Cryptocurrencies Will Dominate Gaming Industry Too

Last Modified:12 May 2020 14:50:36
Cryptocurrencies Will Dominate Gaming Industry Too

Today that ten years have passed from the advent of cryptocurrencies, it can certainly be said that the limitation of the scope of cryptocurrencies application in financial and payment services has disappeared and they gradually paved their way into other industries.

One of these industries where the inclusion of cryptocurrencies looks impossible though enjoyable and interesting is the gaming industry. The industry of computer games has considerably changed in the past 30 years, from graphic and story making in games to change in the methods of purchasing and using the games. They began with Super Nintendo and SNES in the childhood and finished with play station, Xbox and computer in adolescence. When a game attracted someone, he/she saved his/her money, bought and played it and it was the end of the story. In the present time, the perspective of computer games is very much different. A large part of the computer games industry is done through online games which is sometimes with a pal and sometimes in a competition with a stranger far away somewhere in the world. These capabilities which has put the game industry in a new exciting way is now experiencing a great evolution through converging cryptocurrencies.

Growth in the Relationship between Game and Bitcoin

Most of the people know that cryptocurrencies can be exchanged for dollar, euro, Yen, and a wide variety of nation-stated issued cryptocurrencies. Although they might not know that virtual items such gold-in-game from a team task-based game series such as Runescape, Guild Wars, and World of Warcraft have been sold for Bitcoin. The demand for virtual items and gold-in-game has risen in some popular task-based games of the world in a decade. According to recent estimations, global trade is something more than $50 billion annually.

Selling virtual items and gold farming is an act wherein many online gamers get busy in playing in order to collect money or in-game items for hours. There are many businesses which address buying and selling in developing countries and the people known as gold farmers do it full time. A part of the money earned from gold-in-game industry comes from cryptocurrency sale, and this market has been merged for seven years.

Moreover, cryptocurrencies and gold farming were on the first pages of the press in recent months, since some Venezuelans have inclined to sell their games and in-game items to earn money.

Will Bitcoin Be the Only Cryptocurrency in the Huge Gaming Industry?

Now it is Ripple’s turn after Bitcoin to enter online computer games industry and it intends to do it through investing in Blockchain in games at the first stage. Ripple announced on March 12 that it is to merge Blockchain technology with video games with the cooperation of Fort. So, it has allocated a $100-million capital which is handled by Fort, a specialized firm in using Blockchain technology in the game industry.

Ethan Beard, a senior member of Ripple, has told in an interview with Fortune that video games accepted fast technologic changes and transformed from console to PC and mobile. The designers had a hard time to economically facilitate it in order to give service to all gamers and Blockchain now can help them.

With the present evidence and measures on the part of companies and game designers it seems that if cryptocurrencies succeed in surviving themselves, the game industry will be one of the big arenas these cryptocurrencies have. One of the purposes of entering cryptocurrencies to game industry was using them for purchasing in-game items instead of paying real money. Now, if these cryptocurrencies replace current common currencies, will their aim remain the same?