The gaming industry worldwide is emerging as one of the most lucrative business segments. The revenue of the industry is estimated to be around $3 billion and according to the latest trends, the cryptocurrency is going to be the next growth engine for the industry. No wonders why today we are witnessing scores of online gaming companies offering the option of cryptocurrencies for transactions and payment purposes.
Integration of Crypto into the Gaming Industry
The integration of digital currencies in gaming is not a very complex procedure, although it seems a very difficult task to start with. You may recall old video games where developers integrate in-game rewards, which can be utilized to upgrade the level of a game or to get some special powers during the game. In fact, cryptocurrencies are integrated into the gaming industry along the same lines. To give you a brief idea behind this integration, we have detailed some methods below whereby the integration of digital currencies with online gaming is taking place:
a) Assets tokenization: Thanks to the wider adoption of digital coins and blockchain technology, the gaming industry today not only provides in-game purchase of assets but also allows gamers to use the digital money for purchasing or making transactions outside the game. This has taken the convenience of cryptocurrencies to an altogether different level as the buying power of digital money is not only limited to one particular game but can be used for a range of other purposes too.
b) Cryptocurrency rewards/prizes: In order to capitalize on the gaining popularity of cryptocurrencies, many games today reward the players with the different types of digital coins. This rewarding proposition finds favor, especially with young players who often use rewards or digital money for purposes such as online purchasing, bill payment, etc. In addition to these methods, online gaming companies offer specific discounts and upgrades on cryptocurrencies on different occasions, which further bolster the integration of digital currency into the gaming industry.
Crypto Portfolio Guidelines
As a player, it is very important to keep in mind some important aspects while building the cryptocurrency portfolio. Some precautions need to be taken as the number of digital coins on offer is quite large and the reputation of some of the digital coins is under scanner too. Similarly, there are numerous options when it comes to selecting the online game and their subsequent in-game purchases.
First and foremost, you need to be in the know that stability in cryptocurrencies comes from their market capitalization – larger the market capitalization, more stability a coin will enjoy in the market. Therefore, it is in the interest of your long term investment in that while availing the in-game prizes or purchases; you should be choosing well-known digital coins as a medium of doing transactions. Another important aspect is to have diversified options while using digital money in the online gaming segment. This is required to lessen the risk associated with purchase when only one kind of token is used to make transactions. In simple words, you shouldn’t put all your eggs in a single basket. This essentially means while choosing the in-game payment options, you must have access to at least three or four types of digital coins to lessen your risk and realizing more profit.
There are a number of gaming cryptocurrencies available globally; however, some of the worth mentioning digital coins include the likes of TRON, THETA, DREAM, and Enjin Coin. The latter, i.e., Enjin coin, is the product of the world’s largest gaming community, Enjin. The coin has applications in a number of different games such as Forest Night, War of Crypto and Bitcoin Hodler among others. The community also has Enjin wallet service available on some of the models of Samsung smartphone, which makes it ahead of its rivals in terms of distribution and usage scope.
Another powerful gaming cryptocurrency is DREAM – this token has special inbuilt features supporting purchases and transactions for online gaming. Similarly, THETA has been disrupting the gaming industry by offering streaming to prospective players in a completely decentralized manner. The token is emerging as a hot favorite option among both online gamers and cryptocurrency investors besides helping the online gaming industry to utilize their bandwidth in a more efficient manner.
Another important player in the crypto gaming industry is Tron, which is literally revolutionizing the use of TRX blockchain in the gaming industry. It is currently being used in a number of games and some of its significant features distinguishing it from others include its multiplayer capability, wide applicability, and a solid backup of TRX blockchain. In fact, Tron is climbing up the ladder of popularity while striking a chord with both gamers and the gaming industry. While discussing gaming cryptocurrencies, we cannot ignore the name of EMONT which is native to the Etheremon game. In fact, the popularity of EMONT can be easily estimated from the fact that this gaming cryptocurrency is part of the portfolios of most of the cryptocurrency investors. The application of EMONT is limited at the moment but with the passage of time, the company is aiming to make this virtual currency useful for the reward and in-game purchases in order to expand its scope and usage.
The Spectacular growth of cryptocurrency and its rubbing effect on the gaming industry has become a global phenomenon today. The multi-billion-dollar gaming industry is attracting investors from all walks of life, including crypto investors who are looking to diversify the opportunity to invest and grow their money. Further, the underlying support of blockchain technology is making the whole experience of the cryptocurrency-aided gaming industry far more enjoyable and safer. In fact, high safety and security features of digital coins and anonymous nature of transactions are the most attractive selling points of digital coins in the online gaming segment. There is hardly any doubt about the long-term potential of both online gaming and the cryptocurrency industry as by combining these two aspects, investors can certainly benefit from the positives of these new and emerging sectors of the economy.