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The gaming industry is one of the biggest industries in the world, experiencing tremendous growth over the past couple of decades. As a result of this popularity, we've seen it become more connected to the world of cryptocurrencies, which shows that digital assets can become ingrained in our daily lives.
There are countless examples of how cryptocurrency has entered the world of gaming, signifying a fundamental shift in how we behave online. Here are a handful of the most prominent examples. We know that it has the potential to change everything we know about gaming, but knowing where it'll have the most significant impact remains to be seen, making it such an exciting development for traders, gamers, developers, and more.
We should see online payments become far more secure thanks to the implementation of blockchain technology, which is what supports much of the current cryptocurrency infrastructure. This is much more robust when compared to traditional payments because there is a reduced chance of fraud and payments not being trackable. When you play poker online, it can be especially useful as your cards will be secured using blockchain technology, and you can feel safe knowing all the game's details will be trackable and verifiable.
While most in-game assets have no real-world value and therefore have little use being owned by the player, implementing cryptocurrency means that these assets become transferable — NFTs are a clear example of this. This makes gaming experiences far more immersive and increases player engagement.
As previously mentioned, blockchain has the potential to impact gaming significantly, and this also relates to playing with others. Cross-compatibility is already present, but players can make cross-game purchases with blockchain technology, resulting in a more well-rounded gaming experience.
Gaming development typically takes years, relying on a small number of developers who work long hours and are often under immense stress. Decentralized development allows players and developers to work on a game simultaneously, no matter where they're based, with all changes logged on the digital ledger, providing accountability without compromising quality.
In all honesty, we don't know how impactful cryptocurrency can be in gaming because we've only harnessed a sliver of its potential power. It can change how gamers play, providing new experiences designed with the player's experience at the fore, with mini-games, for example, providing real-world prizes.
While integrating cryptocurrencies and gaming is still in its infancy, we are already seeing positive steps taken for the two to come together. Whether it's games with real-world collectibles or technologies currently being used to provide more immersive gaming experiences, the future is here, and both businesses and users need to be ready for it. Below are a few examples detailing how cryptocurrency is used in gaming today.
Axie Infinity was developed by Sky Mavis, a Vietnamese game studio that uses non-fungible tokens as a core aspect of the game. The game shot to notoriety because it uses Ethereum as the foundation for its in-game economy, making it one of the first games to have an in-game economic system backed with a real-value asset.
It uses blockchain technology to track all progress, allowing players to collect, develop and battle digital creatures known as Axies. What makes them unique is that these Axies are non-fungible tokens and, therefore, unique to the player, unable to be copied or replicated. Players can also use the in-game Etherium-backed economy to buy more Axies or other items.
The Sandbox is a little more interesting because it allows players to create their virtual worlds using blockchain technology to provide proof of ownership. Players can then use their virtual world to earn money, providing a source of revenue that incentivizes those wishing to play. The land used to create these worlds is purchased using cryptocurrencies and is not constrained by much in terms of rules or limitations.
This game is still under development; thus, many more developments are expected. It is a fascinating project that could have a massive impact on gaming and cryptocurrencies. It's decentralized in every sense of the word and could be a great starting point for many of the web-3 projects that have been proposed over the past couple of years.
It is too early to say for sure whether cryptocurrency will become the future of online gaming, but from what we know s far, the future looks very bright, and we expect it to have a significant impact on how we play. Many more developments should be made over the next couple of years which will push the boundaries of what's possible, making the gaming world far more immersive and engaging for players.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
