Crypto currencies and their accompanying Blockchain technology are finding their way into a multitude of industries – and the online gaming sector is the latest segment to be influenced by non-traditional finance.
From fantasy worlds like the Decentraland to pet raising and trading games and exciting online casinos, the selection of crypto enabled gaming options is growing exponentially and reaching a new audience of tech savvy users.
In this article, we take an exciting journey to the realm of Blockchain and crypto, and find out how these innovative technologies are making the gaming experience more efficient and opening new possibilities for gamers in all regions of the world.
Also Read: Cryptocurrency Regulations: Navigating the Legal Landscape
The convergence of crypto and gaming: opening new frontiers
Online gaming has existed for almost as long is the internet itself, providing billions of users around the world with hours of action-packed entertainment and spawning a huge community of gaming enthusiasts who meet and compete online.
While this phenomenon is not new to anyone, its latest evolution involving the integration of crypto technology promises to take the user experience to the next level.
Cryptocurrencies offer a convenient way to pay for in-game purchases, redeem tokens, and verify the ownership of gaming assets – be they pets, skins, rare items, or virtual real estate.
Decentralized Blockchain technology is being integrated into the management of games and gaming servers to make in-game purchases more efficient and remove geo limitations imposed by tr aditional payment providers.
- A number of cryptocurrencies are being used extensively in online gaming, with Bitcoin and Ethereum being the most popular.
- Outside of the payment use case, Blockchain technology is also being used to verify players in-game identity, document players’ assets and facilitate the trade in these items on the secondary market.
- Smart contracts are being developed to ensure that players adhere to game rules on decentralized servers. However, time will tell whether eliminating centralized control of the gaming environment is a reliable way to manage players and game assets.
Crypto casinos gaining popularity
In recent years, the online casino industry has experienced extremely healthy growth with recent estimates placing the industry’s future value at $153 billion by 2032.
With a huge selection of slots as well as card games like poker and blackjack on offer, players are betting big and funding their wagers in valuable cryptocurrencies.
Two main factors may explain the sector’s strong momentum: the emergence of new customers from rapidly developing countries and the rise of crypto casinos both in developed and frontier markets.
Cryptocurrency casinos are almost indistinguishable from those that use regular fiat currency. In fact, some online gaming sites offer players a choice of crypto, credit cards, bank deposit, and other payment methods.
Using cryptocurrency to fund online casino accounts offers several benefits to online gaming fans. These include:
- The ability to pay in a range of cryptocurrencies, especially for customers who opt not to use traditional banking and credit cards.
- More affordable transaction fees when funding casino accounts and receiving payouts compared with most major banks and credit card providers.
One of the key reasons why casino players are opting for cryptocurrency friendly gambling is the huge popularity of innovative crypto slots. These games are much more than just “push and spin” and usually come with these additional features:
- Wilds. These special symbols trigger bonuses and mini games when they appear and can significantly boost the chances of winning.
- Scatter symbols. Having enough of these can trigger a mini jackpot or free spin.
New players can benefit from incentives like complimentary spins that offer the chance to win without having to wager.
In addition, signup bonuses often include free chips, enticing players to try a range of exciting slots and card games until they find their new favorites.
Crypto casinos offer the best of both worlds when it comes to a modern gaming experience. Bitcoin casinos are known for their convenience and competitive transaction fees, eliminating the need to use credit cards or conventional banking.
At the same time, these establishments are still run by centralized management with strict rules on payouts and casino odds that can easily be accessed online.
Also Read: Can Cryptocurrency Investment Protect Against the Ravages of Inflation
Crypto powers new online virtual realms
The use of Blockchain and crypto is creating new opportunities for game developers to create online worlds where virtual assets can be created and traded or even sold for crypto tokens. A number of these games are becoming hugely popular, especially with the younger age bracket.
One of the best known crypto-enabled games is Decentraland, where users can create their own virtual reality including properties, personal possessions, and all the usual objects that define our real lives.
Decentraland’s virtual property developers have been selling homes that only exist on the platform for thousands of dollars – but a recent 90% market crash has raised concerns about the sustainability of virtual worlds that start to mingle with real financial assets like crypto.
Buying and selling virtual assets certainly appeals to one segment of the gaming population, but for those who would prefer to play traditional casino games with the prospect of winning real money, cryptocurrency casinos have emerged as an extremely popular option.
Final thoughts
As cryptocurrency merges with conventional online gaming, we can all look forward to fantastic, enhanced features and easy in-game purchases in the years to come.
While virtual reality games featuring digital assets have become more popular, the thrill and excitement of cryptocurrency online casinos is hard to match. As the online casino industry continues to expand, we can expect an even higher level of crypto integration in this segment.
