One can hardly think of the future where video games are no longer popular. It is also quite hard to imagine the world without digital currency. Cryptocurrencies have quickly become part of our everyday life and as many predict we might see digital coins as the main tool for purchasing everyday goods. Both, video games and cryptocurrency industries are two of the fastest growing industries today.
Crypto and video games will soon be tied to each other
Esports, which is a competition between video games players has grown drastically in recent years. The number of people attending to the eSports events and watching live streams is increasing annually. It is estimated that the number of people watching eSports tournaments will increase to more than 420 million by this year. It is quite a lucrative industry as well as the revenue is also increasing.
On the other hand, cryptocurrencies do not lose its relevance even in the bearish market. New coins are created and getting popular almost on a daily basis. Especially now, when the crypto winter seems to be over it looks like eSports and generally, video games are the best pair for cryptocurrencies.
The future where the crypto and video games will be tied is almost unavoidable. The most popular video games have already started implementing cryptocurrencies and others should follow. The link between video games and cryptocurrencies is so strong that their coexistence and development side by side looks very natural. But how can video games include cryptocurrencies? The answer is very easy.
Why is crypto important in the video game industry
It is important for video game developers to successfully monetize their games. It is only possible if the game will be popular and there will be a huge community formed around it. This way, one can be sure that the game will stay relevant for a long time and there will be an increased number of players.
Many use referral systems to attract new players. It’s a very simple process, gamers love to stick with each other and share the playing experiences, especially if it is a video game they have been enjoying for a while. Video game developers also try to increase the number of people who watch live streams. As it is later translated into more popularity and increased revenue.
However, they must ensure that the games are receiving something in exchange for their dedication to the game. Previously the main awards were in-game bonuses, early passes for DLC, and costumes for their characters.
Very rarely did these companies give away gifts that would cause pay to win ecosystem. Introducing crypto can change it easily and create a better rewarding system that will engage more gamers.
The process has already started
At the beginning of this year, a popular video game League of Legends introduced a new rewarding system to more than 65 million monthly players. The game will reward players with cryptocurrency - refereum.
Every single player now has the opportunity to earn cryptocurrencies, as long as they bring in more players to the game. In the past it was all about in-game currency, which could later be used to purchase cosmetics.
The players will also be rewarded for streaming, watching games and sharing. The players willing to receive the cryptocurrency of the League of Legends will be rewarded with $RFR at the end of each season. Most importantly, the cryptocurrency is not just for the in-game use but can be exchanged with other cryptos that are available today and converted into the US dollar.
Observing the popularity of $RFR it is expected that more game development companies will introduce their own digital currencies. This can encourage the new wave of players to be engaged in a game more actively and popularize it like never.