How-Cryptocurrency-Will-Change-the-Gaming-Industry How Cryptocurrency Will Change the Gaming Industry

   13/05/2019 at 17:38       Richard Horne       0 COMMENTS.
 - 

How Cryptocurrency Will Change the Gaming Industry

The gaming industry is forever changing, and is often ahead of the latest technological developments. The biggest development to begin rolling out across the industry is the emergence of cryptocurrency. The future of how gamers interact and purchase in-game products is about to rapidly change.

ULTICoin is a cryptocurrency that could shake up the gaming market. The cryptocurrency is built on an Ethereum blockchain that is designed to manage in-game currencies. PR consultant Stefania Barbaglio says that “ULTI allows gamers to trade their in-game assets for valuable cryptocurrencies such as Bitcoin, Ethereum, Litecoin and eventually exchange it for fiat currencies that can be used in the real world.” It is expected to arrive in the first quarter of 2019. The adoption of cryptocurrencies as a payment option will eliminate the costs of fluctuating exchange rates and the need for intermediaries. Consequently, the final price of making transactions will be reduced to benefit the gamers.

Cryptocurrency will also change how developers make money from titles. Take for instance, Fortnite, which can be downloaded for free and uses the in-game currency V-Bucks to purchase upgrades. Irish Tech explains how the game currently has 45 million players, with 3 million concurrent users. The site then breaks down these numbers, noting that if only half of the 3 million concurrent players spent $10 (£7.60) worth of V-Bucks in a year, that equals $10 million (£7.6 million) in revenue. The goal for many cryptocurrency companies is to turn this in-game money into an in-game cryptocurrency (like ULTICoin) that can then be spent by players.

eSports, is another massive realm within the gaming world that is integrating digital currencies. This is being done through Skrilla, a purpose built cryptocurrency for eSports. The Skrilla platform allows players to enter cryptocurrency contests and get rewarded. With the eSports industry’s revenue growing immensely, players will have a secure platform that offers “complete transparency and reliability.”

Now, cryptocurrency adoption in the gaming industry is not 100% just yet. But that’s an eventuality that seems very likely given a report by The Independent, where they note how Bitcoin “is on its way to becoming a mainstream currency.” This would only happen if digital currencies “become a legitimate medium of exchange and a unit of account.” And that is exactly what is happening across the globe as more people get comfortable with using cryptocurrency to purchase items. Global companies like Expedia, Microsoft, and Zynga are now accepting Bitcoin as mode of payment. The first Bitcoin lottery, introduced by Lottoland, is a sign that the general public is now accepting cryptocurrency on a larger scale. Even some art galleries are allowing artwork to be bought using cryptocurrencies like Bitcoin. These examples are undeniable proof that cryptocurrency adoption is going mainstream.

As a result of the widespread acceptance of digital currencies more game developers and gamers will want to use cryptocurrency in games. And we are only just starting to understand its full potential in the gaming industry.

User Comments:

You must sign up for an AATG account and login in order to post comments


0 comment(s) in total.
        
How Cryptocurrency Will Change the Gaming Industry (0) (13/05)
The gaming industry is forever changing, and is often ahead of the latest technological developments.
Dirt Rally 2.0 Review (0) (19/02)
Dirty Rally Says Do Ya Feel Mucky, Punk?
Wargroove Review (0) (30/01)
What is it Good For?
Unruly Heroes Review (0) (28/01)
Monkey Magic
Battle Princess Madelyn Review (0) (28/01)
Madelyn with Care
Battle Princess Madelyn Review (0) (28/01)
Madelyn with Care
Battle Princess Madelyn Review (0) (28/01)
Madelyn with Care
Battle Princess Madelyn Review (0) (28/01)
Madelyn with Care
Battle Princess Madelyn Review (0) (28/01)
Madelyn with Care
Battle Princess Madelyn Review (0) (28/01)
Madelyn with Care
Battle Princess Madelyn Review (0) (28/01)
Madelyn with Care
Battle Princess Madelyn Review (0) (28/01)
Madelyn with Care
Battle Princess Madelyn Review (0) (28/01)
Madelyn with Care
Battle Princess Madelyn Review (0) (28/01)
Madelyn with Care
Battle Princess Madelyn Review (0) (28/01)
Madelyn with Care
Battle Princess Madelyn Review (0) (28/01)
Madelyn with Care
Battle Princess Madelyn Review (0) (28/01)
Madelyn with Care
Battle Princess Madelyn Review (0) (28/01)
Madelyn with Care
Battle Princess Madelyn Review (0) (28/01)
Madelyn with Care
Battle Princess Madelyn Review (0) (28/01)
Madelyn with Care

 
Better late than never, eh Ror?
 
Khanivor - In response to: Battle Chasers: Nightwar Review - 370day(s) ago.
 
Enjoyed this, cheers!
 
evilashchris - In response to: Reflecting on the Life of a Tomb Raider - 455day(s) ago.
 
Looks who's back. Shady's back.
 
GOD - In response to: Sniper Elite 4 Review - Xbox One - 785day(s) ago.
 
Micro Machines was my favourite!
 
ClaytonNotClive - In response to: Mantis Burn Racing Review - 827day(s) ago.
 
i agree chris, the Aliens table makes the others look bad.. because its so goood!! but they arent that bad.. haha! ...
 
neosalad - In response to: Aliens Vs. Pinball Review - 1089day(s) ago.