The convenience, privacy, and security offered by cryptocurrency have made it a global phenomenon. Several industries have benefited from the increasing popularity of crypto. One such industry is the online gaming space. According to the study by Wax, 75% of online gamers prefer to exchange their virtual assets for a currency that can be used for transactions on other platforms such as cryptocurrency. Online gamers can use crypto to trade and exchange currency for an increasing number of digital platforms that accept cryptocurrency.
Cryptocurrency leverages blockchain technology to ensure a decentralized and transparent form of currency. One of the reasons why crypto is becoming increasingly common is that some users and businesses appreciate that cryptocurrency is immune to manipulation and interference by any government. Bitcoin remains one the most popular types of cryptocurrency, but other cryptocurrencies such as Ehereum, Namecoin, and Litecoin are also gaining popularity. In addition, Crypto users have an online wallet, which they can use to buy and sell from any online platform that accepts cryptocurrency.
In online gaming, monetization happens through different strategies, including in-app advertising, in-app purchases, affiliate marketing, referral marketing, and other mechanisms. The in-app purchases are typically made through user accounts set up in-app stores that store credit card or banking information. With the availability of cryptocurrency, online gamers can feel more secure in online transactions as cryptocurrency reduces the risk of online fraud. In addition, all crypto transactions are available in a public ledger, making it extremely difficult or impossible to hack.
Another key advantage of using crypto for online gamers is that the transaction is instant by removing inefficient intermediaries common in banking other digital payment channels. Most online games rely on these monetization methods as a source of revenue. Still, these monetization strategies can be frustrating for online gamers as using traditional digital payment methods can be risky. Cryptocurrency solves these issues by providing a safe and efficient way to make digital payments.
An advantage of using crypto for game developers is selling their software or games outside app stores. Online gamers can use the blockchain to process cryptocurrencies directly without needing to use the payment channels of the app stores. This means users can pay without setting up an account, using an email, or confirming their identity. This allows online gamers to keep their identity safe, including their personal information such as phone number and home address.
It is quick, easy, and secure for online gamers to use cryptocurrency to pay for games. The blockchain technology used by cryptocurrency reduces the illegal trading of digital assets. This also provides better security for developers and gamers as blockchain prevents hackers from infiltrating the payment channels.
With no hidden fees such as bank charges or administration charges, cryptocurrency provides a more cost-effective method of making payments. There are also no currency exchange fees as the cryptocurrency is universal. As a result, online gamers get more for their money, while game developers can boost their profits by eliminating hidden fees and intermediaries.
As cryptocurrency continues to gain popularity, more online gaming platforms will accept it as their default transaction mode. Of course, there are going to be new challenges all the way, such as government regulations on crypto transactions. Still, the plethora of advantages offered by cryptocurrency is going to be difficult to suppress.