The gaming sector is booming as there are hundreds of great games available on both mobile and desktop devices for millions of players around the world. Actually, it is estimated that there are over 2 billion players worldwide, and this is currently one of the most lucrative sectors.
On the other hand, the crypto sector is also expanding, and there are exciting opportunities for the implementation of crypto in the gaming sector. In this article we cover the benefits provided by cryptocurrencies for the gaming industry.
Safe And Fast Payments
One of the main benefits of cryptocurrencies is that they provide fast payments for their users because they are being processed on a peer-to-peer based blockchain network where the users complete the crypto transactions. Actually, the processing time varies from a couple of seconds to 10 minutes. This specifically applies for the blockchain network where one block of transactions is validated in 10 minutes.
When it comes to the safety of the transactions, the blockchain network, which is the foundational technology for all cryptocurrencies, is considered a technology that offers a high level of safety for the data in the network and also the users as their identity is concealed. The transaction fees are minimal, and it’s simultaneously solves the exchange rate issues for international payments.
Also, if any user wants to exchange their cryptocurrencies for another cryptocurrency or fiat currency, they can easily do so on online trading sites. Furthermore, the y can also sign up on auto-trading sites, if they lack certain trading skills. One great example is the Bitcoin Power automated trading platform which takes the safety and transparency of trading seriously.
So, no essential experience in trading is required as their AI- trading algorithms will conduct the trading as well as the market research for you. Also, the platform is great for beginners because they only charge a commission of 2% on profitable accounts. All you need to do is to make a deposit of at least $250 on the site in order to start trading here.
New Target Group
When Gaming platforms and businesses accept cryptocurrencies means that they will be in a position to attract a new target group of customers that want to use their cryptocurrencies on specific gaming platforms, or purchase new video games. Actually, the popular streaming platform Twitch accepts crypto transactions.
Cryptocurrencies, as we mentioned, are based on blockchain technology which means the payment process is streamlined, and the costs relating to the payments are reduced. In addition, the businesses don’t have any costs associated with the crypto payments except for investing in a crypto wallet because that’s an essential component in accepting crypto. Overall, the main advantage for the businesses is a relationship with a new audience and offering another safe payment option for the users.
As we mentioned earlier, there are a lot of benefits for using cryptocurrencies in gaming, especially in-app purchases where you can use your crypto to swiftly purchase a certain item, and level up your gameplay. Plus, there are actually a lot of developers that create cryptocurrencies specifically for the gaming sector that will provide a better gaming experience for the users.
For example, there are cryptocurrencies that can be used specifically on certain gaming platforms, while others are designed for the purpose of creating and selling 3D objects, so there are definitely a lot of opportunities for cryptocurrencies in the gaming sector.
Overall, the gaming sector is one of the fastest growing sectors as only in 2020 there were approximately 2.7 billion gamers around the world. The crypto market, on the other hand, is also growing exponentially thanks to the popularity of crypto and the benefits they offer, so there is definitely potential for cryptocurrencies to be integrated into the gaming sector and offer an even greater gaming experience for the users.