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A New Way to Game: The Role of Crypto in Online Gaming

The world of online gaming is constantly changing, and the latest technology to make an impact is blockchain and cryptocurrencies. 

As these technologies have matured over the past decade, they have become increasingly important in the gaming industry, allowing gamers to experience whole new benefits that have never previously been a big part of it. These include new levels of convenience when playing, more secure games, and improved control for the actual players themselves. 

In this article, we’ll explore how crypto and blockchain technology plays a role in online gaming today while walking through a few of the benefits that both developers and gamers get out of crypto and blockchain technology.

Cryptocurrencies help add new layers to online gaming

One of the main ways that crypto has improved the online gaming experience is through the use of in-game currency. In the past, players often had to purchase virtual currency using traditional payment methods, but we could be moving away from that model.

Source: Analytics Insights

Most gamers have probably tried to purchase some in-game currency to buy upgrades, skins, or other game accessories. Many may also have experienced how inconvenient, slow, and expensive that can be, while the game developers benefit significantly from it. 

However, with the introduction of crypto, players can now purchase in-game currency using a variety of cryptocurrencies, including Bitcoin, Ethereum, and many others. This provides a level of convenience that was previously impossible, as players can purchase these in-game currencies using their existing crypto wallets without having to worry about the high fees and long processing times associated with traditional payment methods – a few problems that crypto has always been aiming to solve.

You will also find that crypto has improved the online gaming experience by providing an additional layer of security. Blockchain technology is known for being very secure, with transactions being recorded on a distributed ledger that is extremely difficult to tamper with. 

This makes it an excellent fit for the online gaming industry, as it ensures that players can safely buy and sell virtual goods without the risk of fraud or theft. Additionally, some games have even taken it an extra step up by providing a secure and transparent environment to their online game, with features like smart contracts that ensure a fair gaming experience with less cheating.

Both developers and players can benefit from crypto online gaming

But it’s not just players who benefit from using crypto and blockchain technology in online gaming. Developers also have much to gain from these technologies, providing new revenue streams and opportunities to create new unique games. 

As an example, some games are now using blockchain technology to create unique digital assets that can be bought, sold, and traded like it was a physical asset. This provides a new way for developers to monetize their games and for players to invest in virtual goods with real-world value. Up until now, games like these have been around but often put a limit on the player in terms of cashing out money and making an actual investment. Most commonly, it has only been the developer that benefited, but that might be over now.

Source: Tech Startups

In addition to creating new revenue streams for game developers, blockchain technology can also help them build more engaging games. With blockchain, developers can create decentralized worlds that allow players to own their in-game assets truly and have complete control over their gaming experience. 

This level of control and ownership is something that has been missing from the gaming industry for a long time, and it has the potential to revolutionise the way that we play games online. Many would say that you already own the assets you purchase in most games, but in reality, those assets are usually bound to the game and are thus still in control of the game developers.

A couple of games to watch out for

If we are to look at examples of games that have successfully integrated crypto and blockchain technology already, then “Decentraland” and “Gods Unchained” are ideal to keep tabs on. 

Source: Twitter

Decentraland has been around for a while at this point and was an early blockchain-based virtual world that allows players to buy and sell virtual land, create their own games, and interact with other players in a completely decentralized environment. 

Gods Unchained is a prime example of an online game that utilises crypto. It’s essentially a blockchain-based collectible card game that allows players to buy, sell, and trade unique digital assets that are stored on the blockchain. 

Both of these games represent just a few of the many ways that crypto and blockchain technology are being used to create innovative and engaging gaming experiences. Moving forward, it’s clear that crypto and online gaming will continue to evolve together. As the gaming industry becomes more sophisticated and players demand more control over their gaming experiences, crypto and blockchain technology will become increasingly important. 

Developers who embrace these technologies can create more engaging games and gain an edge in the industry. Meanwhile, players can enjoy a more secure and convenient gaming experience. It’s an exciting time to be a gamer, and the future of online gaming looks brighter than ever before.

If you want to stay updated on the continued evolution of online crypto gaming, make sure to follow the official BingX blog, you can also join our BingX Community to earn and learn more about crypto, Web3 and the latest news!






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