The eSports industry is expected to be worth $100 billion by 2025
Players and even viewers are allowed to wager on themselves and other gamers creating a ‘bounty’ to be won. As gaming continues to attract interest, we could soon see cryptocurrencies become the universal currency of all things gaming-related.
Today, we want to dig beneath the surface and really look at the various cryptocurrencies being used by games and gaming events because the list is certainly growing longer. Whether it’s for buying video games – the online gaming store Steam has recently introduced cryptocurrencies for certain purchases – or even in-game purchases which is something many developers have latched onto. For example, Big Fish Games allow their players to purchase virtual goods using cryptocurrencies.
To start, we should note the improvement in security during this meteoric rise of cryptocurrencies. At first, there were some serious concerns for the safety of businesses and all users but these seem to have been addressed now. All around the world, cryptocurrencies are making headway with tech-savvy shoppers whilst also catching the attention of businesses and other entities.
Without the need for a centralized platform, the Blockchain system can verify and support extreme levels of simple transactions and this is what industries are seeing as the most attractive feature. Back in 2016, it was predicted that Bitcoin was being accepted by over 150,000 different merchants around the world; this includes huge names like Starbucks, Amazon, Expedia, Apple, and Microsoft.
What about gaming? Well, a simple search online will tell you how far cryptocurrency has come in such a short space of time with gaming. Especially with in-game items, millions of players are now dealing in cryptocurrencies with their favorite MOBAs and MMORPGs. With an increase in the amount of trading markets in games nowadays, cryptocurrencies allow the volume of transactions to increase whilst running at a quick pace.
However, the real progress isn’t seen until you look at iGaming and eSports. As we said at the very beginning, viewers and players can now bet on their gaming experience within seconds using various cryptocurrencies. At eSports events, players can collect bounties of cryptocurrency after killing off other players who bet on themselves. With these huge competitions, people can also wager on the outcome of a certain game or event just like online betting with other sports.
According to many of the biggest cryptocurrency companies, the amount of transactions being experienced is steadily growing and this is because of its ability to adapt in an ever-changing environment.
Every year, this list of games seems to grow even longer and also many games that are already popular seem to adopt the cryptocurrency way of life for in-game purchases. Although games like World of Warcraft haven’t yet chosen to add the cryptocurrency system, many fans are calling for it to happen. So far, it seems as though game developers are waiting for the system to build its own history since it’s a relatively young concept and some worries still exist. Considering how this market operates though, a single jump from one developer could see the whole industry follow suit.
There we have it, your guide to cryptocurrencies in gaming and eSports, the different types, and how they compare to one another. In addition to this, we also gave an insight into the future and, if things continue as they are right now, it could be an exciting time for this industry as well as many others!