Cryptocurrency is as diverse in its use cases as it is dynamic. From being an investment tool to being a currency, there is so much that can be done with them. This is why we see cryptocurrencies being applied in all sorts of industries, from finance to entertainment. One sector that cryptocurrency has had a complicated relationship with has been the gaming sector.
Despite its ups and downs, many are still confident that cryptocurrency can become mainstream and a mainstay within the gaming world. But can this be achieved? And how?
The Right Niche
For cryptocurrency to go mainstream in gaming, it would need to be marketed towards the appropriate niche. There are certain types of games where digital currencies are more appropriate than others.
Take betting and gambling games, where cryptos seem to be thriving. Their virtual nature and instant to near-instant withdrawal speeds are contributing significantly to their popularity in the sector (source: https://www.bitcoincasinos.com/ca/). Online video games are also benefitting a lot from cryptocurrency; it can help to increase revenue for these operators by providing a new way to monetize in-game items.
Crypto going mainstream in gaming would be faster if game types that benefit from digital currencies are targeted first and foremost.
The Right Benefits
Besides targeting the right game niches, crypto also has a better chance of going mainstream in the gaming world if the right benefits are pushed. A lot of the criticisms that crypto-focused gaming projects have gotten is that they don’t offer enough tangible benefits. In reality, cryptocurrency has a lot to offer gamers. From the chance to earn spendable currency to the ability to track ownership of in-game assets, crypto can transform gaming.
As more crypto projects make their way into gaming, it would be beneficial for certain tangible benefits to be pushed to the forefront. If their teams do not rely on the novelty of cryptocurrency and emphasise their benefits instead, more adoption can be secured.
Because cryptocurrency is so novel, a big part of its going mainstream will involve removing any barriers to entry for gamers. The average gamer probably doesn’t own a crypto wallet or know how to navigate a crypto exchange. As such, it is important that they are able to access and use crypto easily.
This includes having built-in wallets on the platforms they already use, being able to buy cryptos easily, and being able to use their tokens within gaming universes without too much hassle.
As much as cryptocurrency is a currency and can be used for other things, many people still associate it with being a speculative asset. This might make it attractive for traders but not so much for gamers. This is why, as cryptocurrency is trying to become mainstream in the gaming world, it should be emphasised in a non-speculative way.
This might be via the launch of stablecoins, pricing mechanisms to ensure price stability, and so on. Essentially, gamers need to be convinced that they can reap the benefits of cryptocurrency in their universes without worrying about price volatility or having to learn how to trade.
The Last Word:
Cryptocurrency can have a very successful future in the gaming sector but for that to happen, a few things would need to be put in place. To a degree, cryptocurrency would have to shed its image as a speculative asset and instead, communicate to the gaming community the benefits that it can offer them, and make itself more accessible as a whole.
If all these can be done, cryptocurrency could earn the trust of the gaming community and finally go mainstream within it.