Gaming Is Going To Fuel Cryptocurrency Adoption
Cryptocurrency is slow to be adopted by the masses. Many are questioning what is going to lead the charge into the mainstream.
The gaming industry, in the United States, has more revenues than the NFL. It is more than $20 billion annually and growing. It is also facing a great deal of change from cryptocurrency.
Specifically, gaming is going to see a major shift due to the introduction of Non-Fungible Tokens (NFTs). These tokens are unique meaning that one is not like any other. Something is fungible if they are all the same i.e. a US Dollar; one is the same as another.
NFTs open up the door for creativity in the gaming realm. Developers can create rewards for specific accomplishments . This takes place already to a degree but it is only going to start an explosion. Gamers are going to start demanding more since NFTs can be received and sold on a public market. Right now, when unique payouts take place, there is little that can be done with it especially outside the game. Users spend a lot of money to enhance their positions in a game only to lose it when they go elsewhere.
With NFTs and tokenization, this is not the case. Once the asset is owned by an individual, it does not go away. In addition to being able to move it on an open exchange, I would not be surprised if blockchain gaming DApps start writing the NFTs from other games into theirs. After all, what better way to increase the number of players than by accepting their assets from another game.
This, of course, could help to push up the value of these NFTs since they will be more in demand.
Another factor in all of this is we find gamers to be a bit more technologically advanced than society in general. With millions of users who understand technology and computing, it is a prime market that is ripe to access cryptocurrency.
Gaming can be addictive. The industry is slated to grow to $180 billion by 2021 according to some estimates. This means that blockchain gaming could find an enormous market in a short period of time.
There are already a number of games that are getting some attention. In addition to Splinterlands on Steem, we also see Gods Unchained on Ethereum.
I believe this is only the start of what is going to be taking place. CryptoKitties gave a glimpse into some of what is possible. NFTs are going to make the Cabbage Patch Kids explosion look like a minor blip in history.
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