How Cryptocurrencies are changing the Video Game Industry

According to Triple A's figures, one in 3 people currently make up the gamer community and within the millennial generation around 5% have cryptocurrencies, with the figure for millennials who are fond of video games being 55%.

Likewise, with regard to the relationship between cryptocurrencies and the video game industry, it is possible to highlight all kinds of changes. Some, such as sports betting with Bitcoin, have surprised everyone involved in this industry and have led to the creation of leading platforms in this field.

On the other hand, there are also other more practical uses, such as paying for games via Bitcoin. This allows users to make purchases directly from the game, without having to go through an external platform such as an online shop or bank.

Below we will look at some of the most significant changes brought about by the integration of cryptocurrencies in the field of video games.

There is an interest in transacting in cryptocurrencies in the metaverse

The press release from cryptocurrency platform Bitso states that around 34% of gamers are interested in transacting using cryptocurrencies in the metaverse, and a survey conducted by Globant in conjunction with YouGov highlights the growing desire to integrate cryptocurrencies into virtual gaming environments.

Emerging virtual economies

Video games are currently driving the emergence of novel virtual economies, facilitating the acquisition of tokens or cryptocurrencies, as Bitso states.

All the developments on the web hold the promise of many more possibilities to allow fans of the gaming industry 's entertainment options to earn cryptocurrencies while playing; either by experimenting with trial versions or even contributing to the development of games.

Vitalik Buterin's role

Vitalik Buterin, who is the founder of Ethereum, created this platform inspired by his time playing video games as a teenager.

For this, he had a vision of a platform that is decentralised and also based on open source, in view of the fact that he noticed that in an update of his favourite game, the magical powers that a character had were removed.

Digital collectibles with value

In addition to collectible character cards or figurines, there are video games that release exclusive or limited editions of virtual avatars.

These avatars can be sold and thanks to NFT (non-fungible token) technology, their price can be set in cryptocurrencies, so that a constantly growing market is boosted and contributes to the expansion of the video game market.

Move-to-Earn (M2E)

There are Move-to-Earn (M2E) games that allow players the chance to earn cryptocurrencies while doing various activities, such as exercising, walking or getting a good night's sleep.

This has allowed the reach of cryptocurrencies to expand to a larger number of users over time, in turn helping the growth of video games.

When using the play-to-earn mechanic in the Axie Infinity game, the AXS cryptocurrency is an incentive. In this regard, players have the possibility to participate in battles, raise Axies and do various in-game activities and then proceed to exchange their earnings for other cryptocurrencies.

According to Bitso, the increasing frequency of these intersections between the gaming industry and cryptocurrencies is opening the way for innovative technological and financial solutions to be made available.

Thanks to the decentralisation of crypto technology, the gaming industry's audience is discovering new avenues to derive tangible benefits from their favourite pastime.

"In line with our mission to make cryptocurrencies useful, at Bitso we believe that entertainment is a fundamental part of people's lives," said Bitso crypto analyst Daniel Gonzalez, also pointing to the fact that: "Thanks to the decentralisation that crypto technology allows, it is possible to provide new opportunities for the gamer audience, who can obtain tangible benefits from their hobby".

Thus, the ever-evolving relationship between the gaming industry and cryptocurrencies promises to continue to offer new perspectives and opportunities for enthusiasts of all generations and backgrounds.