How Cryptocurrency is Powering the Latest Gaming Innovations
From Spacewar! (1962) to Star Wars Jedi: Survivor (2023), games have come a long way from simple computer systems to complex interactive universes, intersecting with various innovative technologies. With the growing influence of blockchain and its core value embodied in decentralization, the "marriage" between crypto and video games can only surprise someone who has never stepped (virtual) foot into the RPG arena.
In this article, we explore the rise of crypto games, their influence on the overall gaming landscape, as well as the countless player benefits in terms of ownership, engagement and financial opportunities. Let's find out how crypto games power and reshape the gaming industry as we know it today.
What is Crypto Gaming?
Crypto games tackle the existing challenges in the traditional gaming industry. While the user experience and gameplay remained unchanged, the integration between crypto and traditional gaming brought development in the game economies.
Crypto-based games incentivize players to stay engaged by rewarding them with in-game currencies or NFTs. Players reap the rewards by increasing their playing time, unlocking new challenges, meeting game objectives or building up their characters. Also, they can use the game's native currency to purchase in-game assets like skins, weapons, mystery boxes, new avatars, etc.
The best part about crypto games is that you can exchange in-game tokens for any other crypto or fiat currency.
Earning Money with Crypto Gaming
Meeting requirements and completing quests not only brings you the possibility to earn in-game money to purchase different items but also allows you to exchange these digital tokens on centralized and decentralized crypto exchanges.
Midas Miner is an excellent example of how this concept works. As its namesake suggests, the goal of the game is to dig as much gold as possible. Players do that by acquiring characters of different strengths and stats. Through playing the game, players earn tokens, NFT items and train their characters to become more effective while mining.
Using in-game tokens, players can purchase items, rent characters and trade NFT assets. More importantly, they receive monetary rewards in MMI and USDT.
So, how do you earn money in crypto games? The best part about such games is that you don't necessarily have to spend earned cryptocurrencies on in-game items. Instead, you can find a reputable USDT to USD exchange, withdraw fiat money and spend it as you please.
What Are the Advantages of Crypto Games?
Because of their decentralized nature, crypto games brought many benefits to video gaming enthusiasts. In-game economics have seen the largest progress beyond earning gold or silver tokens for new skin purchases.
Thanks to crypto games, players can earn real money and withdraw directly to their bank account. Here are some of the improvements crypto games brought to the video gaming industry:
● Ownership and Scarcity
● Alternative source of income
● Cross-Platform token spending
Purchasing and selling in-game items is not new in the world of video games. Popular titles like PUBG, Fortnite or World of Tanks already accept players who generously share their credit card details to purchase digital items and enhance their gaming experience.
In traditional games, players are free to buy as many items as they wish; however, they don't truly own these assets. Crypto games solved this challenge by introducing NFTs, which allow players to have actual ownership of the items, allowing them to buy, sell or trade their assets within the game's ecosystem.
Also, crypto titles work on the Play-to-Earn concept, meaning players receive incentives for their playing progress. Conventional games allow players to spend in-game tokens by purchasing items. On the other hand, crypto games enable players to collect rewards on their credit and debit cards.
Moreover, many of these crypto-based games are interconnected. This allows players to spend tokens earned in one game on other titles, existing under the same umbrella.
Finally, crypto games are generally built upon blockchain technology, ensuring transparent transactions and fair play while reducing the risk of cheating and fraud, which is common in conventional video games.
What About the Risks?
Although the introduction of cryptocurrencies in video gaming brought many benefits to passionate gamers, there are still some areas left for improvement:
● Scam risk
The value of in-game tokens can significantly fluctuate depending on several factors, including the game's ecosystem design, supply and demand or regulatory changes. Players can decide to keep the earned tokens, waiting for their price to increase and earn money by selling them at their peak value.
However, there's always a risk the price of the game's cryptocurrency could decrease, which can result in players earning less than they expected. One way to prevent that could be playing crypto games that reward players with stablecoins like USDT, which is pegged to USD, and eliminate the risk of significant price fluctuations.
Finally, some crypto games do not allow players to withdraw their rewards. Instead, they push them into spending the in-game money on online gambling websites, which poses a risk of gambling addiction or, in rare cases, could have adverse legal consequences.
Introducing cryptocurrencies in the existing video gaming ecosystem represents a huge leap towards establishing true ownership, increasing game transparency and establishing new earning models for passionate games and crypto lovers.
Crypto games allow you to earn rewards by spending more playing hours, completing objectives and actively participating in the game's community ecosystem. In return, players can withdraw and exchange earned cryptocurrencies for other fiat or digital currencies.