Could Cryptocurrencies Play a Big Role in Online Gaming Going Forward?
Online gaming has come a long way since its introduction in the 1970s. It may seem strange to think of online gaming in the 70s but thanks to the PLATO time-sharing system, multiplayer games were created and users could be in several different locations. It is fair to say this does not match online gaming as we know it today but it was the beginning of online games. Things have changed dramatically since the 70s and one of the latest changes is the introduction of cryptocurrencies into some online games. Could cryptocurrencies play a crucial role in the future of online gaming?
Current Uses of Cryptocurrency in Online Games
Crypto based gaming is already here and there are online games that have been built specifically for use with crypto. When playing crypto games, players can earn non-fungible tokens (NFTs) or cryptocurrency by simply playing the game. Winning an online game can also lead to prizes based on digital assets, such as cryptocurrency. Bitcoin slots online are a good example and it is possible to play the online slots using cryptocurrency and win cryptocurrency that can be transferred to a crypto wallet. Some online games are in the metaverse, meaning they are virtual worlds where players can buy and sell digital real estate, goods, services, and play games. These worlds are run on the blockchain and use crypto coins or gaming tokens.
Crypto in Regular Online Gaming
So far, we have seen how crypto is being used in virtual worlds and when playing at online casinos. However, crypto is not so prominent in other types of online gaming, such as sports, first person shooters, or massively multiplayer online games. Taking a sports game as an example, the most popular sports simulation games allow users to buy players using a virtual currency and create a team. The virtual currency can be won when playing games against other users and by selling players in the marketplace. However, the virtual currency holds no real world value. If cryptocurrency were introduced in place of the current virtual currencies used in online sports games, it would completely change the game. Each game played against an opponent would have direct financial consequences and any currency used to purchase packs or loot boxes, would have a real world value. It is worth noting that points can already be purchased and used to open packs and loot boxes on many online games but it is still not the same as directly using the currency, as would be the case with crypto.
Buying Online Games
Many games are released online without a physical copy available in stores and we are going to see more games released online only in the near future. Currently, it is not possible to buy online games using cryptocurrency but that could change when all games are available to buy online, with no physical copies available. The whole gaming experience would switch to being online, with no physical element available at all, much like cryptocurrencies, which have no physical presence. With that in mind, cryptocurrencies look set to have an important role to play in the future of online gaming.
