Cryptocurrencies have built their reputation over the years to become the most regarded digital assets, albeit the aggressive entry of NFTs into the space of late. Bitcoin has set new heights in its market cap over the years, making it big and extremely hard to fail—at least soon. The hegemony of Bitcoin and the infrastructure that drives it makes it a good candidate to drive the gaming industry in the future.
Many companies have already integrated Crypto payments as the sole currency in their virtual gaming ecosystems. They have already created a pathway for Bitcoin and other top cryptocurrencies to help them work on crypto betting sites like cryptobettings.net and other gaming websites.
MANA and other tokens have already integrated into the metaverse, creating a pathway for crypto gaming. The metaverse, which is already hosting some big games, is poised to have crypto and NFTs as the sole currencies. Gaming data already shows that 34% of players want crypto to dominate gaming metaverses, and Bitcoin will help fulfill this demand.
How much is the Crypto Gaming industry worth?
The crypto gaming industry already houses a third of gamers, and with time, the figure will shoot up slowly to highlight the potential of cryptocurrencies. In 2021, crypto gaming generated about $421 million in revenues for games already supporting the technology. The revenues are because of the growing appetite of gaming companies taking advantage of the blockchain as a bridge for transactions in their gaming metaverses.
As of 2020, about 40 million gamers owned crypto coins and other related digital assets. Gamers were between the ages of 20 and 38, signifying that the future of crypto gaming is secure.
Popular games that have integrated NFT and cryptocurrencies are the biggest drivers of digital assets’ uptake in the world. Up to 80 percent of people playing crypto-integrated games are open to owning crypto assets and other technologies closely tied to cryptocurrency via share purchase. Their drive to crypto and related stock ownership stems from the ability of the crypto in storage to give them an edge in their gaming adventures via avatar purchases.
Does Crypto Have A Future In Gaming?
The Asia-Pacific region dominates the number of crypto owners who hold it for gaming. In 2020, the region had over 50 percent of all crypto owners. Europe and the Middle East combined make up about 28 percent of people owning game-related crypto. North and Latin Americans have significant ownership of gaming crypto assets.
While the figures in some regions seem somewhat disappointing, the entire world has already embraced cryptocurrencies in gaming, and in the next decade, Bitcoin will dominate gaming platforms.
On the revenue front, the Asian-Pacific region also dominated, with about 49 percent of all crypto game-based revenues collected in 2020. The North American region came a close second, though trailing Europe and the Middle East in the number of crypto gamers. The revenues figures point out that crypto can provide a lot of money for developers focused on the area and investors funding the crypto gaming industry.
How Will Crypto Affect Gaming?
In the mainstream media, cryptocurrency stands out as a secondary investment that is highly volatile. Bitcoin peaked in 2021 to reach a summit of over $65000 per unit.
People who enjoy gaming and previously spent money on gaming gear will appreciate that their investment might shoot in value when the crypto markets are bullish.
While the allure of better returns for a unit of crypto exchanged on a gaming platform seems exciting. The chances of bearish market runs are also high; meaning some gaming platforms that are crypto-dependent might collapse. However, the resilience of the crypto market that has existed for over a decade makes the chances of crypto collapsing a small probability.
Bottom Line
The gaming industry as it is today has reached a plateau. While developers can come up with new twists to make exciting games, the whole technology seems to have reached a standpoint. However, with the entry of crypto, the whole industry can increase its potential on the revenue front.
