Cryptocurrency has been in the mainstream news more over the past year than any time before in its short history. Yes, some of the news has been negative as 2022 was not a great year in the crypto industry but the same can be said for many markets around the globe. As we move though 2023 and beyond, are we going to see more integration of crypto into the videogaming industry?
There are many statistics available that suggest videogaming and crypto are going to cross paths, especially the volume of people who have an interest in both. Over one third of the world population are gamers, which is a huge number of people and if we go back to 2020, over 40 million of those gamers owned cryptocurrency. So, there is an immediate crossover of people who play videogames and own crypto. In terms of more integration of crypto into videogames, those numbers alone are a good start. The fact people involved in the videogaming industry, whether it be gamers or developers, are more likely to own crypto than a person who has no interest in gaming is a telling factor. If we take the Asian-Pacific region as a specific example, at the end of 2020, over 22 million gamers owned crypto.
Gamers Prefer Using Crypto
Casual gamers tend to purchase a videogame and play it using a console or computer at home. Some will install apps on a mobile phone and play games when travelling to work or on holiday. However, serious gamers who play videogames online competitively like to receive assets from the game in a currency they can trade on other platforms. For example, the coins used when playing the FIFA soccer games are virtual but can only be used on the game. They have no real world value. Using cryptocurrency in place of the coins would give the currency a real world value and players could make money from playing the game. There are already many crypto games to play online that reward players real crypto assets and they can be used in the game or transferred out of the game and used elsewhere. The continued adoption of crypto gaming could lead to some of the major gaming developers considering the use crypto in their videogames rather than a virtual currency that has no real world value.
The Benefits of Crypto in Videogames
There are many benefits to the use of crypto in videogames. Using crypto in videogames means instant transactions, no geographical restrictions when accessing games, greater security, anonymity, and fewer fees when making transactions within the game. We have seen each of these benefits in action when playing crypto slots online. Crypto casinos are becoming more popular thanks to the benefits listed above and they are a great example of how crypto has been successfully integrated into gaming. In terms of videogames, why would anyone spend $200 playing a game when the same money could be spent on a crypto based videogame and lead to the acquisition of assets in the game worth more than the initial cost of the game itself? That alone is enough to suggest we are going to see greater integration of crypto into the videogaming industry in 2023.