Only a few people have suspected that the invention of the first cryptocurrency, Bitcoin, would be humanity’s quantum leap in the field of business and commerce. Nevertheless, the Bitcoin evolution took the world by storm and opened several avenues for trade.
The same can be said to online gaming – most people squinted at the apparent lackadaisical nature of playing video games, yet here we are – producing more and more gaming content for global consumption with a touch of the latest technology.
The fast-paced momentum of online gaming’s popularity and cryptocurrency’s upward trend makes the two a formidable tandem. It is safe to assume that cryptocurrency might be the future of online gaming. Players and developers across the globe have already integrated cryptocurrency into their platform, and it will be no time for others to do the same. So, in this article, we will talk about some of the best cryptocurrencies pulling strings in the gaming world.
GameCredits might as well be the father of online game cryptocurrency. Launched in 2014, this digital currency aimed to revolutionized how in-game purchases are made in the gaming market. With GameCredits, gamers can consider in-game items as blockchain items that they can own and sell. Since the creators of GameCredits are gamers themselves, the platform promises a smooth, hassle-free transaction while providing an excellent user-friendly gaming experience.
MobileGo (MGO) is a gaming token that works using Ethereum – a credible and respected blockchain network in the market today. MGO opens several gaming possibilities in the esports arena. For instance, players can purchase the token on premiere currency exchanges and make in-game purchases since it is compatible with tons of reliable crypto wallets. Using MGO currency, players can buy in-game content and avail upgrades and premium versions of the software. Over 500 games support this cryptocurrency, including Call of Duty: Black Ops II, Call of Duty: Modern Warfare 3 Uncut, Transformers Fall of Cybertron, World of Warcraft II, and many others.
YouTube’s Co-Founder, Steve Chen, refers to the Theta project as the “next evolution of the streaming space.” Currently the only end-to-end platform for decentralized video streaming and delivery, Theta aims to resolve the high costs of video delivery and quality in all parts of the world. Within the Theta software, users from across the globe relay videos by offering their extra bandwidth, and in so doing, they are rewarded with digital currency.
Enjin’s main idea is to use blockchain technology to eliminate the outrageously high fees and scams that have become rampant in virtual in-game items and collectibles exchange. Using the Enjin software, developers can create and manage virtual goods over the Ethereum blockchain. Since Ethereum is a trusted and reliable blockchain that has built its reputation for years, gamers and developers can be confident of their virtual assets’ security, speed, and cost-efficiency.
Another exciting cryptocurrency in the gaming industry is Decentraland. Based on Ethereum blockchain technology, the platform allows users to purchase and acquire virtual land within Decentraland’s virtual realm. Players can then take ownership and control over said land – exercising complete creative freedom to the virtual environment they own. To purchase the parcels known as LAND (virtual land), players need to use MANA, an ERC20 token.
Cryptocurrencies are to overthrow the current in-game economy; there is no doubt about that. Several cryptocurrencies are still in the works, all aiming to take over the market of the gaming industry. With the continuous booming of virtual currency, alongside the immense popularity of online gaming, the future of the two industries is as clear as day. Security and safety may also be just a problem of the past in the years to come – as technology develops ways to keep the virtual infrastructure foolproof.