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Cryptocurrencies and Online Games

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Cryptocurrencies and online gaming seem like a match made in digital heaven. The burgeoning popularity of online gaming and esports has led to the creation of in-game digital currencies which could be a valuable addition to the virtual economies of popular online games such as World of Warcraft.

 

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Study: Gamers would love to use digital currencies

According to a study by digital asset exchange WAX, which surveyed 1,000 gamers in the US, 75 percent of gamers wish that they could exchange their virtual goods for a digital currency that can be bought and sold on other platforms.

 

Furthermore, while five percent of millennials have an interest in cryptocurrencies, 55 percent of online gamers have already used them in the past. This suggests that there is a large crossover between the bitcoin community and the online gaming community.

 

Interestingly, out of the surveyed gamers, around 50 percent of all age groups also own cryptocurrency. However, 87 percent of them have not used digital currencies in gaming before but 80 percent stated that they would be interested in using cryptocurrencies to make in-game transactions.

 

The study also found that from the potential benefits that cryptocurrency use in online games could bring, 75 percent of the surveyed gamers cited their ease of use, 66 percent stated heightened security, 49 percent said lower transaction fees.

 

Moreover, 64 percent of those surveyed believe that the current model of in-game virtual currencies needs improvement and 69 percent are interested in being able to convert their in-game virtual currency into tradable digital tokens.

 

“The widespread usage of cryptocurrency in online video gaming is imminent. Video gamers are tech-savvy members of a global community with the desire to make frequent, small transactions across borders. The results of the study could not be clearer: video gamers want to be able to use cryptocurrency to make low-cost gaming-related transactions,” said William Quigley, CEO of WAX Token.

 

 

Source: https://bravenewcoin.com/insights/cryptocurrencies-to-takeover-online-gaming-world-says-new-study

 

For some people, they consider online gaming to be a waste of time (in the case of online gambling, even a waste of money), and there may be some truth in it especially in cases when it becomes an obsession where it is unprofitable and gravely affects one's life. But in the case of the rise of e-sports and transactions of in-game items, there is potential in profiting from what is usually deemed as just a pass-time.

 

Online gamers are known to be knowledgeable to current digital technology. That is a given, knowing that they are constantly exposed to the computer screen and can find the occasion to browse the computer for information when they are not playing games. It is therefore no surprise that they caught wind of Bitcoin and cryptocurrency even in its early days of its development. Fast forward to today, there are now online games that are being developed to take advantage of what cryptocurrencies can offer, allowing them to make hassle-free transactions with other gamers on the planet. However, progress on its adoption is seemingly slow. This may be due to the observed notion that the major game producing companies have not made enough major strides to adopt and promote crypto, and the smaller game companies who do just that find that their games are not viral enough to prove to be a game-changer in the online gaming industry itself, so to speak.

 

Thus, it may take some time before cryptocurrencies become fully adopted in the online gaming industry. It may as well be tied in to everything else, that is, if the world economy has already considered crypto as a major currency, then there should be no reasons for the other sectors of our world not to do the same. It would be a pleasant surprise though if the online gaming industry becomes the spearhead to eventual widespread adoption. After all, it is the youths of today who are the most active members of society involved in playing online games, and the chance of exposure to knowledge about cryptocurrency is high. And those youths are going to be our future leaders, pioneers and innovators, and they will be the ones who will become the future proponents of crypto in the years to come.

 

So, what do you think of this article? Will the adoption of cryptocurrencies in the online gaming community become successful and widespread on this present day? Or do we have to wait a few more years for it to happen? Share your opinions and thoughts on the matter.

 

... ... ...

 

Other interesting topic-related articles:

https://medium.com/@worldopo.io/5-games-that-will-get-you-into-cryptocurrency-2ef1037e7eea

https://blockonomi.com/blockchain-games/

 

For the latest news and articles in the cryptocurrency relationship to online gaming, go check out this link.

https://cointelegraph.com/tags/games

 

On 1/19/2020 at 11:12 AM, kyoukage01 said:

I don't mind if others talk about online gambling here, since that and the topic are related. They can talk about using virtual game tokens in online gambling in exchange for altcoins, using altcoins themselves as betting chips that can be also used in other online games' virtual currencies, etc. for example.

 

And gambling is essentially defined as a game using money for betting, anyway 🙂 .

 

EDIT : My personal 'Top Answer/s' picks!!!

Spoiler
On 2/2/2020 at 6:31 PM, BTC Future said:

Gaming is a huge industry and they should at least try developing games that are interconnected through blockchain and pass the control to the user. It is an undenyable fact that the items and gold the players are collecting should be actually owned by them and trade them or sell them if they want to. Companies behaviour is immoral and greedy in this market, as not only they ask for gamers to pay for the games up front and ask for monthly subscriptions, they also want to squeeze as much as possible by not allowing in game selling of items/gold and banning players that are using online markets outside the game. Instead they should be actively promoting trade of gold/items inside their games or in a blockchain market so players will be able to actually profit from the time they invest in the game.

 

 

P.S. I will update this topic with new related articles whenever I find them. Look forward to it.

 

Edited by kyoukage01
major update in topic
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New to the Cryptotalk forum? Here's something that might help you get started:

https://cryptotalk.org/topic/24401-forum-tutorials-tips-and-tricks-for-newbies-compilation/

 

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50 minutes ago, kyoukage01 said:

So, what do you think of this article? Will the adoption of cryptocurrencies in the online gaming community become successful and widespread on this present day? Or do we have to wait a few more years for it to happen? Share your opinions and thoughts on the matter.

