The impact of cryptocurrency on the video game industry

It would seem almost impossible that someone interested in the online gaming sphere hasn’t come across the term cryptocurrency over the last couple of years. The ever-increasing excitement over cryptocurrency and new conversations over bitcoin and blockchain have been difficult to miss. So, with this revolutionary way of buying, selling and transferring money online, what exactly will the repercussions be for the world of online gaming. Here we’ll look at the impact of the development of cryptocurrency on the current world of online gaming and where this could potentially lead in the future. It doesn’t matter whether you’re into first person-shooter video games or playing free slots at https://www.caesarsgames.com/, cryptocurrency is set to have an irreversible effect on the gaming sphere.

How is it being used in gaming now?

Developers are constantly looking at new and innovative ways cryptocurrencies can be utilized within their latest titles. After all, many video game worlds already use their own in-game currency which allows players to buy and sell items. However, in some cases, games actually lose money when virtual goods, skins or upgrades are sold on to other players without their permission. So, in these circumstances, the introduction of secure cryptocurrencies in the gaming sphere can help solve this ‘grey market’ issue and see developers keep their profits up. To help regulate this problem, these game developers are working alongside cryptocurrency builders to introduce assets which are only available for purchase using in-game crypto coins. This safeguards the way in-game transactions are made and creates digital items players can actually own. Enjin Coin, for example, has sought to do just that. Enjin Coin uses Etheruem blockchain (the second largest cryptocurrency after Bitcoin) to give players and developers a new platform through which they can distribute, trade and buy virtual items. 

What impact will it have in the future?

While the full potential of using cryptocurrency in video gaming is yet to be realized, some exciting developments are already visible on the horizon. Expanding on the above point, developers and game designers are looking for ways in which in-game purchases can be tokenized using cryptocurrency. Doing so could have a profound effect on the way gamers play multiple games. For example, if a developer creates two completely different titles — one being a first person-shooter and the other being a fantasy strategy game for example — by introducing cryptocurrency and allowing players to actually own their digital objects, these objects could be transferred by that player for use in various games by the same developer. While cryptocurrency is unlikely to change gameplay itself and will have little impact on the actual entertainment experience offered by popular titles, it will essentially open up the entire video gaming sphere.

Potential issues to look out for

One possible issue that has captured developers’ attention is the notion that introducing a cryptocurrency has the potential to make games unfair by giving certain players an advantage regardless of their skills. Designers are also wary of allowing cryptocurrency to impact immersive storylines and becoming more important than the gaming experience itself. 

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Rene Peters

Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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