What is Crypto gaming? Here’s why you should be paying attention...

crypto gaming
July 23, 2021
Chris Vermeulen

Cryptocurrency has exploded into global consciousness over the last decade with the emergence of Bitcoin and other decentralised tokens, such as Ethereum, Tether, Litecoin, and many more.

There have been many different industries that have benefited from the growth of crypto, with gaming the latest industry to experience a boom in crypto influence.

Cryptocurrencies allow users to buy, collect, and trade virtual assets, or NFTs, offering gamers a unique and safe way to turn their passion into money.

Some of the first crypto implementations in gaming included utilising crypto to purchase in-game items such as in-game currency, extra lives, custom characters, or skins.

However, a lot of the crypto gaming scene has shifted focus to the inclusion of NFTs, or Non-fungible Tokens, as purchasable in-game items that hold value beyond just in-game benefits.

What’s an NFT?

An NFT is essentially a digital asset, which users can keep as collector’s items to admire, or trade them as the value increases.

NFTs are often compared to traditional crypto tokens like Bitcoin or Ethereum but are different in that they are unique and can’t be exchanged like-for-like.

Why is crypto in gaming important?

NFTs have presented game developers with unique opportunities for monetisation outside of the typical game sale cycle and in-game microtransactions.

Developers can now create unique and collectible characters, skins, weapons, and items that can become extremely valuable and potentially income-earning for gamers.

This is a massive new avenue for developers as a 2018 study by Wax.com found that 75% of online gamers desire to trade their digital assets into a currency that is valuable outside of the gaming ecosystem.

This value perception also extends to players. By buying, trading, selling and placing wagers in-game using real cryptocurrency; players add liquidity to the game. This in turn builds a microeconomy that is alive and fluctuating under its own steam. In this way, players can now become real stakeholders in the game they play. 

Here at GameFi, we’re fully on board with this model and are working hard at bringing our vision to life in The Crypto Prophecies.

We want to give our players the best blockchain gaming experience. Our real-time prediction battle game uses NFTs for Characters and magical items, allowing our players to own unique and valuable NFTs.

We’ll soon be launching our Crypto Prophecies NFTs, and you do not want to miss out! To avoid disappointment, head over to https://www.thecryptoprophecies.com to learn more about the game and sign up to get an alert when the sale goes live!


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