From Gaming To Business: Industries With Cryptocurrencies
Posted 7th December 2018 By: Derpina    137 Views
Esports News – Cryptocurrency is the leading technology charging the innovation and decentralization of competitive gaming and online betting. The virtual coins, especially Bitcoin, is now more than a medium of exchange. Gaming companies, developers, and other tech businesses now begin to adopt the global phenomenon to create more products with cutting-edge features.
Cryptocurrency in gaming
Many gaming brands and developers have joined the trend and started developing products incorporated with crypto. Atari Games, a French company responsible for defining the electronic entertainment industry from the 1970s to 1980s, is now on the move to develop a blockchain-based digital entertainment platform that will make use of the company’s Atari Token. The newly-developed currency might serve as a mode of payment for other online Atari Games.
Following Atari’s innovation is video game company Crytek, the developer of first-person shooter video game Crysis. The company is working on an in-game cryptocurrency ecosystem called Crycash where players can be rewarded with digital currencies for completing in-game tasks. If the ecosystem gained positive market reception, Crytek will soon integrate a new digital currency in its free-to-play military FPS game Warface.
From gaming developers and marketplaces, cryptocurrencies have also infiltrated a handful of gaming studios. Just recently, VR technology company High Fidelity introduced a new VR platform called Avatar Island. In here, players can buy skins or items for their avatars using cryptocurrencies. The in-game items are products contributed by independent digital artists all over the world.
Cryptocurrency in business
The properties of crypto go above and beyond the online world. Many private and physical businesses have also adopted the digital coin for different purposes.
E-commerce companies such as Newegg and Alza released a list of cryptocurrencies for payment options. Multinational technology company Microsoft adopted Bitcoin as a mode of payment in early 2014, pioneering the use of cryptocurrencies for physical transactions. Comparably, worldwide payment companies like Paypal and Shopify have also accepted cryptocurrencies as a way to link accounts and process payment transfers.
The influence of cryptocurrencies has also cross borders to start a new trend. In Ireland, a local traditional lottery called Lottoland Ireland launched the first-ever Bitcoin lottery. The gameplay resembles traditional lottos, but the winners are paid in crypto.
Ultimately, the advancements we see in the gaming industry could potentially see crypto in the world of esports. CSGO, Dota 2, LoL, and Overwatch tournaments can easily incorporate the technology by giving away prizes in crypto, making use of the blockchain, and more. There’s so much potential to the technology that it can simply bring convenience and further improve the realm of esports.