Cryptocurrencies In Gaming: 3 Advantages Of Gaming On The Blockchain
Table of contents
Fast and anonymous transactions
More games and game providers nowadays let players use cryptocurrencies for transactions. This is mostly the case for blockchain-based games such as Axie Infinity, but it’s also increasingly a possibility for traditional games and gaming classics as well. Providers such as Bitrefill allow users to buy vouchers using cryptocurrencies which can be used in game stores such as the PlayStation Store to purchase video games. It’s now even possible to play classic casino games using cryptocurrencies, as innovative online casinos have been jumping on the blockchain bandwagon. Experts review and rate the top bitcoin casinos available online that allow players to pay deposits and play casino games such as online slot machines and table games using bitcoin. Offers like this combine traditional gaming with innovative technology. Where this can be seen the most, is in blockchain-based games, which let players buy in-game assets using digital coins. All of these types of transactions have a lot of advantages compared to traditional payments. Transaction times can be reduced significantly with near-instant payments through cryptocurrencies, as both deposits and withdrawals can be made without the need for a mediator to make the transaction. Furthermore, payments using cryptocurrencies are also anonymous and safe. No personal details or payment data needs to be disclosed, which increases the security of such transactions tremendously.
Taking in-game assets into the real world
In-game assets such as skins, weapons, characters, etc. have already been common in the gaming world for a long time. In traditional games, however, these exist exclusively within the world of that particular game but carry no meaning outside its confines. By tokenizing these in-game assets in blockchain-based games, they can also exist and hold value in the real world. Skins, characters, items, land, and more are turned into individual NFTs, with the player holding true ownership over them. Depending on certain characteristics, each of these in-game asset NFTs holds a certain value. Gamers owning these NFTs can choose to sell them to or trade with other players on marketplaces within or outside of the game. Selling these items in exchange for cryptocurrencies lets players take advantage of their in-game items’ worth in the real world. Players’ achievements and purchases within a game are no longer confined to the game’s world thanks to NFTs.
Rewards for time spent in a game through P2E
There are many video games in which players spend hours, days, months, or even years, grinding away to level up, get ahead and reach certain achievements in the game. While the gaming experience in itself as well as wins and levels reached within the game’s world can be fulfilling and rewarding, there is usually no way for players to receive tangible rewards for their time spent within the game. To change this, a brand new and innovative gaming model has emerged in recent years: play-to-earn games, or P2E for short, reward players through tokens for their efforts in a game. There are a variety of top play-to-earn gaming projects on the market right now, with early players such as CryptoKitties and Axie Infinity leading the way in this field. By completing activities and tasks, reaching certain goals, winning competitions, and creating unique characters in the game, players can earn cryptocurrencies. These can then be sold on exchanges for players to potentially draw a profit for their time spent in a game. While the P2E concept is still in its early phase and facing many hurdles, this gaming model has been gaining traction as more P2E games hit the market. Now, dedicated players can earn rewards as they play.
Cryptocurrencies and the blockchain have been making waves in the gaming space, changing the way players play in different ways. Using cryptocurrencies for games and playing on the blockchain offer a lot of advantages that can have a lot of potential for the future of gaming. It will be fascinating to see how this space will evolve in the coming years.