The world of gaming is no stranger to new technologies. The gaming industry has often been at the forefront of adopting new technologies and trends. Jared Devloo, a cryptocurrency expert from Calgary, Alberta, believes that this is evident in the early adoption of virtual reality (VR), augmented reality (AR), and even blockchain technology.
Way Oversold?
Now, the gaming industry could once again be at the forefront of adopting another new technology: cryptocurrency.
In recent months, there has been a growing interest in cryptocurrency within the gaming community. This is evident from the increasing number of gaming-related crypto projects and partnerships being announced. Jared Devloo feels that it is also apparent from the increase in search engine queries related to "cryptocurrency" and "gaming."
According to a report by Google (News - Alert) Trends, the search term "cryptocurrency" reached an all-time high in December 2017. This was around the same time that Bitcoin (BTC) got its all-time high price of over $19,000.
Liquid Gold?
The search term "bitcoin" also reached an all-time high in December 2017. This was likely due to the hype surrounding Bitcoin at that time. However, the search term "bitcoin" has remained relatively popular even after the price of Bitcoin crashed in 2018. Jared Devloo believes that this is likely due to the increasing awareness of Bitcoin and cryptocurrency in general.
The search term "cryptocurrency gaming" has also seen a steady increase over the past year. This is likely due to the growing interest in using cryptocurrency in gaming.
There are several reasons why gamers are interested in cryptocurrency. First, cryptocurrency provides a way for gamers to trade digital items without going through a central authority. This allows for a more decentralized and secure.
Cryptocurrency liquidity is one of the main reasons it is attractive to gamers. With cryptocurrency, gamers can quickly and easily trade digital items without going through a central authority. This allows for a more decentralized and secure gaming experience.
Additionally, the liquidity of cryptocurrency makes it a more desirable option for gamers. Gamers can easily convert cryptocurrency into cash, allowing gamers to withdraw their winnings quickly. This is not possible with traditional gaming platforms, which often require players to wait long periods before they can start their funds.
Overall, the liquidity of cryptocurrency makes it a more attractive option for gamers. It provides a more secure and decentralized gaming experience, as well as quick and easy access to cash pay
Now, gaming is again leading the charge in terms of cryptocurrency and blockchain adoption. Here are three ways that gaming is driving cryptocurrency and blockchain adoption:
In-game microtransactions
Jared Devloo feels that one of the most popular ways gamers use cryptocurrency is for in-game microtransactions. This is especially true for games played online, such as multiplayer online battle arena (MOBA) games.
In these games, players can use cryptocurrency to buy in-game items, such as new skins for their characters. This is possible because of the underlying blockchain technology, allowing fast and secure transactions.
What’s more, gamers can also trade these in-game items with other players. This is possible because each item is stored on the blockchain as a unique token. This means that each item can be easily traded or sold without a central authority.
As a result, we’re seeing an increasing number of games that are incorporating blockchain technology to enable in-game microtransactions. This is likely to continue as more and more gamers become aware of the benefits of using cryptocurrency.
Crowdfunding
Crowdfunding is another area where gaming is driving cryptocurrency and blockchain adoption. This is because gamers are increasingly turning to crowdfunding platforms to finance their gaming projects.
One of the most popular crowdfunding platforms for gamers is Kickstarter. Gamers can pitch their ideas to the community and solicit funding from backers on this platform.
What’s more, Kickstarter now allows backers to pledge money in cryptocurrency. Gamers can now receive funding in Bitcoin, Ethereum, or other popular cryptocurrencies.
This is a significant development, as it shows demand for cryptocurrency-based crowdfunding among gamers. As a result, we are likely to see more gaming projects funded through cryptocurrencies in the future.
Initial coin offerings
Another way that gaming is driving cryptocurrency and blockchain adoption is through initial coin offerings (ICOs). An ICO is a type of crowdfunding that allows startups to raise capital by selling tokens.
Interestingly, there have been several successful ICOs that gaming companies have launched. For example, in 2017, the online game company, Epic Games, raised $100 million through its ICO.
This is significant because it shows the demand for gaming-related ICOs. This is likely to continue as more and more gaming companies look to raise capital through this method.
Final Thoughts
Overall, it’s clear that gaming is playing a significant role in driving cryptocurrency and blockchain adoption. This is since gamers are increasingly using these technologies for in-game microtransactions, crowdfunding, and initial coin offerings.
As a result, we will likely see more gaming projects being launched on the blockchain. This is positive news for the cryptocurrency and blockchain industries, as it will help to increase awareness and adoption of these technologies.
