The Growing Importance of Cryptocurrencies in Gaming
Cryptocurrencies have been on every pair of lips for years now, and we went from wondering what the point was to embrace it for its many perks. Recently, we've seen it used by more and more companies in various industries, primarily gaming.
However, we understand that some people may not see the appeal of using these digital currencies. So, today, we'll explore how crypto is used in various games to provide unique experiences.
How iGaming Incorporated Cryptocurrencies
One of the fastest industries to adopt cryptocurrencies has been the iGaming industry. Online casinos quickly adapted their offerings, and new operators emerged with new offerings. This stimulated competitiveness and every new site was forced to be better than the previous one. Here's what we think has helped online casinos, thanks to cryptocurrencies.
1. More Efficient Transactions
The decentralized nature of cryptos and the automation processes allowed transactions to become much faster, even overseas. It's the first manner in which online casinos took advantage of cryptocurrencies. Suddenly, we had the possibility to play without having to wait for days.
Not only that, but cryptos can be divided infinitely, and the lack of a central authority means that it's possible to deposit any amount except if the operator sets a limit. Therefore, whales and beginners alike found a new haven with crypto casinos.
2. Provably Fair Games
After offering a new transaction system, cryptocurrencies needed to bring something to the gaming experience. That's when Provably Fair games first appeared. These unique titles harness the Blockchain's power to offer players more transparency.
Instead of being stuck with trusting what the operator or provider says, players can now check the RTP and fairness of the game themselves. The game's RNG (Random Number Generator) is hosted on a Blockchain network. Since the Blockchain is an immutable public ledger, the operator has no means to modify it.
So, by sending a seed, players can receive a response from the RNG and test the game's randomness. It has been a valuable tool to provide players with more safety and show them directly that they can trust online casinos.
3. Gamification
Once you have your transactions sorted and new games to enjoy, what can be improved? The site itself, of course! Many online casinos have started implementing gamification mechanics to their platforms to engage players. Many of these crypto casinos launched their own crypto token, which can be used on the site for transactions or to participate in raffles.
With the improvement of web development, sites became more interactive, offering social features and bots regularly creating raffles in the community chat. Every online casino has its approach to "gamifying" the site. Some even develop mini-games that can be played daily to get extra rewards.
4. New Types of Rewards
Offering a crypto bonus isn't the same as a traditional bonus. Despite crypto's growing popularity, the iGaming industry has less demand than offer, and crypto holders are still a minority. So, these bonuses must bring value to the player to convince them to invest in crypto to play or to spend the tokens they already own.
That's why even hybrid sites that started as traditional online casinos and then incorporated crypto into their ecosystem tend to be more generous with crypto players. They have more free spins, higher deposit bonus rates, and more generous conditions to play.
The Video Game Industry's Approach to Crypto
In video games, there's a clear separation between mainstream games and the niche that has become crypto games. It's still complicated to offer crypto transactions and items in games that can be played by all. The ESRB can't prevent kids from buying GTA, so stopping them from purchasing crypto is another challenge they aren't ready to face.
The crypto niche in gaming must be divided into two categories: mobile and pc games. The former has adopted the Tap-to-Earn model, and the latter focuses on implementing NFTs. Here's how they work.
1. The Tap-to-Earn Model
This model has been rising in popularity on mobile devices since Hamster Kombat. Players must have or create a Telegram account. Then they can join the game's channel and interact with a bot. This bot opens a web page, and then it's possible to play.
There are different types of games, from racing games to resource managers, but the goal is similar. Players complete tasks and play the games to amass coins with the hope that one day, the coin will be listed on an exchange like TON and have real-world value. Unfortunately, this model is criticized since game developers can create a large following and make money off of the community without ever releasing anything.
2. PC Crypto Games
Crypto games on PC have been built very differently from their mobile counterparts. Most of these games are also free to play, but there's no promise of a coin being listed. Instead, playing the game and spending the in-game currency allows players to receive and buy items.
Unlike traditional games, each item is unique, with a serial number traceable on the Blockchain. These items can be used in the game as cosmetics like a skin or a weapon, but they're also NFTs. So, players have the possibility to trade the most valuable items, and that's where the best players tend to make their profits.
Crypto Games Will Develop in the Future
Even though we've come a long way since the creation of Bitcoin, it's clear that crypto games will develop. We're barely scratching the surface of what cryptos can do for games, and as some geniuses improve on cryptocurrencies, we'll inevitably witness new types of games and features taking advantage of cryptocurrencies, smart contracts, and the Blockchain.
