Thanks to blockchain technology and crypto, the play-to-earn model has become big in gaming. With this model, players can earn money by performing tasks, using in-game items, and earning experience points. And due to crypto, they can do all this safely and with much privacy. They can also use the money for in-game purchases. The future of in-game purchases is thus with crypto. Read on to learn about this evolving trend.
Introduction to in-game purchases and crypto
There is no denying that crypto has altered our understanding of how to send, receive, and store money. And now it is also changing how we do other tasks—like playing games. Crypto is steadily making inroads into the gaming business by enabling in-game purchases. It enriches the gaming experience and leaves our pockets a little fuller.
In turn, gaming—an activity that most of us are familiar with—helps those unfamiliar with crypto to get used to it. Gaming thus promotes crypto adoption in the long run.
This article focuses on one aspect of this two-way relationship between gaming and crypto. We look at how gamers use crypto to buy virtual products, pay for online services, and receive rewards for gaming accomplishments.
Overview of in-game purchases
One of the most common methods for gamers to use crypto is to make in-game purchases. Many games now accept Bitcoin and other cryptos as payment for virtual goods and services. Some games, for example, enable players to swap virtual currency or weapons for crypto tokens or gaming crypto coins that can be exchanged for real-world money. This incentivizes players who want to monetize their gaming activities without leaving the game setting. Naturally, this creates new revenue streams for game developers who may not have access to conventional payment processing systems.
Crypto gaming has grown in popularity in recent years. The money is a big attraction. Especially because it no longer involves third-party payment processors. So no more PayPal or credit cards. Instead, players can safely purchase, earn, or store digital assets directly from developers without compromising their privacy.
Advantages of using crypto for in-game purchases
The advantages of using crypto in video games are many. They go beyond being able to make safe payments for digital assets. So let’s take a closer look at them.
Security is often a concern when making transactions or selling digital assets online. Blockchain gaming technology and smart contracts can address this concern thanks to the immutable ledger accessible to all parties. And the increased security does not come at the cost of privacy or accessibility because many platforms generate a set ledger that does not require credit or debit card information.
Smartphones and mobile gaming enable anyone to engage in crypto gaming anytime and from any location. Likewise, with crypto. Using crypto, players can participate and transact internationally. No entry barriers or high exchange rates.
Additionally, because of the open access, crypto gaming has a broad reach. Borders and competing economies can trade without disruption. It thus facilitates large purchases, creating wealth amid underrepresented groups.
Lower transaction fees
There are no bureaucracy or large banks in control of crypto gaming transactions. So when you make a transaction, the procedure is more efficient and instantaneous. In this sense, crypto makes in-game purchases much more approachable. The elimination of middlemen also leads to the elimination of exchange fees.
Users don’t have to wait for third-party providers’ processing or approval of deals. Everything occurs at the player’s discretion. That means faster payments.
Implementing crypto for in-game purchases
The last decade has seen tremendous advances in our virtual playtime. With all the changes, developers must produce games vastly different from ones from the past to remain in the competition. Below are some of the crypto uses for in-game purchases that they have made possible.
Integrating crypto payments into gaming platforms
Crypto is used in gaming for several things. They help make microtransactions, purchase in-game goods, and pay for membership services. This is why many developers are integrating this option into their games.
Development of dedicated crypto wallets for gaming
Developing dedicated crypto wallets for games is elementary for making in-game purchases possible. Crypto wallets combine a physical wallet and an internet bank account. You use one to deposit money or withdraw it when you want to purchase something. Gaming wallets include features that allow the seamless use of the items in the wallet, most of which support NFTs.
Collaboration with gaming developers and publishers
Implementing crypto for in-game buys takes collaboration between the developers and publishers. Game developers now have direct access to their users via many spaces, from Discord and Reddit to YouTube. And publishers can give live feedback on the target audience’s preferences. But for it to produce better results, developers and publishers need to strengthen teamwork.
The role of blockchain technology
Blockchain technology makes multistep operations that require verification and traceability easier. It speeds up data transfer operations, guarantees secure transactions, and reduces compliance costs. Besides, the administration of contracts and merchandise auditing benefit from blockchain technology.
The future of in-game purchases with crypto
The Play-to-Earn gaming market was valued at $755 million in 2021, and it is expected to expand to $3,618.4 million by 2028, at a 21.3% Compound Annual Growth Rate (CAGR). If this data is believed, crypto gaming has great future potential. However, data apart, there are some key factors that one must think about while assessing the future of crypto gaming.
The impact on the gaming industry
As platforms that allow in-game item purchases with BTC or other cryptos benefit developers, too, everyone can take advantage of this option. This has led to increased spending and spawned the creation of new games.
The growth of gaming and crypto markets
The promise of material gain is luring in many respectable players. This leads to further advances in the industry as established players have more resources to leverage toward development. Crypto gaming is this booming, as the numbers above have shown.
Innovations in game design and monetization
Thanks to in-game purchases, the crypto gaming industry is larger and better connected than ever. This is spurring innovation, and some fantastic new projects are making it simpler for developers to incorporate these features into their games.
The potential of crypto in the gaming industry
As more businesses look toward blockchain technology, we expect to see more games and platforms emerge, thanks to white-label wallets. This will help make gaming purchases more seamless, and fewer people will have to deal with scams. As a result, the idea of blockchain games will be accepted by many more.
Blockchain technology and crypto, in turn, will thus propel the gaming ecosystem to a new level.