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In recent years, cryptocurrencies and blockchain technology payments have been making their way into several industries, and the two are now rapidly becoming more legitimate and mainstream than ever, disrupting existing systems that have been in place for longer than one can remember.
One of the major industries that experts feel will help accelerate the mass adoption of cryptocurrency worldwide more than any other is the gaming industry.
Much of this is thanks to the latest technological trends and innovations, such as the P2E (Play to Earn) model, which allows players to create, buy and sell a range of in-game digital items like NFTs.
Provably fair games also contribute towards mass adoption, which we will discuss further below.
Crypto has a unique ability to enhance the gaming experience and make it more immersive and engaging on an individual level, so let’s dive straight in to discover more about how the gaming industry can help improve mass crypto adoption.
How are NFTs, the P2E model, and gaming in general helping with the mass adoption of cryptocurrency on a global scale?
Gaming is already helping with the mass global adoption of cryptocurrency and blockchain technology. More than 3.2 billion people regularly game online in an industry that generates more than $200 billion annually.
Also, more gamers than ever purchase in-game digital assets, known as NFTs, that have a monetary value in the real world, and they can also earn cryptocurrency as they play.
Players can also create their own digital assets/items, which can now be sold to other players, meaning you have the chance to turn your gaming hobby into a source of revenue.
Being rewarded for playing has taken online gaming to a whole new level, and it’s all thanks to cryptocurrency and blockchain technology, as well as pioneering innovations like the P2E model.
Players today are rewarded by unlocking specific in-game achievements, completing tasks, and winning tournaments. These ideas alone are the biggest driving forces behind why the gaming sector has become the perfect breeding ground for the mass adoption of crypto on a global scale.
Incorporating blockchain technology, which facilitates crypto payments across decentralised networks that are not controlled by any centralised government authorities or banking institutions, means nobody can keep track of or interfere with your transactions.
It helps safeguard the very essence of online freedom and enhances privacy and anonymity. Many fully licensed and regulated iGaming sites have also started accepting cryptos as a viable payment solution.
For example, the 10bet global Casino and Sportsbook, which is licensed in the Isle of Man by the [IOM] Gambling Supervision Commission, allows fully registered members to deposit/withdraw using the following cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Tether (USDT)
Crypto payment acceptance by forward-thinking operators like this has opened up the world of iGaming to the masses.
Accepting cryptocurrency payments across more highly encrypted blockchain networks has essentially made regular online gaming and iGaming more accessible than ever.
Some of the hottest new crypto games, also known as provably fair games or crash games, found on today’s best crypto-accepting sites allow players to verify the outcomes themselves.
Enabling players to do this enhances transparency and fosters a sense of trust in the industry as a whole. Both the acceptance of crypto and provably fair games like this have made iGaming sites more accessible and far more appealing than ever before.
Blockchain payments and cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), DogeCoin (Doge), Tether (USDT), and Bitcoin Cash (BCH), to name a few, are more secure, lower costing, and far quicker than payments made online using traditional, centralised payment solutions, such as Visa, PayPal, Mastercard, Apple Pay, and direct/instant bank transfers.
People who would rather not use traditional payment methods to deposit, withdraw, or make in-game purchases can now use cryptocurrency. This rapid adoption in gaming will also help with crypto’s global adoption in many other sectors over the coming years.
The ever-changing landscape of the online gaming sector, coupled with the ability to buy, hold, and sell digital assets and earn lucrative monetary rewards as people play their favourite games, thanks to the P2E model, has changed how people interact with their favourite titles.
It’s shaping the future of what’s possible with cryptocurrency and reshaping the gaming industry in a previously unimaginable way.
Some of the main benefits of cryptocurrency and blockchain technology being mass-adopted are the following:
- A decentralised payment system means total anonymity, increased privacy and the safeguarding of online freedom
- Lower fees/costs attached to crypto transactions
- Crypto/blockchain technology processes faster and more secure transactions
- These two technologies make certain products, services, and content more accessible than ever to broader audiences
- Playing crypto games allows you to earn as you play. Players can also create, buy, and sell digital assets, potentially turning gaming into a form of employment
- In provably fair games, players can independently verify the outcomes themselves
- On crypto-accepting iGaming sites, deposit and withdrawal limits are often much higher than on non-crypto-accepting sites
Final note
When using crypto online for payments, users don’t need to enter any credit card, debit card or any other banking information.
They also don’t need to provide any other PII (personally identifiable information) or sensitive data, which is why so many people are moving away from fiat currency (like US Dollars, Pound Sterling, and Euros) and traditional online payment methods and switching to the more secure cryptocurrency payment option.
Cryptocurrency and blockchain are bringing new opportunities to the masses, and experts predict that both the gaming and iGaming industries will help propel the two technologies into the mainstream. They also firmly believe that it’s only a matter of time before mass adoption of the two takes hold across the world, not just in gaming.
Image: Pixabay
