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Online gaming has developed dramatically over the past decade, and we could be about to witness more significant changes soon. Cryptocurrency is beginning to play a role in the daily lives of many people and that includes online gaming. The question is, does crypto have a role to play in the future of online gaming and if so, how significant?
In terms of online gaming, cryptocurrency allows gamers to collect and trade using virtual currency. Taking the online casino industry as an example, using cryptocurrency to gamble online could be a way to get passive income in crypto. Clearly there is always a gamble involved when betting on casino games and there is a chance of losing but BetFury Crypto Casino is a brilliant example of how crypto can used successfully in the online gaming industry. This online casino has been designed around the use of cryptocurrency. Not only is it possible to place a deposit using crypto and play casino games you can also have a wager on sporting events.
Any winnings you withdraw from playing at an online crypto casino can then be stored or traded as you see fit. By the time you make a withdrawal of funds, the value of the cryptocurrency could have gone up and will be worth more the next time you decide to sell or buy something online using crypto.
Online gaming has introduced in-game purchases, and these can be found on all the popular online console, PC, and mobile games. When playing online games powered by crypto, it is possible to make purchases, such as upgrades in equipment, new characters, and loot boxes using cryptocurrency. It is also possible to buy crypto via many online games that accept the currency.
There is one major difference between online games using cryptocurrency and those that do not use the digital currency. It involves control of the games assets and traditional online games are centralized, which means the developer controls the currency and the distribution of the items in the game. Online games based on the blockchain are different in that they are decentralized, and the in-game assets are distributed among the players rather than being stored on a central server. This provides a sense of fairness and clarity for gamers, which is one of the major reasons why crypto could be the future of online gaming. There has been a lot of discussion around the use of loot boxes in online games but crypto could provide a solution by keeping everything transparent and safe.
We must also consider the money to be made by the companies developing online games. If we look at one crypto based game as an example, people have spent over $6 million playing CryptoKitties. The game was released in 2017 and it goes to show how much money can be made from crypto based online games. It is difficult to predict exactly what will happen but crypto clearly has a role to play in online gaming, now and in the future.