Cryptocurrencies have become a global phenomenon in the past couple of years with a promise to overhaul numerous industries. One of those industries is online gaming where the adoption seems more immediate than in the others.
Just to give a context on how popular cryptos are with gamers, there’s a big crossover between the gaming audience and the cryptocurrency enthusiasts. An online study shows that 55% of millennial gamers own cryptocurrencies in some form when compared to just 5% of all millennials. This swollen-center Venn diagram has likely helped fuel the push for new ways of incorporating cryptocurrencies into video games. This keeps up with the course of the gaming industry being the first to adopt numerous technology trends, including crypto mining.
Cryptocurrencies could potentially solve a number of problems related to in-game transactions like eliminating fraudulent items, creating scarcity, and incentivizing more purchase by making items transferable across multiple games.
The role cryptocurrencies can play in online gaming
In online gaming, monetization strategies adopted are in the form of in-app purchases, in-app advertising, and affiliate or referral marketing. In-app purchases allow players to buy something directly in the game, such as coins, extra lives, and custom characters. These purchases can be done in cryptocurrencies. Many online games offer in-app advertising and reward their users for completing specific tasks like watching video ads and filling surveys to earn cryptocurrencies. Recently, Affiliate marketing has taken the gaming world by a storm where players have to click affiliate links and banners to refer a friend, earn rewards, and sign up for a free offer. The affiliate marketing incentivizing infrastructure can be powered by cryptocurrencies.
In the context of gaming, cryptocurrencies offer its users cross-border transactional abilities, instant transactions, possibilities of anonymity, and security. Additionally, rewards are often a pivotal tool to maximize user engagement. Gamers often have access to an archive of modifications, including outfits, weaponry, maps, and assistance. Users complete in-game tasks and receive fictional coins, which can be used to shop in the archive. Now, cryptocurrencies provide an avenue to substitute a game’s fictional coin with cryptos that hold monetary value.
Bitcoin Vault’s Reversible Transaction feature to help gaming transactions
Bitcoin Vault (BTCV) was launched in 2019 as an alpha chain. It is a cryptocurrency based on the SHA-256 algorithm and built with user security as a priority. Within a year of its release saw them releasing innovative features like enabling reversible transactions on their blockchain. In fact they were the first cryptocurrency to allow users to cancel transactions, owing to their proprietary feature that confirms payments within 144 blocks, allowing users a time of about 24 hours.
The reversible transaction feature of Bitcoin Vault (BTCV) could especially prove useful in implementing in-game assets. This feature protects the gaming community from losing their funds in common key thefts, user mistakes or errors, and bugs.
BTCV leading the charge to crypto adoption in gaming
To propel the convergence of the crypto and gaming industry BTCV has partnered with ESE Entertainment for the production of a series called Skillz Vault, which is based on a similar format to that of X-factor. The focus will be amateur gamers hailing from nationalities such as Chinese, Japanese, South Korean, Vietnamese, and Brazilian.
Bitcoin Vault is going to use this opportunity to demonstrate its technical capabilities to the gaming world and drive even more gamers towards cryptocurrencies. To support the gaming community, Bitcoin Vault in association with Skull Vault are raising a prize pool as a community driven effort. Supporters of the fans of gamers and the gaming community in general can donate to the pool to help increase the prize fund for the event. Additionally, BTCV is already providing services in which it’s users can send Gift Cards using Freewallet. Also, goods can be purchased through their integration of Exeno Store.
