Discover the trend of crypto gaming and play-to-earn (P2E) models, where players can win cryptocurrencies or digital tokens by using their skills in virtual worlds.
In the world of online gaming, virtual currencies are nothing new. Since more than ten years ago, in-game currencies have been available thanks to the microtransactions business model. Players can use these coins to enhance their gaming profiles and avatars as well as their chances of winning. As Forbes.com highlighted, more players worldwide are immersing themselves in virtual worlds, thus crypto gaming isn’t surprising. They focused on “play to earn” (P2E), where gamers’ skills and excitement were used to win cryptocurrencies or digital tokens.
Forbes’ analysis of cryptocurrency gaming
Most intriguingly, American financial newspaper Forbes noted that by 2022, the market for gaming tokens would be worth more than $12.8 billion. The fact that some of those tokens might only be exchanged within specific gaming environments was a key limitation, too. However, some of them can be traded and gain real-world value when they are exchanged for Bitcoin and other digital currencies.
The most expensive gaming tokens
ApeCoin (APE) is a gaming token with a market capitalization value of over $2.23 billion. It is considered one of the most expensive gaming tokens available. The token is closely associated with the Bored Ape Yacht Club, a group of NFTs built on the Ethereum (ETH) network. Recently, many US game creators have started to incorporate ApeCoin into their games. This includes the creators of Benji Bananas, a popular smartphone game from 2013. By using ApeCoin, these game creators are able to enhance the gaming experience for their users.
Aside from the popularity of cryptocurrency gaming, the use of virtual currencies has spread quickly throughout the gaming industry. While the online gaming industry is likely the most responsive overall, eager to embrace the full range of crypto possibilities that are accessible, several of the major AAA game creators are actively working on models involving blockchain transactions.
One of the most well-known and well-liked cryptocurrencies, Bitcoin has gained widespread acceptance for use in payments at reputable online casinos, notably in the United States. Blockchain technology also provides an additional layer of security and safety, ensuring the safety and anonymity of deposits and withdrawals. Similar to bank transfers and other methods, internet gambling operators can receive and transmit payments considerably more quickly.
According to legaluspokersites.com’s latest in-depth reviews, Bitcoin and other virtual currencies have become the leading online poker deposit option. New and experienced poker players can gamble on their hands knowing their deposits and withdrawals are safe.
Given that US online and sports betting income is predicted to reach $5 billion in January 2023, cryptocurrencies will also make substantial strides into this sector of online gaming. Online gambling enterprises contributed 26% of gaming income in January, according to American Gaming.
Crypto transactions are growing faster than expected, regardless of our online gaming preferences. As cryptocurrencies become more popular, online gaming takes on a new viewpoint.