Cryptocurrency and Gaming: A New Horizon Unleashed
Cryptocurrency and gaming have collided in recent years. This fusion has ushered in a new era of innovations and opportunities. The merger of these two domains has unlocked doors for novel gaming experiences, groundbreaking play-to-earn-model, and decentralized economies. Given the promising returns, if you are a gamer, you can also earn a fortune if you play right
Due to the said integration, the size of the global block-chain gaming market is growing daily. Last year, it was valued at USD 4.83 billion in 2022.
This article will explore the new merger’s potential and impact on the gaming landscape.
1. Evolution in Gaming Landscape
The gaming industry has witnessed a striking change with the integration of cryptocurrencies and blockchain technology into gaming. Blockchain elements are being increasingly integrated into online gaming, allowing players to conduct trade and own assets.
The companies that offer Blockchain-based gaming such as Sky Mavis, Dapper Labs, Gala Games, Yuga Labs, and Decentraland, etc. offer transparent ownership to the players and ensure unique and authentic ownership of digital collectibles.
2. Play-based Earning:
The play-To-Earn model is one of the most disruptive features that sprouts as the result of cryptocurrency and gaming fusion. These games offer the players, an opportunity, to earn in-game tokens or cryptocurrency rewards for achieving certain milestones.
This paradigm shift has enabled the players to earn through their skills and make the best use of the virtual world. The increasing popularity of Play-To-Earn is attracting more population every day. The industry is expected to reach 8 billion dollars by the end of 2032.
3. Virtual Assets
The fused gaming and cryptocurrency industry uses blockchain-based virtual assets. The players are free to trade, use, or sold the said virtual assets in different games. The assets are worth real-world value and can be used for diversifying, investing, and earning income.
If you are a player and earn through games, you must report your virtual earnings in cryptocurrency in your tax return.
4. Gaming Coins: A Profitable investment
This cutting-edge merger has also gained investors’ attention. Many investors now look for different projects and gamble with their luck. This indicates that gaming coins, a product of cryptocurrency and gaming fusion, have serious potential.
If you are a gaming enthusiast and want to earn through your skills, you can invest in, or earn some renowned gaming coins. Fight Out, Tamadoge, Lucky Block, Axie Infinity, and Robot Era are some of the top trending gaming coins of 2023.
Challenges and Future Perspectives:
Despite the exciting opportunities the cryptocurrency and gaming fusion offers, the challenges that it inherits cannot be ignored. Some of the hurdles include high transaction fees, scalability, and environmental footprint.