The video game industry has been one of the leading adopters of cryptocurrency ever since digital currency became available. Indeed, while many other industries have implemented it as a form of payment, gaming has been able to utilize crypto in ways that others simply haven’t been able to.
To highlight the gaming industry’s versatility and use of crypto, it hasn’t only been the video game niche that has enjoyed its availability. Other sectors, including the iGaming sector, have used it in abundance.
Gamers can access classic casino games using various variants of the digital asset, spinning the reels on slots and playing against dealers using their preferred options. If you’re a keen casino player and want to play in a new way, you should check out the Globix review on the best bitcoin casino for you, as this will help guide you in which sites to use.
The video game market has also benefited from crypto transactions in many of the same ways that the iGaming sector has. While some benefits may be more tailored to those who enjoy pay-to-play games, several still coexist between the two and help us understand why the video game industry has embraced cryptocurrency as much as it has.
Crypto’s adoption rate
Video games are a hugely popular pastime for much of the world’s population. According to estimates, approximately 3.32 billion people worldwide play video games. That’s just shy of half of the total population.
While cryptocurrency isn’t enjoyed as widely, it’s a growing market. Approximately 560 million people worldwide own some form of cryptocurrency, representing about 6.8% of the global population. This figure has grown significantly, with a 33% increase since 2023. This figure is simply too difficult for developers to ignore.
With the growing rate being experienced, now there is an alternative payment method that could be used to maximize revenues and increase profits.
Potential new markets
Games that include crypto-friendly transactions could reach a different type of market or encourage more people to spend because of the benefits they provide. Players can enjoy a greater level of security when making purchases and at instant transaction speeds.
At the same time, they could provide new gaming sessions that are unique to traditional video game formats. For instance, using crypto can allow players to make purchases for in-game items that they can own. NFTs have become hugely popular, as these assets can also be sold in the future, allowing players to potentially profit once they are ready to sell them.
The potential for gamers to own items could be incentivizing enough to encourage them to play and spend. They’ll have an element of control over a game that they are playing and know they have a chance of getting something back from it, rather than spending their money simply on entertainment purposes.
New innovative features
Video game studios have been embracing cryptocurrency because of the technology it uses. Blockchain has allowed developers to create secure experiences, allowing players to play safely. Technology has reduced the likelihood of stolen data, which can be compromised when a targeted hack on a game’s cloud network happens.
Additionally, Blockchain technology can grant players immutable ownership of in-game items, protecting them from loss due to hacking or developer actions. This ensures that players’ time and money investments are protected, regardless of game changes.
It can also record sales on a transparent ledger, restoring trust between developers and distributors. It streamlines royalty processing, making it more efficient and transparent for game creators and publishers.
Expect crypto to continue to be embraced
Given how cryptocurrency has already been embraced, the video game industry is likely to continue to welcome digital currency with open arms.
As noted, its adoption across the world’s population continues to increase annually. With more people holding virtual assets and becoming educated on how to use them, they are more likely to use them when playing video games. With the industry being enjoyed by almost half of the planet, it’s a form of payment currency that simply can’t be ignored.