How is Crypto Disrupting the iGaming Industry?
At the end of the day, we live in a truly competitive gaming industry. It would also seem that the gaming industry is under a constant state of stress as well. It would not be hard to attribute this to the ever-changing tech landscape and this is especially the case when you look at how much competition there is out there. This is helping to pave the way for an unstructured industry that may well have been impacted strongly by AI, AR and even VR. With 70% of the people in the US playing video games, it is safe to say that the gaming industry has witnessed huge growth. According to statistics, the global gaming market stands at $140 billion, and this number is set to increase more by the year.
Personalised Gaming Experience
One way that crypto is changing the market is because it is providing people with a more personalised gaming experience. Gaming companies often store their assets on servers, and they are concerned about the risk of duplication as well. They have no control over the assets if they become restricted from trading, buying or even selling, beyond the current gaming ecosystem. Blockchain is great as it helps to bring back a sense of ownership and control. It puts the assets back into the hands of the player or the gamer, and this gives a sense of transparency. If you look at the gaming industry right now, you will see that a lot of online casino providers are now accepting crypto, which is connected to the blockchain. It is this movement which is helping to pave the way for the future for crypto.
Another huge benefit would be enhanced security. When you look at the blockchain and how it came to be part of the gaming industry you will soon see that it stops gaming assets from being traded illegally. It also helps with issues such as hacking or even stealing. This all becomes possible because of the blockchain ledgers. They are impenetrable and when you look at the immutable nature of blockchain, you will soon see that this makes the duplication of certain assets impossible. The gaming industry might have been thriving, but it has also been the victim of fraud. One out of every seven virtual items somehow succumb to fraud, and if the blockchain could somehow be incorporated well then this would eradicate issues like this once and for all.
Introducing the blockchain, and cryptocurrency to the gaming industry would also facilitate more secure and faster forms of payment. This is especially the case for gamers as it means that they can have their transactions handled without any kind of risk. The great thing about blockchain is that it helps to ease the job of any developers and it is them who may have been struggling to sell beyond the app store, due to high commission fees. Blockchain and crypto would eliminate hurdles like this, making the gaming industry fairer for all.