3 Ways Cryptocurrencies Could Transform Video Games
Video games have been a huge money making industry worth billions of dollars all over the world for years now. Video games are not what they used to be 10 years from now. The evolving technology has impacted this industry as well transforming video games into a perfect blend of entertainment, recreation and socialisation. According to a research from GeekWire, more than 1.2 billion people play video games all over the world and around 700 million of them play video games online. As we see more and more people gravitating towards online video games and the recent rise of cryptocurrencies it should not come as a surprise that cryptocurrencies are expected to play a huge role in that part of the digital world as well.
It may not seem so initially but the world of online video games and cryptocurrencies appear to be a perfect match for each other but only a few companies yet have incorporated Bitcoin into their games to enhance user experience. However looking at the growing popularity of cryptocurrencies the future is not very far when cryptocurrencies like Bitcoin will be an integral part of online video games.
Here are some ways cryptocurrencies like Bitcoin would impact the video games world:
Game Development Funded Through Cryptocurrencies
Some of the recent games developing companies, particularly start-ups, are considering going the cryptocurrency route from the beginning as a means to finance their game’s development. Reality Gaming Group is an example of one such company that used an ICO to secure around $3.5 million to work on the development of mobile game Reality Cash, which is a mobile augmented reality multiplayer shooter game. The company sourced the ICO funds by selling virtual currency before the game’s launch. According to Tony Pearce from Reality Gaming Group people could buy the Reality Clash Gold coins (the in-game currency) at a huge discount rate before the game is even launched.
Blockchain Could Improve Player Experience
We all know how blockchain technology made its way into the masses; it was initially conceived as the accounting backbone of Bitcoin and other cryptocurrencies but now blockchain technology has grown to become much more than just being associated with Bitcoin. It is bringing strong solutions, disruption and improvement to nearly every industry sector including the video games industry. Gaming companies like Game Protocol have employed blockchain to revolutionise just about every aspect of a game starting by improving security, developing a gamer community and empowering developers. According to Mobile games developers in Dubai Games built with this technology will not be affected by server outages or poor performance since it operated on a distributed ledge system.
Big Names Are Accepting Bitcoin
Steam is considered to be the largest digital distribution platform for PC gaming and has been accepting Bitcoin payments via processing service BitPay since 2016. Valve Corporation that owns Steam reached out to BitPay in order to have a feasible mode of payment for players in less accessible areas of the world. And as per the reports until now, Steam has seen millions of dollars in monthly revenue ever since. With such huge companies adopting Bitcoin on such a large level, it opens up immense possibilities for cryptocurrencies and video games to operate together.