The gaming industry continues to see exponential growth in terms of revenue and audience size it’s estimated that by 2020 the video gaming market will be worth almost $106 billion and one of the main driving forces behind this growth has been the introduction of new gaming platforms, such as smartphones and social media sites and with each new platform came an influx of games that have been developed specifically for those devices.
An additional factor is the growing use of virtual currencies in online games: Virtual currencies, also known as cryptocurrencies, are digital currencies created specifically for use online rather than as a means of payment with a traditional bank or other financial institution, they can be bought and sold through a variety of exchanges just like any other kind of conventional currency, and they can be used to pay for goods from vendors or to gain access to specific services from third parties.
What is a cryptocurrency?
There are hundreds of other cryptocurrencies available today that can be used for crowdfunding, trading, and other financial services; they are not regulated or backed by any government or other financial institutions, unlike traditional currencies; a cryptocurrency is a digital asset designed to function as a medium of exchange that uses cryptography to secure transactions and verify custody of assets where the most popular type of cryptocurrency is Bitcoin, which was created in 2009.
Why use cryptocurrencies in games?
Virtual reality is quickly becoming the next big thing in gaming as the growing demand for VR headsets and games has led to a booming VR software market, with hundreds of VR games available to download.
- You can use cryptocurrencies in VR games to purchase virtual items or expand your wallet with real money.
- VR is also an excellent way to monetize your games, you can create virtual environments so realistic that players feel like they are somewhere else.
- Some VR games also allow players to interact with characters or each other, so you can create interesting social experiences.
- VR and cryptocurrencies are a perfect match for games that want to create an immersive experience where players feel like they are somewhere else.
How to get started with using cryptocurrencies in games
Determine what type of cryptocurrency you want to use, you have many options when it comes to choosing cryptogames some popular cryptocurrencies are Bitcoin, Ethereum, Litecoin, and Ripple; decide how you want to use the cryptocurrency; one way to use cryptocurrencies is to charge a fee for features or benefits you give your game users or you can also use cryptocurrencies to give out rewards to players.
Benefits of Using Cryptocurrency in Games
Using cryptocurrency in games can help you create a better gaming experience for your users, you can use cryptocurrency to reward players for watching ads, for watching your game, for posting videos about your game, and more and you can also use the money from crypto transactions to develop and improve your games.
New gaming platforms that employ digital currencies to let users buy things and access premium content are proliferating as a result of the rise of cryptocurrencies, online gaming, and virtual reality gaming are two of the gaming industry’s fastest-growing segments, and both rely significantly on cryptocurrency; choose a chosen coin and create an account with a cryptocurrency exchange to acquire it if you want to use cryptocurrencies to monetize your games.