Blockchain Cryptos being used by on-line game industry

The size of the on-line gaming market is huge according to Newzoo – 2.6+ billion gamers globally and revenues for 2019 are expected to reached over $159.3 billion with 48% of this income being  generated by the Asia Pacific (APAC)m region. Growth in APAC is being driven by demand from 1.3 billion gamers and China in particular which had $36 billion alone in terms of turnover compared to the $35 billion in the USA.

Because of  Covid-19 and people being locked in their homes unable to work, we have seen a significant  rise in gaming, and it is expected that just mobile games will generate revenues of $77.2 billion in 2020, growing +13.3% year on year.

Blockchain and Cryptocurrencies are being used to streamline payments, proving the  ownership or virtual assets for players, enabling a record and audit trail of these virtual assets as they are traded and cross-game compatibility.

Players can earn, buy and spend tokens that from on-line games using Blockchain technology which creates a cryptographic accounting system for game tokens and game assets that can be exchanged outside of individual games

Interestingly due to high gas prices since late April – all games running on the Ethereum Blockchain saw their daily activity collapse. Worst hit was My Crypto Heroes, which experienced a  33% decline. According to Coinswitch, the most popular cryptocurrencies for online gaming in 2020 are the following: FunFair, Enjin, RevolutionVR, GameCredits, Decentraland each having thousands of gamers playing, completing tasks and accumulating virtual assets.

Tokens are used to reward gamers that complete a specific task, rewarded to watch adverts, given to complete surveys, as a payment for affiliate marketing. Removing the need for cash transactions and bank accounts and all contained in a digital ecosystem.

On-line gaming is a huge and growing global market, as we can see from the above Blockchain technology and Digital Assets are increasingly being used in this sector

#Blockchain #gamers #videogames #virtualworlds #tokens #ethereum#transparency#decentraland#Ejin#Funfair#Cryptos

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