Following the industry’s crash in 2022, crypto’s valuation has now decreased to slightly over $1 trillion. But this is still a lot of money. If you’re an investor, crypto is a sector worth considering.
Precisely, focus on blockchain technology. Blockchain is the underlying ledger of records that makes crypto transactions possible. It’s revolutionizing online industries, more so, the gaming industry.
Continue reading to discover how Blockchain technology is changing online gaming.
Play to Earn Games
The video game industry is worth billions of dollars. Yet, for a long time, fans rarely had a chance to make money from their favorite games. Now, thanks to blockchain technology, gaming is beneficial to both developers and players.
Blockchain’s play-to-earn games allow you to own in-game characters and assets. If you’re playing an action game with weapons, customizable characters, and vehicles, you can own these in-game assets. In fact, you can sell your skins and video game assets for real money.
Axie Infinity is a case in point. This action strategy game involves characters called Axies you can use to win battles. It also features a Metaverse in which you can buy property, breed young axis, and sell your in-game assets for Axie coins—a token tradeable on major exchanges.
At the height of Bitcoin’s popularity in 2021, one Axie coin was worth over $200 while some Axie characters were valued at more than $2000. Axie Infinity aside, these are the best play-to-earn games:
• The Sandbox
• Decentraland
• Phantom Galaxies
• My Neighbor Alice
Crypto Games of Chance
Blockchain is known for its transparency. This is a major benefit for online casinos, which are now using the technology to create provably fair games. Casinos no longer need to convince you that their games are fair. You can audit a game by checking its seed algorithm and RNG software. This way, you’ll have no doubts about its fairness. If you lose money, you’ll be certain you lost fairly.
The best Bitcoin slots and games have high payouts, bonus features, and brilliant graphics. However, these games aren’t created the same. Before you play a game, review its features. Check for wilds and scatters in slots. Consider the house edge and rules in table games.
Most casinos provide a wide range of slots and table games. Take advantage of game libraries to find a game with your ideal features.
Crash Gambling Games
Crash gambling games aren’t for the weak. Similar to slots, these games are based on pure chance. However, they’re not as interesting as slots. In fact, they’re pretty one-dimensional.
You choose a bet amount and a multiplier. A 2D plane flies on a line graph while the multiplier increases. If the plane remains on the graph long enough to reach your multiplier, you win money. If you’re unlucky, the plane flies away and you lose.
Most crash gambling games are built on the blockchain. As such, you can verify their fairness. The only problem is that these games have notoriously low payout rates.
Multiplies range from 1x to 10,000x or more. You could bet with a 1.5x multiplier and the plane could fly away. And since it’s a game of chance, playing constantly doesn’t necessarily mean you’ll recover your money.
The Surge in Bitcoin Gaming: Top Reasons
As Bitcoin’s popularity grows, so is the number of people using crypto for gaming. But what exactly makes crypto a good option for gamers?
Borderless Transactions
Unlike banks, no one really owns Bitcoin. That means no one can tell you how to spend your crypto money. Another benefit is that Bitcoin has no geographical limits.
If you live in South Africa and want to buy an online game from a Canadian website, you can do so conveniently using crypto. You might argue you could buy the same game using Visa or MasterCard.
But think about people who don’t own bank accounts or have no access to cards and digital wallets. If they want to buy something online, crypto is their most convenient payment option.
Fast Payments
Another reason crypto is ideal for gaming is that it processes payments quickly. Speed provides convenience, especially if you want to play a game but need to make a transaction beforehand. With most crypto transactions, you can use Bitcoin, Ethereum, or a few more coins. Bitcoin and Ethereum are popular. But if you value speed, choose speed-oriented cryptocurrencies like Solana, Ripple, or ADA.
Low Fees
Crypto is technically free of transactions. It has no intermediary, meaning no one is supposed to benefit during transactions. The way crypto works, however, requires independent verification of payments.
Otherwise, some people might attempt to duplicate transactions. The people who verify crypto payments receive a reward for their work. And this is why you need to pay gas/miners’ fees during transactions.
Crypto payments are generally cheap. The only time fees increase is when there’s an unusually high demand on the blockchain. This mainly applies to Bitcoin and Ethereum, the two biggest cryptocurrencies.
Security and Privacy
In the early days of Bitcoin, people thought it was anonymous. As the FBI later proved, you can’t commit crimes using Bitcoin and escape. That said, crypto provides better security and privacy than most payment options.
For starters, you don’t need to provide your name and email address during transactions. Secondly, you can anonymize your payments if you want to remain entirely private during a payment.
Micro and Macro Transactions
With crypto, you can buy games priced under $10. Or you could purchase an entire video game company worth $1 billion. This makes cryptocurrencies ideal for all sorts of transactions.
Truth be told, most video game fans use crypto for micropayments. Maybe you want to get rid of ads in your favorite mobile game. You can pay a fraction of Ethereum to play the game free of ads. Crypto is also great for P2E games now that most of them are based on the blockchain.
