Mobile and Console Gaming is one of the fastest-growing industries with an estimated revenue of $152.1 billion for the year 2019. The popularity of online and mobile gaming is increasing day by day. Additionally, these games organize regional and global championships, where gamers can win a lot of cash and goodies. Amidst all these thrusts in video games, crypto-based games that are developed on blockchain technology adds a whole new horizon to space.
Games mostly use one of the two revenue models: earn by advertisement or by selling in-game currencies. The in-game currency is a type of digital assent that players can earn, buy, and spend on purchasing any material or for level upgrades. The amalgamation of blockchain and cryptocurrencies in gaming can serve on two fronts. The first is the development of games on blockchain technology and another is the use of respective crypto as in-game currency.
Till now, the in-game currencies can be traded or used only within the game. However, the tokenizing of game assets will generate a cryptographic accounting system for game tokens. As a result, those tokens can be bought, sold, and traded outside of the game.
There are several start-ups, working toward the implementation of this model. One of them is ClanPlay, which is all-set to reward gamers playing Clash Royale with new crypto named “Good Game.” The digital asset that will be earned in the game will also be traded on various exchanges and can also behold in wallets.
Doge Racer is one of the first that has Dogecoin as in-game currency. In the latest update, an option for buying various materials in-game using the crypto has been added. The Chinese company, Chukong Technologies, is another firm that is working for the integration of gaming with blockchain and cryptocurrencies. A noteworthy fact is: Chukong is the parent company of Cocos2d-x; It is a game development platform and has rolled out popular games like Angry Birds and Clash of Kings.
Future Prospects for Crypto Games:
Gamers are one of the dedicated community and are spread over the vast demographic area and varying in an age group. The future of cryptocurrency-based games is bright, as gamers could earn virtual currencies while playing games. Not only that, those currencies can further be traded as crypto-assets having a real-world value. The more and more integration of blockchain in video games will lead to monetization and creation of digital micro-economies within the gaming world. On top of that, it’s a marvelous business idea as it incentivizes people to play more. The crypto space will be the ultimate winner in all these as it will increase the use of cryptocurrency and blockchain.