Every space on the internet is a corner of innovation and advancement. Over the last few years, cryptocurrencies have been on a steady rise, and every day they seem to become more and more of a reality. With the stabilization of bitcoin as one of the leading digital assets globally and the substantial rise of its prices annually, multiple opportunities have opened up for the crypto world. Can you imagine the possibility of playing online and being able to earn money while you do it? First of all, we must clarify the concepts.
How Crypto Gaming Started?
Cryptocurrencies first came into the world in 2009 when Satoshi Nakamoto, the anonymous creator of Bitcoin, mined the first block. There was little interest in cryptocurrencies at that time because they were not yet useful for anything. It was not until 2013 that Bitcoin began to be used for something other than speculation. That year, Laszlo Hanyecz offered to pay 10,000 Bitcoin for a pizza. This was the first time that Bitcoin had been used to buy something other than an investment. In the years since then, cryptocurrencies have become more and more popular. In 2021, the total market cap of all cryptocurrencies reached $2.6 trillion in circulation. This popularity has also led to a rise in cryptocurrency-based gaming.
Cryptocurrency-based gaming is any game that uses cryptocurrencies as its primary currency. These games can be anything from casino games to role-playing games. The popularity of cryptocurrency-based gaming has led to many new games and platforms that use cryptocurrencies as their primary currency. The start of cryptocurrency gaming can be traced back to the launch of CryptoKitties in late 2017.
CryptoKitties is a blockchain-based game that allows users to buy, sell, and trade digital cats. The game was launched on November 28, 2017, and within a week had become the most popular Ethereum application. Furthermore, in December 2017, the price of a single CryptoKitty peaked at $US115,000. This demonstrated the potential for gaming platforms to use cryptocurrencies as their primary currency.
In early 2018, two new cryptocurrency-based games were released: Gods Unchained and Steem Monsters. These games are based on the Ethereum blockchain and use Ether as their primary currency. Gods Unchained is a collectible card game where players battle each other to control the universe. Steem Monsters is a role-playing game in which players collect and train monsters to battle each other. These games demonstrate the potential for blockchain-based gaming platforms to use cryptocurrencies as their primary currency.
Today, there are many different cryptocurrency-based games available. Some of the most popular games include Gods Unchained, Steem Monsters, Ether Cartel, Ether Kingdoms, and Decentraland. More developers are working on new games every day. With social media marketing and interactive platforms like discords, TikTok, and twitch, the gaming industry is booming, with more and more people getting inclined to it. The sky is the limit for this industry, and it would not be surprising if, in a few years, cryptocurrencies are the standard currency for gaming. With the current market, it will be no surprise that crypto gaming will be one of the hottest gaming trends of our future.
What is Crypto Gaming?
Crypto Games are online games that allow players to use cryptocurrencies as a means of payment for the game’s services. This means that you can buy things in the game with your cryptocurrency and get digital assets within the game to advance yourself further.
Apart from this, crypto games come with an exciting twist: every time you play or spend money on something in one of these games, you receive Cryptocurrencies (or Cryptos) tokens. These cryptos are not exactly coins like Bitcoin, Litecoin, or Ethereum since they do not have their blockchain system. Instead, they are more like points convertible into real currency at any given moment, thanks to exchanges designed by specialist companies that handle cryptos specifically for this purpose.
How Does Crypto Gaming Work?
Crypto games work in a simple way. You create a character, a mine, or a farm within the game and buy things from other players for real money. When you have enough funds to play, you start different activities to grow your character and become stronger. All of this is done in a virtual world. In time, as your assets increase in number and value, if you wish so, you can sell them through the exchange companies mentioned above and get money back once converted into real currency.
Of course, there are plenty of different games out there that use these kinds of currencies. As we know, there are many crypto games around the world, each with different resources and ideas. Among the most popular in the market is Axie Infinity, which has been one of the games with the most remarkable expansion in the world, becoming a trend in many countries due to the great profitability it offers to its players.
According to various reports, some games can give more than 90% profitability rates in a given day. In other words, if you spent one dollar in the game, you could get at least ninety cents of real money in return. As we said above, this operation is made through exchange companies, and it’s done automatically, so players do not have to worry about anything when selling their assets.
What is the Future of Crypto Gaming?
The popularity of cryptocurrency gaming is sure to continue in the years to come. As cryptocurrencies become more popular, so too will the number of cryptocurrency-based games. These games offer a new and exciting way to use cryptocurrencies and blockchain technology. So far, they have demonstrated the potential for widespread adoption and have the potential to revolutionize the gaming industry. More investors are sure to take notice of these games in the coming years and invest in their development. The future of cryptocurrency-based gaming is bright, and gamers are sure to enjoy it. With NFTs based games hitting the market soon, the future looks even more exciting.