Crypto Space
IS CRYPTOCURRENCY THE FUTURE OF ONLINE GAMING?
In this piece, we look into how well gaming and cryptocurrencies have
worked together and how this collaboration has positively impacted
consumers. This partnership also showcases how easily gaming and
esports have made cryptocurrency and blockchain technology accessible
to the masses.
There is also a look into NFTs (non-fungible tokens) and the value
they hold in this relationship between esports/gaming and
cryptocurrency usage by consumers.
Although the world is still coming to terms with the growth of
cryptocurrencies and how this digital innovation will impact
consumerism and change the way people interact with money, it is
already widely used by gamers. The fact that the esports industry
has embraced cryptocurrencies and blockchain since more people will
interact with digital currencies if they are accessible on multiple
platforms for payments of goods and services is especially
attractive to investors.
Both industries are globally recognised, and both have two things in
common. Firstly, companies within the technology sector consider both
esports and cryptocurrencies as profitable investment opportunities
for growth and potential growth. The second reason both are so well
recognised is that, after initial scepticism, backlash and disbelief
that by 2021 people would be earning millions of dollars for playing
games, both these industries are now associated with cutting edge
technology with tremendous growth potential.
In the gaming industry, we have started to see the term NFT linked to the cryptocurrency and blockchain frenzy. NFTs are digital assets that can represent items, such as videos, photos, audio and other digital files, allowing blockchain experts to give a specific digital asset unique attributes and traits. The NFT is stored on a blockchain, which ensures that it can be tracked to its owner and the legal possessor with proof of ownership of the NFT.
The introduction of NFTs in the gaming industry has been well received and is an exciting concept that allows the NFTs owner to monetise it or use it on gaming platforms.
A famous YouTuber, Felix Kjellberg aka PewDiePie, is one of the gaming industry's most prominent investors in NFTs. PewDiePie is a supporter of Indie Games and became recognisable for recordings of himself and others playing video games. He currently has 110-million subscribers on his own YouTube channel and made the “Times 100 Most Influential People” list in 2016.
Kjellberg has been influential in the growth of NFTs in gaming by lending his support and fanbase to the blockchain-based game Wallem. This game uses cryptocurrency and blockchain technology in-game, and Kjellberg has his NFT representing one of his skins that can be purchased in the Wallem virtual world.
With gaming being one of the industries that have shown exponential growth during the pandemic, vast opportunities exist for investors and gaming companies.
Very insightful 👏 thanks for sharing
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