Why do video games use cryptocurrencies?

Many don’t associate cryptocurrencies with things such as video games, but the coins have already tapped into some of our most beloved games and it seems they’re not about to go anywhere.

Esports fans have already been given cryptocurrencies to play within a popular MOBA game, called League of Legends, and there is much more to come in the future.

Most players don’t realize, just how many potential cryptocurrencies can have inside video games, especially something that has an in-built economy. Most games like this would benefit from the extra exposure and the procurement of an income for their player base, as well as participation in a global financial market.

Esports has already shown us how crypto can be used in various aspects of the industry, but it was quite disappointing as most of it was used in wagering activities. However, cryptos and video games are a perfect match for each other that could be expanded upon by the largest game developing studios in the future.

This goes without saying of other entertainment industries that usually use video games or some sort of animation in their business model. Video game studios themselves may integrate cryptocurrencies on their local economies, but the real value usually comes from companies and developers that accept cryptos as a means of exchange.

The pioneers of accepting crypto as a means of exchange are believed to be escape rooms, where the players need to free themselves through logical thinking and getting themselves know the environment. There are numerous escape rooms that accept crypto especially in the UK that have started using VR technologies as a means to attract more players. Needless to say, the popularity of cryptos that this has garnered, has trickled down to regular video games as well.

So, what exactly can cryptos do in the gaming sphere? What can they provide that would benefit players so much?

It is a natural match

Let’s look at the numbers first. Both of the industries are neck-to-neck in terms of development and growth. Video Games have become one of the most lucrative businesses any company could try its luck in, and cryptos don’t even need to be mentioned in terms of profitability.

The growth in not only the customer base but also the viewership of various gaming events is also on the rise as eSports is heading towards being recognized as an official Olympic sport. It’s already been recognized as a sport by the Olympics Committee, but we still need to see it on the Olympics itself.

With such a large digital market, video games could be the best way to attract crypto interest and here’s why.

According to experts from NowEscape, the age groups of players interested in cryptocurrencies and video games are quite similar. It usually ranges between 18-31 year age group, meaning that promoting cryptos through a video game would actually be effective from a marketer’s perspective.

Implementing cryptocurrencies in the games’ in-built reward systems would yield a much more tangible result of customer retention and gaming capacity. Once people find out that they can actually generate real-world money, they’ll be much more attracted to the game.

It can make games more popular

A certain game is considered successful only when it is popular (mainstream). The main idea and goal of the companies that develop new games are to create something that will be the next big hit for players across the world. 

In most cases, games that are focused on online matches and competitive gameplay are the ones to achieve the “new hit” status. In almost all cases, these games come with their own stores where people can buy cosmetics and additional boosts for their accounts.

The proposal from crypto enthusiasts is that, instead of providing just-in game useless stuff, developers can offer cryptocurrencies.

One example we have about cryptos being in the gaming space is League of Legends. It awards its players with crypto for bringing in new players. In the past, it used to be some in-game currency and additional “exclusive” skins for various champions, but the crypto addition was much better received.

It is beneficial for players 

The overwhelming majority of gamers are playing games simply because they enjoy them as good time-killers and as entertainment.

The issue is that almost everybody wants to turn video games into a source of income, but very few people manage to do it. With the introduction of cryptocurrencies on games that require quite a lot of time to master, the players will be able to support themselves as they play.

In conclusion, we receive a win-win situation. The crypto market gets to acquire a whole new slew of potential investors, and the gamers get to generate income on their favorite activities.