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The gambling industry has expanded over the last decades. The industry attracts gamers, developers, and operators. Games were very helpful during the Covid19 time, and their popularity has continued to increase after the pandemic. Recently, we’ve witnessed a new trend called crypto gaming.
While crypto games are relatively new, they had an estimated market size of $3.3 billion in 2020, and the figure is expected to hit $9.3 billion by 2027. The crypto market is highly volatile, but this has not stopped it from increasing in popularity.
Unlike standard games, a crypto game is built on a blockchain with exclusive features like NFTs or tokens. Having knowledge about cryptocurrencies and owning some coins is basic to playing crypto games. The unique thing about these games is that they allow players to buy assets and sell them to earn cryptocurrency.
But before we dive deeper, we need to understand crypto gaming and how to bet on them. Read on to find out more.
The Birth of Crypto Games
The first crypto game was called CryptoKitties, launched by Axiom Zen in 2017. This game allowed players to purchase non-fungible tokens or NFTs in the form of virtual pets using Ethereum. CryptoKitties allowed players to breed and collect cats before selling them for a profit. This game was followed by Axie Infinity which was released in 2018.
Axie Infinity is a “play to earn” game, a very common concept in modern crypto-based games. The idea is to buy NFTs and earn a commission when the player trades them.
What is Crypto Gaming?
Before we define crypto gaming, it is essential to understand the basics. These games originate from cryptocurrency, which is a digital currency that was invented in 2009. Unlike their FIAT counterparts, cryptocurrencies use cryptography to deliver unmatched safety and verification of transactions.
All transaction records are kept in digital ledgers that use advanced encryption technology. The cryptocurrency you purchase is stored in crypto or blockchain wallets which are linked to crypto games. The most popular wallets are Coinbase, MetaMask, Exodus, and Guarda.
We cannot define crypto games without mentioning NFTs, which are digital assets in the form of images, GIFs, memes, or videos. The asset is stored in blockchain with proof of ownership.
Many platforms now allow players to use cryptocurrency to play real money games. The number of crypto-based online casinos is increasing, with brands like Sportsbet.io, 22Bet, Empire IO, and Bitcasino IO leading the industry. Are crypto online casinos legal? Definitely, these casinos are completely legal and offer regulated games and services.
How Do Crypto Games Work?
As mentioned earlier, crypto games are based on blockchain technology, which makes them impossible to hack. While these games are similar to regular brands, players need to purchase assets in crypto games. Players must connect their crypto wallets to the game, which lets them create NFTs, and upgrade them before selling them to earn a commission. The idea of crypto gaming is the same regardless of the online casino site you join.
Is Crypto Gaming Gambling?
Whereas many people argue that crypto gaming is the same as gambling, the two concepts are different. With crypto gaming, players are required to purchase their way into the game and can only make a profit when they sell assets. However, with the emergence of crypto casinos, players can now wager on their favourite games.
Who Plays Crypto Games?
Crypto games attract many people looking for a new gaming adventure. Statistics indicate that millennials form the highest number of crypto game players. But the games attract players of all age groups. Of course, these games are also loved by people looking to learn and explore more about cryptocurrencies and NFTs.
Advantages of Crypto Gaming
Crypto gaming is increasingly becoming popular, thanks to the numerous benefits they offer. We’ve listed some of the advantages below:
- Safe and speedy transactions.
- Deliver immersive experience
- Exclusive reward systems
- A secure environment for players
- Offer a play and earn the opportunity
The Future of Crypto Gambling
It seems like the future of crypto gaming is now. The industry has shown the potential to compete with the traditional gaming platforms. We’ve already witnessed Web 3 gaming systems with games based on the decentralized blockchain. Web 3 is the future of the online gaming ecosystem as it takes the industry to a whole new level. But there are no limits to crypto. It is already being used in esports gaming and betting. We have to see it adopted in other gaming platforms.