The global game market topped $195 billion in 2021. As more players worldwide become fully immersed in online gaming worlds, it's natural that cryptocurrency will play a bigger role.
A handful of games already integrate crypto directly within their gaming economies.
“Play to earn,” or P2E, games reward players by paying them in cryptocurrency or digital tokens based how much they achieve or play the games.
By earning cryptocurrencies, gamers can benefit from their skill or enthusiasm for gaming. But players, before taking the plunge, it's good to know the professionals and cons of crypto gaming.
What Is Crypto Gaming
While virtual gaming money is not really a new concept, the advent of blockchain technology has established opportunities for crypto gaming developers to add an element of real-world economics with their games.
Crypto gamers can earn non-fungible tokens (NFTs) or cryptocurrency by playing and winning a game, and those digital assets then become the property of the gamer.
Oftentimes, in-game digital tokens could be exchanged for stablecoins on either centralized or decentralized cryptocurrency exchanges. These digital assets may be sold or traded on online marketplaces or directly transformed into fiat currency. How Does Crypto Gaming Work
There are a number of different business models in crypto gaming.
P2E games offer users different method of earning or buying gaming tokens, says Adrian Krion, founder and CEO of blockchain-based gaming platform Spielworks.
“People can earn money on these tokens by buying them early and [hoping] for a lot of players ahead into the overall game once they bought the tokens,” Krion says.
Some crypto games earn money via advertising or sales of in-game items, such as for example certain weapons, skins or even virtual lands.
The developers then incentivize players to devote more hours to the overall game by paying them in crypto or NFTs for completing quests. These quests are generally simple tasks that involve getting together with the game for some reason, such as for example killing a certain quantity of enemies or collecting a particular amount of resources.
Other crypto gaming platforms offer ways for crypto investors to gamble their currency on casino games and other games of chance.
BitStarz, 7bitcasino and mBitcasino are on the list of three most widely used crypto gambling platforms.