We all know that cryptocurrency is at its cusp and there is no stopping the popularity of this new technology and the increasing lists of its applications across industries. Ever since its inception, crypto tech has been deemed to change the dynamics of banking and the global market.
One of the recent beneficiaries of this tech is the complex but sophisticated world of gambling. Today, over hundreds of casinos and sportsbooks are benefiting from cryptocurrencies and included them in their lists of banking options.
Betting and gaming go hand-in-hand, so it is no surprise that the world of online games has been conquered by blockchain technology too. There is no denying the rise of crypto gaming and its increasing popularity in the already established online gaming community.
What is crypto gaming?
Crypto gaming is no different from other forms of online games such as MOBA, baccarat, and RPGs but its structure and gameplay is so unique that it creates its own world separate from the rest of the gaming ecosystem. This form of gaming is obviously powered by blockchain technologies such as Bitcoin and Ethereum but it’s more than that.
In crypto games, players are given a chance to earn crypto coins by finishing some tasks or activities, unlocking certain levels, collecting items and buying a skin. Within the game, players are rewarded with a digital money which in turn they can exchange for cryptocurrencies or actual money.
Crypto games allow players to be compensated by spending time on the games which sometimes earn them a status within the community and in turn will generate a larger prize.
What are NFTs?
Non-fungible tokens or NFTs are digital assets that exist within the blockchain that are so unique that they can be owned by a certain individual. These tokens could be an in-game item, an image or anything that cannot be replicated and is encrypted with a meta-data that verifies ownership of that item on an individual.
In crypto games, players can collect coins, heroes and other items that are NFTs within the game in which they can own and only be verified by the person who owns it. This serves as a new in-game digital currency that separates crypto games from other online games that have their own digital currency.
How to get started?
Some crypto games are available in Android and Apple app stores and can be downloaded directly in the mobile device to be played. Meanwhile, for those who are only playable in the online casino platforms, players have to download a compatible dapp browser to access these games.
Also, you need to download a crypto wallet app where you can transfer your funds and start to play. You need to create an account to these crypto wallets and start to deposit funds.
What are the pros and cons of crypto gambling?
Years ago, many online casinos did not take cryptocurrencies seriously, but now, it was included in the payment options lists of most online casino platforms like 12Play.
Some of the advantages of cryptocurrencies in online gaming are fast financial transactions because a third party entity is not needed, secure gaming because transfering funds are done using encryption and are anonymous, and finally it elevates the gaming experience by having these benefits.
As for the disadvantages, crypto gaming is still a new market and a lot of people do not fully understand this technology hence it is not yet accepted by some. Also, because cryptocurrencies are decentralized, the market is highly volatile and the values could increase or decrease depending on the volume of people who are using these currencies.
Crypto gaming is still a fresh addition to the already established world of online games. Players may find it hard to digest this growing innovation but surely it will never stop dominating