The cryptocurrency and gaming audiences are extremely similar as they seem to be thinking about innovative ways to use bitcoin in games. However, based on the alt coin market news, some game producers are losing money when gamers sell their unique skins or goods on the grey market.
To solve this issue, game creators and cryptocurrency architects are exploring creating in-game currency (VC). In this scenario, you’re referring to your digital assets. Consider it the marketplace’s Steam. You own a game once you’ve paid for it. Using Coins, you’d pay for an item and possess it. It might sell. You decide. You might even retain it as a memento.
Games situated in the same universe may allow commodities to be exchanged. Weapons are transferable between games. It’s like a cross-over from another game, like Mass Effect, where your character may be carried across. It would be a fresh game, not part of a franchise.
Enjin Coin is a new technique to tokenize in-game purchases. This demonstrates the previously proposed cross-game item interoperability. As an example, a developer creates two MMORPGs, one set in a futuristic sci-fi world and the other in a fantasy one.
Each game stands alone. However, developers may build composite items that players must craft with both games’ resources. Using dragon blood, a mythril shard, a nova battery, and a tractor beam lens, a magical-scientific weapon may be made. Your new weapon is usable in both. Maybe in other games by the same studio.
So you’d have it. As a gamer, you can use it. You can keep it in your “wallet” to remember your best gaming memories, or sell it to other players who haven’t yet cleared the hurdle.
Another alternative is to start on a starship and finish up as a dragon slayer. New ideas keep flowing in as developers and cryptocurrency inventors continue to push the frontiers of cryptocurrency and blockchain. Let’s look at four of the most popular gaming-related cryptocurrencies. Our first stop is Enjin Coin.
The Enjin Coin
Enjin Coin is a new major cryptocurrency. Enjin claims to have 19 million users and over 250,000 gaming communities. Enjin coin is supplied by Enjin, which boasts 60 million monthly views worldwide. Enjin coin has teamed up with NRG eSports to promote blockchain and cryptocurrency in gaming. Moreover, “The alliance is using ENJ coin technology to thank its supporters.
To use these NRG tokens, you must win prizes in raffles. The coin uses the ERC-20 platform. It’s not a cryptocurrency just because it uses the Ethereum blockchain. To use the Ethereum Blockchain, you must follow the ERC-20 Framework. Both developers and players can use Enjin Coin in many ways. Developing a new virtual ownership idea for game and content creators.”
Open source SDKs for wallets and payment platforms are provided by Enjin Coin, allowing game developers to include virtual currency into their creations. As a player, you can “transfer your assets between games, communities, and your digital wallet.” Enjin Coin includes a number of interesting features outside cross-game item production (magic-science weapon).
Some of the downsides to Enjin Coin
Many new cryptocurrencies, including Enjin Coin, are struggling due to lack of consumer adoption. It’s still a new technology. If this takes off, we may see interesting in-game object crossovers, lucrative rentals, players benefitting both in-game and monetarily.
But no one is doing it now. Bitcoin and blockchain technology have yet to be officially implemented into video games. What if crypto and blockchain became popularised in video games? Will there be a gaming cryptocurrency? Or will the number remain constant?
How about price drops? So, how do game designers and gamers value an item? Enjin Coin and cash? Not just Enjin Coin has unanswered questions in the video gaming business. At the time of publication, Enjin Coin has a market capitalization of $86,277,787.
Crytek is helping to create the Crycash currency. Crycash is a virtual currency that may be earned by completing in-game tasks. Instead of gaining access to a “award,” you’ll receive a virtual currency that may be used in-game and on other things.
The makers are hoping that this would encourage players to play more games, which in turn will lead to a larger audience for their work. Warface, a free-to-play first-person shooter, will soon have Crycash support.
Here are some drawbacks of Crycash:
The disadvantages of Crycash are the same as those of other cryptocurrencies. However, the idea of rewarding players for completing in-game challenges is a novel one that deserves further exploration.
GameCredits‘ vision is to be the worldwide blockchain-based digital currency for video games. In-game purchases with GameCredits will get a bonus. Credits can be moved between games.
GameCredits offers developers a 90% profit margin on mobile games via GPlay. Other industry retailers only provide a 70% discount.
A new partnership with Unity Technologies, the world’s “number one game-development platform” with 770 million titles generated, was revealed. Unity claims 340 of the top 1000 free mobile games use its technologies. Second most popular platform has 180 users.
Drawbacks to Using GameCredits
Their goal is lofty, and they talk about it frequently. They aspire to be the universal currency of gaming. What happens if they don’t succeed in that goal? What’s going to happen to the coin’s value now?
GameCredits claims to be aiming for ultimate dominance in the video game industry, despite the fact that they’re susceptible to the same drawbacks as other currencies. It’s impossible to predict where blockchain and cryptocurrencies will go in the future of video games.
Cryptocurrencies are still a new phenomenon around the globe. It’s a radical departure from anything we’ve seen before in terms of trade. Even now, people are still trying to figure things out.