even though users spent real money on it.
But with the advent of crypto games, the status quo is now evolving. While regular games have largely focused on entertainment, crypto games offer entertainment with the added bonus of making real money while playing. Every time a player buys an asset, they indirectly increase the value of the game’s economy. Axie Infinity, CropBytes, and Gods Unchained are some of the most popular crypto games that allow players to earn money by using virtual goods to achieve game goals.
A case in point is CropBytes, a homegrown crypto game. This farming simulation game allows players to grow their wealth portfolios by using NFTs and cryptos on their own farms. A favourite of over 80,000 CropBytes users, this crypto game offers users the opportunity to harness the power of cryptocurrencies to make money through gambling.