Crypto games are becoming widely popular among game lovers and gaining a lot of attention from gamers of all ages and groups. These are video games that use new innovative methods to leverage cryptocurrency to purchase and trade in-game products, unlock characters, buy cosmetics, upgrade levels, and much more. In the past few years, video games have evolved a lot and the industry is expected to grow rapidly as the global market that was valued at USD 173.70 billion in 2020 is projected to hit the mark of USD 314.40 billion by 2026 with a CAGR of 9.64 percent between 2021 and 2026.
While several economies experienced a huge blow as a direct consequence of the Covid-19 pandemic, the growth of the online gaming industry has skyrocketed at an unexpected rate. In the last couple of years, with nations imposing lockdown and restricting movements in public areas, people naturally resorted to being entertained by playing online video games. As a result, several big game producers experienced huge growth in their revenues and the number of active users. The unexpected, sudden surge in the number of active users has also reflected in terms of increased in-game purchases and investments using cryptos.
The gaming cryptocurrency is highly desirable among gamers because it allows players to collect and trade virtual assets that they can exchange and trade anywhere in the world without any restrictions. Besides, cryptocurrencies also offer a secure and simple way for the gaming industry to make money.
So, where can one get cryptocurrency for gaming? How does crypto gaming work?
It is a well-known fact that anyone can easily buy and sell cryptos through digital wallets through crypto exchanges. The thing that you need to understand is how cryptocurrencies work in the world of online gaming.
Various monetization tactics such as affiliate marketing, in-app purchases, and in-app advertising are common in the traditional online gaming industry. Modern gamers are well-familiar with the in-game coins such as the coins that they can have when playing Monopoly or CandyCrush. But, for a long time, these coins did not have any real value beyond the scope of the game, which seems terrible, when you are paying real money or giving your so much time for it.
This is where crypto gaming comes into play. It allows games to add value to the purchases they make. Store tokens like in-game products are typically stored on a distributed ledger called blockchain over a crypto network in crypto games. This blockchain allows the trading of game products for cryptocurrency, which can be eventually transferred for real money.
In short, players can easily carry out in-app purchases using cryptocurrency or buy the cryptocurrency itself. In traditional online gaming, assets are typically bought from a central developer-owned store. Meaning, traditional online gaming makes only developers rich and not the players who play them.
However, crypto games have changed this trend as they also make the players rich because their digital assets are globally distributed and not limited to gaming purposes only. This is what makes gaming cryptocurrency the best cryptocurrency to invest in the market.
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