Online gaming with cryptocurrency is a perfect match, I can say it is the more matching way to use crypto than any other out there, than  trading, paying bills etc.

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31 minutes ago, teminalibug said:

Online gaming with cryptocurrency is a perfect match, I can say it is the more matching way to use crypto than any other out there, than  trading, paying bills etc.

May be but this will be the new revolution in the Crypto World and also i the gaming world and it will increase the users of the game players.

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Youtube ChannelSocial media Assets, Websites and Plugins are available in a very reasonable price 😇 TALK Token is also acceptable.

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15 minutes ago, Khan said:

May be but this will be the new revolution in the Crypto World and also i the gaming world and it will increase the users of the game players.

I have been thing about a gaming streaming platform like twitch starting to implement Bitcoin payment, that would be fun and increase the number of crypto users.

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The burgeoning popularity of online gaming and esports has led to the creation of in-game digital currencies which could be a valuable addition to the virtual economies of popular online games such as World of Warcraft.

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2 hours ago, kyoukage01 said:

So, what do you think of this article? Will the adoption of cryptocurrencies in the online gaming community become successful and widespread on this present day?

I personally think it's already a thing to countries with huge online gamer community/population. Continuous adoption is evident but I don't think this year would be the golden age of cryptocurrency, especially in gaming. E-commerce would progress first, then digital online gaming would follow.

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It would be great if there is a combination of online gaming and crypto. It would help gamers financially great. Besides it would be legal all over the world.

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Online games involving cryptocurrency? well it will be good, I am online gamer and I want to see more cryptos as a money in the game. Just like I played Sword & Magic EOS.

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I'm interested in gaming on a blockchain, but up to now I haven‘t found a good one. I played one game on the ETH chain but it was not pleasure and it stucked often. If anyone can suggest a good Game I will test it.

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Crypto gambling industry have some a large marketplace most of them using a crypto as the game bet. however gambling platform was one of the key sector for the cryptocurrency volume.

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Just now, sben9704 said:

I agree, I always think about online gaming and crypto currency together. For me, the two is very suitable for each other and is unseparated.

Most online casinos use cryptocurrency not to mention some football online betting are switching or adding bitcoin as payment option as well.

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Just now, Kim K said:

This will be nice as payment for services like this becomes easier for some of us in this part of the world interested in online gaming and having issues with paying with fiat currency from Nigeria. If crypto is widely accepted,it will be just fine. Most bet site are turning to crypto

There is a version of this world i'm thinking off where tech has completely replaced fiat with cryptocurrency. But it is more like a fantasy.

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On 11/13/2019 at 1:53 PM, kyoukage01 said:

More on this article: https://bravenewcoin.com/insights/cryptocurrencies-to-takeover-online-gaming-world-says-new-study

 

So, what do you think of this article? Will the adoption of cryptocurrencies in the online gaming community become successful and widespread on this present day? Or do we have to wait a few more years for it to happen? Share your opinions and thoughts on the matter.

Both subject have a great connection if that happened. This can lead to have a greater adaptation to the both subject since it was the combination of profit and entertainment. It will be having a successful pathways if that happened since it could bring a greater sucess to the gamers in online world and it can be perfect to those fields to make a faster adaptation of both industry. Hope to achieve that soon.

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This is nice combo especially in the popular online games they can use crypto currencies as payment method also because of this games this will make crypto more popular.

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I prefer the world of cryptocurrency than the world of online games, because if we enter the world of cryptocurrency we can get income, if we enter the world of online games there we spend very much money.

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It is a perfect match! It will have more user since we all have so many gamers around the world. It can have a good method when you want to buy something from your online games.

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On 11/13/2019 at 1:53 AM, kyoukage01 said:

More on this article: https://bravenewcoin.com/insights/cryptocurrencies-to-takeover-online-gaming-world-says-new-study

 

So, what do you think of this article? Will the adoption of cryptocurrencies in the online gaming community become successful and widespread on this present day? Or do we have to wait a few more years for it to happen? Share your opinions and thoughts on the matter.

Cryptocurrencies have been accepted to some extent cautiously in the online gaming world, there is nothing strange about that, only that it is a matter of people, few people are out of the move, because within the world of games in line move good amounts of cryptocurrencies in a certain way.

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If online game's accept crypto currency it will be very good. we can buy game with crypto very easily. i will very easy for us. thank you mate

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I've noticed the industry of blockchain gaming is developing really fast in the recent years because there are already hundreds of blockchain games available. I think in the future gaming will be one of the most popular areas where cryptocurrencies are used

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This is good actually its because some online games have an item that you

can buy in short there has an transactions, to easily pay that bills we can use bitcoin for this to less hassle for going to the e loader to input some money to the game and it depends on the game creator if they are willing to accept bitcoin as a payment.

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Most of the utility coins are being used in some gambling dapps. As of now i can say that it will take more years for dapps gambling to become popular because we all know that only few people knows what crypto is.

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Currently there are already many altcoins that offer payment for game items using crypto like Herocoin. However, the adoption seems less popular.

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Cryptocurrency in the world of games is quite a cool topic, because you can buy and pay, perform transactions using crypto currency, it is very interesting! But what about the impact on the cryptocurrency exchange rate? Prices will fall and rise, someone will not be profitable. What do you think?

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I think it will be successful in a way that they can benefit from each other by profiting on what they can do or what they make because nothing is more fun than having to play a game you like while earning money and such and maybe that will only happen once thay made a pact with something like cryptocurrency.

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