The relationship between video games and the crypto industry. The gaming industry is progressing very rapidly, and the connection with the encryption industry is getting closer. According to recent reports, leading video game publishers are starting to integrate blockchain and cryptocurrency components into their networks. These all provide a better experience for developers and users.
Some Interesting Gaming Industry
The US gaming industry created a record revenue of 43.4 billion US dollars in 2018. This is based on statistics released by the Entertainment Software Association. These figures include physical and digital sales, subscriptions, and in-game purchases. There are about 150 million gamers in the United States.
However, in terms of the number of players, China’s gaming industry is the largest in the world. The country has more than 600 million gamers. This is in line with China which has the largest population in the world.
The absolute number of video game fans is higher than the entire US population, which prompted the government to ban gaming consoles after concerns about the widespread negative physiological impact on the country’s young generation. In 2018, China’s industrial revenue exceeded US$19 billion.
Game, Encrypt Connection
There must be a connection between the game, and encryption. For example, it is said that Vitalik Buterin’s experience as a World of Warcraft gamer inspired him to create the Ethereum network.
It is said that the creators of the multiplayer role-playing game removed the component that young Buterin liked. Dissatisfied with this move, he decide to step back and embarked on a path that would allow him to create a decentralized framework to prevent the changes from implementing without consensus.
Currently, there are many game elements embed in the blockchain. Its immutable state prevents it from modifying.
Many Game Companies are Now Using Blockchain Platforms
The concept of virtual reality is drive the gaming industry, it is one of the things that attracts many people to play it. Because in the system, it has set to make the players addict. So it has striking similarities with the cryptocurrency industry that uses digital currencies. Therefore, gamers are generally more willing to use token currency (including cryptocurrency can use payment) to buy skins, mods, and other game upgrades.
Now, leading video game developers are working with blockchain-centric networks to expand operations and management components and enable encrypted transactions.
Game titles can now publish on multiple platforms. Developers using this service can also receive funds through Abyss tokens. Publishing games on the blockchain has many advantages. One of them is that transactions made on the blockchain are easy to verify. Content that is distribute across multiple platforms simultaneously is also easier to manage. Even if it’s only done by a few people in one team.
This app will obviously use to monetize in-game items and unlockable items. The integration of Ethereum smart contracts opens up a range of possibilities. For example, players can place bets on platforms that have real-world value and legitimacy. Players can also trade verified game assets on the blockchain.
Overlapping Market Demographic
Millennials were the first generation to play video games and grow up, and there are now tens of millions of gamers between the ages of 22 and 32 supporting the industry. According to current research statistics, the average age of gamers in the United States is 33 years.
Players in this group are also the largest consumers in the industry. On average, they spend about $112 per month. Statistics show that they are not only buying electronic games, consoles, and virtual items, but they are also big e-sports fans who love to watch game matches on websites like YouTube and Twitch. On average, millennials donate around $29 per month to game developers.
In other words, they also prefer cryptocurrencies to traditional stocks. According to a research survey conducted by eToro in April, 58% of millennials participated in the research. this shows that they are willing to invest in bitcoin.
With the increasing number of games that use payments in the form of cryptocurrencies. Over time it will invite other industries to jointly use cryptocurrency can use payment, the answer is just waiting for the time to come relationship between video games and crypto.