Gamers are like Gods. They dominate and conquer worlds that are beyond the comprehension of non-gaming people. As the world of cryptocurrencies slowly expands beyond its confines, it makes the possibility of earning money via trading in-game materials like skins and weapons. While the concept itself isn’t new, its relation with cryptocurrencies definitely is.
So, if you are not aware of what on earth, we are talking about let us crunch some fundamentals.
What you'll learn 👉
What is In-Game Trading
As the name itself suggests, in-game trading is buying virtual items using real money within a game. While buying items through fiat money is a very old phenomenon and has been happening in Massively Multiplayer Online Role-Playing Games (MMORPG). But with cryptocurrencies, the process has just become simpler.
Now, you can, using your cryptocurrencies, purchase in-game tokens for specific games and then use them to buy any virtual item that you can use within the game. A major notable difference of using crypto over fiat is the fact that the former isn’t taxed. Moreover, you can seamlessly use your tokens within the game without having to worry about and follow a tedious process of doing the same through fiat money.
In-Game Trading History
Edward Castronova had conducted an economics study in 2001 where he mapped the currencies of the virtual world of EverQuest and claimed that it had a GNP per capita comparable to that of some developing countries in the real world. At that time the claim seemed astounding – but it was the birth of a new way of playing games and spending real money in the virtual world.
Since then, there have been significant interests in the field of virtual economics and how it connects with and also affects real-world economics.
In fact, one of the greatest realisations that occurred to someone who was not so familiar with the gaming world was the fact that there were countless gamers who would give an exorbitant amount of money for these virtual items. Imagine paying hundreds of dollars for a skin!
Regardless of how the non-gaming world reacts to the in-game trading craze, the truth is that it exists and with the help of cryptocurrencies it has only been amplified.
Getting Started with In-Game Trading
While there are not many guides available online which help you get started with in-game trading, you can certainly follow the plethora of gamers and streamers online to learn how they do it. while it may not be considered as simple as trading stocks – there is definitely a way to do it.
Also, now that games are being connected with NFTs as well, there are many opportunities for streamers and gamers to make money. In-game currencies not only include tokens that you use to buy items within the game. They can also be tokens that you use to support your favorite streamer.
For example, if your favorite gamer issues their own tokens then you can purchase them to get access to their strategies of playing games, the items they buy, and even get to spend some time with them if they offer!
It is clear that in-game trading is something that has been slowly picking up over the past several years. This has been fueled by the astronomical increase in the number of gamers who are now getting into the space. Combine that with the sheer distribution of cryptocurrencies-related knowledge across the world via social media platforms – and you have people coming up with creative ways of making money.
There are platforms where you can buy and sell in-game items or even trade using game-specified digital currencies such as FFXI gil and Lineage 2 Adena! By the way, if you are looking to trade any of favorite games’ tokens, then you can do so very easily at Eldorado. They offer a huge platform and 24/7 support so you can keep gaming and keep making money!