Cryptocurrency is the Cat’s Whiskers for Gaming in Asia
Gaming is certainly nothing new, but they are certainly getting a better foothold now that the internet has made it so much easier. Most people have had some experience with online games such as World of Warcraft or Farmville, and developers make money from people paying for membership or buying virtual merchandise.
Crypto Gaming May Make a Killing in the Asian Market
Online gaming profits are not loose change, either. Game developers worldwide made around U.S. $13 billion in real money in 2018, and growth projections show it may reach U.S. $15 billion by 2022. However, that may actually become much bigger once Asia gets on board with crypto games.
Crypto games defined
Crypto games are no different from other types of online games, save for one thing: it uses cryptocurrencies. In order to play, you need some money in the form of a cryptocurrency, and for that, you need a cryptocurrency exchange platform to convert your cold cash into a digital coinage.
One type of crypto game that’s already making waves in the US is Cryptokitties, which is similar to the concept of Tamagotchi, where you collect and breed a virtual pet, except that you can trade these kittens. The game is built on a blockchain technology in the sense that it keeps track of ownership and protects your “genetically unique offspring.”
Other crypto games incorporate the blockchain technology during the gameplay. In Spells of Genesis, for example, the player needs to collect special cards to complete the game. In most cases, you need to buy these special cards, which is where the blockchain technology comes in.
It may sound like an unlikely way for cryptocurrency to get a foothold in the economy, but it’s already happening. Cryptokitties has expanded to Japan, Korea, and China, and its parent company, Axiom Zen has also developed Kittyverse, a crypto gaming investment fund for other developers to create their own crypto games based on the company’s digital platform.
Some crypto games are still in the development stage, so it may take a while before they get traction. However, there are quite a few others already making waves.
Cryptokitties is just the most popular in the crypto gaming world today. It will not be long before other companies will start taking it seriously and jump onboard the crypto wagon.