In the online gaming industry, virtual currencies have been a staple aspect that allowed gamers to achieve major upgrades and access perks. For over a decade, the so-called microtransaction mechanism has rolled out the concept of in-game currencies. Players can then use these currencies to increase their chances of winning.
Based on these factors, it shouldn’t come as a surprise that cryptocurrency is allowing for integrated gaming options. It allows players to completely immerse themselves in an online world.
The Play To Earn Model and Latest Developments
One of the most popular models implemented in modern gaming frameworks is the play to earn model. According to this, gamers would get rewards in the form of digital tokens or cryptocurrencies. This gives them the opportunity to earn a profit from their gaming skill and passion.
According to Forbes, the worldwide market for gaming token was worth over $12.8 billion just before the end of 2022. The only downside is that some of those tokens could only be used within a specific gaming ecosystem. Even so, some remain that they can trade in return for real-world value by converting them to Bitcoin or other digital currencies.
The Most Highly Valued Gaming Tokens
If we look at the market for gaming tokens, the one with the highest value is ApeCoin. This token has achieved a market cap of about $2.23 billion. It also has strong ties to the popular NFT collection, Bored Ape Yacht Club, which is based on the Ethereum blockchain.
A large number of game developers in the US are integrating ApeCoin in their latest games. This also includes the developer behind the 2013 mobile game, Benji Bananas.
While crypto gaming has rose to prominence in the last couple of years, the integration of virtual currencies has become equally common. Most of the big names in the game development sector are consistently building models that use blockchain transactions. Needless to say, the online gaming sector is most responsive to these developments and is focused on adopting these new possibilities.
Bitcoin Becomes Common In Online Gaming Transactions
As the flagship cryptocurrency of the DeFi sphere, Bitcoin is the digital currency of choice for transactions on online casinos. This particularly applies to the United States, and thanks to the integration of blockchain technology, transactions are more secure. As a result, users feel at ease while making deposits and withdrawals.
This way, online game operators can send and receive payments at a much faster rate than traditional methods like bank transfers. Regardless of whether you’re open to crypto investments, it’s clear that gaming will include more elements of virtual currencies and blockchain technology. This is sure to help deliver a better gaming experience to users.